4764 Federal Register / Vol. 62, No. 21 / Friday, January 31, 1997 / Notices

Use of Large-Value Funds Transfers

for Money Laundering; Rescission of

Policy Statement

AGENCY: Federal Deposit Insurance

Corporation (FDIC).

ACTION: Rescission of policy statement.

SUMMARY: As part of the FDIC’s

systematic review of its regulations and

written policies under section 303(a) of

the Riegle Community Development and

Regulatory Improvement Act of 1994

(CDRI), the FDIC is rescinding its

adoption of the policy statement

(Statement) concerning the problem of

the use of large-value funds transfers for

money laundering. The Statement

recommends that banks obtain and

maintain certain records with respect to

funds transfers sent or received in the

normal course of business. The FDIC is

rescinding the adoption of the

Statement because it was replaced by an

amendment to the Bank Secrecy Act

regulations.

DATES: This Statement is rescinded on

January 31, 1997.

FOR FURTHER INFORMATION CONTACT: R.

Eugene Seitz, Review Examiner, (202)

898–6793, Division of Supervision;

Barbara Katron, Counsel, (202) 736–

0564, Legal Division, FDIC, 550 17th

Street, N.W., Washington, D.C. 20429.

SUPPLEMENTARY INFORMATION: The FDIC

is conducting a systematic review of its

regulations and written policies. Section

303(a) of the CDRI (12 U.S.C. 4803(a))

requires each federal banking agency to

streamline and modify its regulations

and written policies in order to improve

efficiency, reduce unnecessary costs,

and eliminate unwarranted constraints

on credit availability. Section 303(a)

also requires each federal banking

agency to remove inconsistencies and

outmoded and duplicative requirements

from its regulations and written

policies.

As part of this review, the FDIC has

determined that the Statement is

outmoded, and that the FDIC’s written

policies can be streamlined by its

elimination.

The Statement was published on

March 17, 1993, 58 FR 14400, effective

December 8, 1992, by the Federal

Financial Institutions Examination

Council (FFIEC). The Statement

recommended that banks obtain and

maintain certain records concerning

funds transfers originated or received.

The FFIEC adopted the Statement upon

the recommendation of the Financial

Action Task Force (FATF) as a means to

assist law enforcement agencies in the

identification and documentation of

parties to funds transfers. Each federal

banking agency subsequently adopted

the Statement.

On January 3, 1995, the Department of

the Treasury and the Board of Governors

of the Federal Reserve System jointly

published in the Federal Register an

amendment to the Bank Secrecy Act

(BSA) regulations that requires financial

institutions to obtain and maintain

records concerning funds transfers

originated or received by the

institutions. The recordkeeping

requirements contained in the

amendment to the BSA regulations are

the same as those recommended in the

Statement. The amendment to the BSA

regulations became effective May 28,

1996; the Statement has become

duplicative and, therefore, unnecessary.

On September 13, 1996, the FFIEC

voted to rescind the Statement.

For the above reasons, the FDIC’s

adoption of the Statement is hereby

rescinded.

Dated at Washington, D.C., this 21st day of

January, 1997.

By Order of the Board of Directors.

Federal Deposit Insurance Corporation.

Jerry L. Langley,

Executive Secretary.

[FR Doc. 97–2356 Filed 1–30–97; 8:45 am]

BILLING CODE 6714–01–P

FEDERAL RESERVE SYSTEM

Agency Information Collection

Activities: Proposed Collection;

Comment Request

AGENCY: Board of Governors of the

Federal Reserve System

ACTION: Notice

BACKGROUND: On June 15, 1984, the

Office of Management and Budget

(OMB) delegated to the Board of

Governors of the Federal Reserve

System (Board) its approval authority

under the Paperwork Reduction Act, as

per 5 CFR 1320.16, to approve of and

assign OMB control numbers to

collection of information requests and

requirements conducted or sponsored

by the Board under conditions set forth

in 5 CFR 1320 Appendix A.1. The

Federal Reserve may not conduct or

sponsor, and the respondent is not

required to respond to, an information

collection that has been extended,

revised, or implemented on or after

October 1, 1995, unless it displays a

currently valid OMB control number.

Board-approved collections of

information will be incorporated into

the official OMB inventory of currently

approved collections of information. A

copy of the OMB 83-I and supporting

statement and the approved collection

of information instrument will be

placed into OMB’s public docket files.

The following information collection,

which is being handled under this

delegated authority, has received initial

Board approval and is hereby published

for comment. At the end of the comment

period, the proposed information

collection, along with an analysis of

comments and recommendations

received, will be submitted to the Board

for final approval under OMB delegated

authority. Comments are invited on the

following:

a. Whether the proposed collection of

information is necessary for the proper

performance of the Federal Reserve’s

functions; including whether the

information has practical utility;

b. The accuracy of the Federal

Reserve’s estimate of the burden of the

proposed information collection,

including the validity of the

methodology and assumptions used;

c. Ways to enhance the quality,

utility, and clarity of the information to

be collected; and

d. Ways to minimize the burden of

information collection on respondents,

including through the use of automated

collection techniques or other forms of

information technology.

DATES: Comments must be submitted on

or before April 1, 1997.

ADDRESSES: Comments, which should

refer to the OMB control number or

agency form number, should be

addressed to William W. Wiles,

Secretary, Board of Governors of the

Federal Reserve System, 20th and C

Streets, N.W., Washington, DC 20551, or

delivered to the Board’s mail room

between 8:45 a.m. and 5:15 p.m., and to

the security control room outside of

those hours. Both the mail room and the

security control room are accessible

from the courtyard entrance on 20th

Street between Constitution Avenue and

C Street, N.W. Comments received may

be inspected in room M-P-500 between

9:00 a.m. and 5:00 p.m., except as

provided in section 261.8 of the Board’s

Rules Regarding Availability of

Information, 12 CFR 261.8(a).

A copy of the comments may also be

submitted to the OMB desk officer for

the Board: Alexander T. Hunt, Office of

Information and Regulatory Affairs,

Office of Management and Budget, New

Executive Office Building, Room 3208,

Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: A

copy of the proposed form and

instructions, the Paperwork Reduction

Act Submission (OMB 83-I), supporting

statement, and other documents that

will be placed into OMB’s public docket

files once approved may be requested