Financial Crimes Enforcement Network 2011 – Federal Register Recent Federal Regulation Documents

Bank Secrecy Act Advisory Group; Solicitation of Application for Membership
Document Number: 2011-30312
Type: Notice
Date: 2011-11-25
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is inviting the public to nominate financial institutions and trade groups for membership on the Bank Secrecy Act Advisory Group. New members will be selected for three-year membership terms.
Anti-Money Laundering Program and Suspicious Activity Reporting Requirements for Housing Government Sponsored Enterprises
Document Number: 2011-28820
Type: Proposed Rule
Date: 2011-11-08
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the Department of the Treasury (``Treasury''), is issuing proposed rules defining certain housing government sponsored enterprises as financial institutions for the purpose of requiring them to establish anti-money laundering programs and report suspicious activities pursuant to the Bank Secrecy Act. The proposal to require these organizations to establish anti-money laundering programs and report suspicious activities is intended to help prevent fraud and other financial crimes.
Bank Secrecy Act Regulations: Definition of “Monetary Instrument”
Document Number: 2011-26743
Type: Proposed Rule
Date: 2011-10-17
Agency: Department of the Treasury, Financial Crimes Enforcement Network, Department of Treasury
FinCEN is proposing to amend the definition of ``monetary instrument'' in the Bank Secrecy Act (``BSA'') regulations for purposes of the international transport of currency and monetary instrument reporting requirement to include tangible prepaid access devices.
Comprehensive Iran Sanctions, Accountability, and Divestment Reporting Requirements
Document Number: 2011-26204
Type: Rule
Date: 2011-10-11
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, to comply with the congressional mandate to prescribe regulations under section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (``CISADA'') and consistent with its statutory mission under 31 U.S.C. 310, is issuing this final rule. The rule requires a U.S. bank that maintains a correspondent account for a foreign bank to inquire of the foreign bank, and report to FinCEN certain information with respect to transactions or other financial services provided by that foreign bank. Under the rule, U.S. banks will only be required to report this information to FinCEN upon receiving a specific written request from FinCEN. This final rule follows publication of a May 2, 2011 proposed rule, takes into account the public comments received, and adopts the provisions of the proposed rule with minor modifications described in the preamble.
Proposed Collection; Comment Request; Renewal With Changes to a Currently Approved Collection; the Registration of Money Services Business (MSB), FinCEN Report 107, To Incorporate Changes to the MSB Definitions and Add Provisions for Prepaid Access
Document Number: 2011-25607
Type: Notice
Date: 2011-10-06
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a proposed information collection contained in a revised form, Registration of Money Services Business, FinCEN Form 107. The form will be used by dealers in foreign exchange; check cashers; issuers, sellers, and redeemers of traveler's checks and money orders; providers of prepaid access; and money transmitters to register with the Department of the Treasury as required by statute. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Agency Information Collection Activities; Proposal That Electronic Filing of Bank Secrecy Act (BSA) Reports Be Required; Comment Request
Document Number: 2011-23841
Type: Notice
Date: 2011-09-16
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is proposing to require electronic filing of certain Bank Secrecy Act (BSA) reports not later than June 30, 2012. This requirement will significantly enhance the quality of our electronic data, improve our analytic capabilities in supporting law enforcement requirements and result in significant reduction in real costs to the United States Government and ultimately to U.S. taxpayers. Specifically, we propose mandatory electronic submission of all BSA reports excluding the Report of International Transportation of Currency or Monetary Instruments (CMIR).\1\
Financial Crimes Enforcement Network; Repeal of the Final Rule and Withdrawal of the Finding of Primary Money Laundering Concern Against VEF Banka
Document Number: 2011-19118
Type: Rule
Date: 2011-08-01
Agency: Department of the Treasury, Financial Crimes Enforcement Network
This document repeals FinCEN's final rule, ``Imposition of Special Measure Against VEF Banka'' of July 13, 2006, and withdraws the finding of VEF Banka as a Financial Institution of Primary Money Laundering Concern of April 26, 2005, issued pursuant to 31 U.S.C. 5318A of the Bank Secrecy Act (the ``BSA'').
