[Federal Register Volume 64, Number 145 (Thursday, July 29, 1999)]
[Rules and Regulations]
[Page 41041]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-19259]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
31 CFR Part 103
Extension of Grant of Conditional Exception
AGENCY: Financial Crimes Enforcement Network, Treasury.
ACTION: Extension of a Grant of Conditional Exception.
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SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') extends
for two years a conditional exception to a provision of the Bank
Secrecy Act. The exception, which would otherwise expire on May 31,
1999, permits financial institutions to comply more efficiently with
requirements for inclusion of certain information in orders for
transmissions of funds.
EFFECTIVE DATE: June 1, 1999.
FOR FURTHER INFORMATION CONTACT: Peter Djinis, Associate Director,
FinCEN, (703) 905-3930; Charles Klingman, Financial Institutions Policy
Specialist, Office of Program Development, FinCEN, (703) 905-3602;
Stephen R. Kroll, Chief Counsel, FinCEN, and Cynthia L. Clark, Deputy
Chief Counsel, Office of Chief Counsel, FinCEN, (703) 905-3590.
SUPPLEMENTARY INFORMATION:
I. Background.
FinCEN Issuance 98-1, 63 FR 3640 (January 26, 1998), contains two
``conditional exceptions'' to the strict operation of 31 CFR 103.33(g)
(the ``Travel Rule''). The Travel Rule requires a financial institution
to include certain information in transmittal orders relating to
transmittals of funds of $3,000 or more. The first (the ``CIF
Exception'') of the two conditional exceptions addressed computer
programming problems in the banking and securities industries; it
relaxed a requirement that a customer's true name and street address be
included in a funds transmittal order, so long as alternate steps,
described in the issuance and designed to prevent avoidance of the
Travel Rule, were satisfied. By its terms, that exception to the Travel
Rule was to expire on May 31, 1999, for transmittals of funds initiated
after that date. However, the rationale for the CIF Exception remains
valid, and Treasury wishes to avoid any change in Travel Rule
requirements that might entail changes in the computer programming of
financial institutions at this time.
II. FinCEN Issuance 99-1
By virtue of the authority contained in 31 CFR 103.45 (a) and (b),
which has been delegated to the Director of FinCEN, the effective
period of the CIF Exception, as such Exception is set forth (as part of
FinCEN Issuance 98-1, 63 FR 3640 (January 26, 1998) under the heading
``Grant of Exceptions'' (63 FR 3641) is extended so that the CIF
Exception will expire, on May 31, 2001, for transmittals of funds
initiated after that date, if not revoked or modified with respect to
such expiration date prior to that time.
Signed this 28th day of May, 1999.
James F. Sloan,
Director, Financial Crimes Enforcement Network.
[FR Doc. 99-19259 Filed 7-28-99; 8:45 am]
BILLING CODE 4820-03-P