Bank Secrecy Act Regulations-Definitions and Other Regulations Relating to Prepaid Access
Document Number: 2011-19116
Type: Rule
Date: 2011-07-29
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing this final rule to amend the Bank Secrecy Act (``BSA'') regulations applicable to Money Services Businesses (``MSB'') with regard to stored value. More specifically, this final rule amends the regulations by: renaming ``stored value'' as ``prepaid access'' and defining that term; deleting the terms ``issuer'' and ``redeemer'' of stored value; imposing suspicious activity reporting, customer information and transaction information recordkeeping requirements on both providers and sellers of prepaid access, and, additionally, a registration requirement on providers only; and exempting certain categories of prepaid access products and services posing lower risks of money laundering and terrorist financing from certain requirements. These changes address regulatory gaps that have resulted from the proliferation of prepaid innovations over the last twelve years and their increasing use as an accepted payment method.
Bank Secrecy Act Regulations; Definitions and Other Regulations Relating to Money Services Businesses
Document Number: 2011-18309
Type: Rule
Date: 2011-07-21
Agency: Department of the Treasury, Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network (``FinCEN''), a bureau of the Department of the Treasury (``Treasury''), is revising the regulations implementing the Bank Secrecy Act (``BSA'') regarding money services businesses (``MSBs'') to clarify which entities are covered by the definitions. The changes more clearly delineate the scope of entities regulated as MSBs, so that determining which entities are obligated to comply is more straightforward and predictable. This rulemaking amends the current MSB regulations by: ensuring that certain foreign-located persons engaging in MSB activities within the United States are subject to the BSA rules; updating the MSB definitions to reflect past guidance and rulings, current business operations, evolving technologies, and merging lines of business; and separating the provisions dealing with stored value from those dealing with issuers, sellers, and redeemers of traveler's checks and money orders.
Amendment to the Bank Secrecy Act Regulations-Reports of Foreign Financial Accounts; Correction
Document Number: 2011-15900
Type: Rule
Date: 2011-06-24
Agency: Department of the Treasury, Financial Crimes Enforcement Network
This document corrects a minor typographical error appearing in the final rule published in the Federal Register of February 24, 2011.
Proposed Renewal Without Change; Comment Request; Nine Bank Secrecy Act Recordkeeping Requirements
Document Number: 2011-14068
Type: Notice
Date: 2011-06-08
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of our continuing effort to reduce paperwork and respondent burden, we invite comment on a proposed renewal, without change, to recordkeeping requirements found in existing regulations requiring financial institutions to keep records pertaining to Bank Secrecy Act (BSA) reportable activities. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Agency Information Collection Activities; Renewal Without Change of a Current Collection; Comment Request
Document Number: 2011-11101
Type: Notice
Date: 2011-05-06
Agency: Department of the Treasury, Financial Crimes Enforcement Network
In order to comply with the requirements of the Paperwork Reduction Act (PRA) of 1995, FinCEN intends to submit the information collection addressed in this notice for a three-year extension of approval by the Office of Management and Budget (OMB). OMB Control Number 1506-0043 currently covers the information collection addressed in this notice. Prior to submission of the extension request, FinCEN is soliciting comment on those information collections in 31 CFR 1010.630, Prohibition on correspondent accounts for foreign shell banks; records concerning owners of foreign banks and agents for service of legal process.
Financial Crimes Enforcement Network; Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”) Reporting Requirements Under Section 104(e)
Document Number: 2011-10482
Type: Proposed Rule
Date: 2011-05-02
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, to comply with the congressional mandate to prescribe regulations under section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (``CISADA'') and consistent with its statutory mission under 31 U.S.C. 310, is proposing to issue regulations that would require a U.S. bank that maintains a correspondent account for a foreign bank to inquire of the foreign bank, and report to FinCEN, with respect to whether the foreign bank maintains a correspondent account for, or has processed one or more transfers of funds within the preceding 90 calendar days, other than through a correspondent account, related to any financial institution designated by the U.S. Government in connection with Iran's proliferation of weapons of mass destruction or delivery systems for weapons of mass destruction, or in connection with Iran's support for international terrorism. In addition, FinCEN is proposing to require a U.S. bank that maintains a correspondent account for a foreign bank to inquire of the foreign bank, and report to FinCEN, with respect to whether the foreign bank has processed one or more transfers of funds within the preceding 90 calendar days related to Iran's Islamic Revolutionary Guard Corps (``IRGC'') or any of its agents or affiliates designated by the U.S. Government. Under the proposed regulations, U.S. banks will only be required to report this information to FinCEN upon receiving a specific written request from FinCEN.
Proposed Collection; Comment Request; Renewal Without Change of the Registration of Money Services Business, FinCEN Form 107
Document Number: 2011-8589
Type: Notice
Date: 2011-04-12
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a proposed information collection contained in a revised form, Registration of Money Services Business, FinCEN Form 107. The form will be used by currency dealers or exchangers; check cashers; issuers of traveler's checks, money orders or stored value; sellers of traveler's checks, money orders or stored value; redeemers of traveler's checks, money orders or stored value; and money transmitters to register with the Department of the Treasury as required by statute. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Transfer and Reorganization of Bank Secrecy Act Regulations-Technical Amendment.
Document Number: 2011-4061
Type: Rule
Date: 2011-02-25
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing this final rule as a technical amendment to new Chapter X of Title 31 of the Code of Federal Regulations, which was published on October 26, 2010. After that date, FinCEN published two final rules in Part 103 of Title 31 of the Code of Federal Regulations, one concerning mutual funds and the other concerning the confidentiality of a report of suspicious activity (SAR). This final rule moves the SAR confidentiality rule from Part 103 to new Chapter X and addresses the compliance date of the mutual fund rule. Additionally, the Chapter X Final Rule contained an inadvertent typographical error that omitted several sections from Subpart C of Part 1026 Rules for Futures Commission Merchants and Introducing Brokers in Commodities. This final rule corrects those omissions.
Amendment to the Bank Secrecy Act Regulations-Reports of Foreign Financial Accounts
Document Number: 2011-4048
Type: Rule
Date: 2011-02-24
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing this final rule to amend the Bank Secrecy Act (BSA) regulations regarding reports of foreign financial accounts. The rule addresses the scope of the persons that are required to file reports of foreign financial accounts. The rule further specifies the types of accounts that are reportable, and provides filing relief in the form of exemptions for certain persons with signature or other authority over foreign financial accounts. Finally, the rule adopts provisions intended to prevent persons subject to the rule from avoiding their reporting requirement.
Finding That the Lebanese Canadian Bank SAL Is a Financial Institution of Primary Money Laundering Concern
Document Number: 2011-3346
Type: Notice
Date: 2011-02-17
Agency: Department of the Treasury, Financial Crimes Enforcement Network
Pursuant to the authority contained in 31 U.S.C. 5318A, the Secretary of the Treasury, through his delegate, the Director of FinCEN, finds that reasonable grounds exist for concluding that the Lebanese Canadian Bank SAL (``LCB'') is a financial institution of primary money laundering concern.
Proposed Collection; Comment Request; Bank Secrecy Act Unified Currency Transaction Report Proposed Data Fields
Document Number: 2011-1587
Type: Notice
Date: 2011-01-26
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is continuing the design of a new Bank Secrecy Act (BSA) database (the Database) and invites comment on the list of proposed data fields within the Database that will be required to support unified Currency Transaction Report (CTR) filings by financial institutions required to file such reports under the BSA. This notice does not propose any new regulatory requirements or changes to the requirements related to currency transaction reporting, but rather seeks input on technical matters as FinCEN transitions from a system originally designed for collecting paper forms to a modernized IT environment for electronic reporting. The list of proposed data fields for the unified ``Currency Transaction Report (CTR)'' appears at the end of this notice. The proposed data fields reflect the filing requirement for all filers of CTRs under the BSA. The CTR will be an e- filed dynamic and interactive report used by all BSA filing institutions to report designated currency transactions to the Department of the Treasury. This request for comments covers 31 CFR 103.22(b)(1) and (2). This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Proposed Collection; Comment Request; Bank Secrecy Act Designation of Exempt Person Report Proposed Data Fields
Document Number: 2011-1586
Type: Notice
Date: 2011-01-26
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is continuing the design of a new Bank Secrecy Act (BSA) database (the Database) and invites comment on the list of proposed data fields within the Database that will support the filing of a Designation of Exempt Person (DOEP) Report by financial institutions required to file such reports under the BSA. This notice does not propose any new regulatory requirements or changes to the requirements related to designation of exempt person reporting, but rather seeks input on technical matters as we transition from a system originally designed for collecting paper forms to a modernized IT environment for electronic reporting. The list of proposed data fields for the ``Designation of Exempt Person (DOEP)'' appears at the end of this notice. The proposed data fields reflect the filing requirement for all filers of DOEPs under the BSA. The DOEP will be an e-filed dynamic and interactive report used by all BSA filing institutions to report exemptions to the Department of the Treasury. This request for comments covers 31 CFR 103.22(d). This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104- 13, 44 U.S.C. 3506(c)(2)(A).