[Federal Register Volume 62, Number 46 (Monday, March 10, 1997)]
[Notices]
[Pages 10855-10856]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-5848]


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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL


Use of Large-Value Funds Transfers for Money Laundering; 
Rescission of Policy Statement

AGENCY: Federal Financial Institutions Examination Council (FFIEC).

ACTION: Rescission of Policy Statement.

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SUMMARY: The Federal Deposit Insurance Corporation (FDIC); Office of 
the Comptroller of the Currency (OCC), Department of the Treasury; 
Board of Governors of the Federal Reserve System (FRB); Office of 
Thrift Supervision (OTS), Department of the Treasury; and the National 
Credit Union Administration (NCUA) (Agencies) each is rescinding its 
policy statement (Statement) concerning the problem of the use of 
large-value funds transfers for money laundering. The Statement 
recommended that banks obtain and maintain certain records with respect 
to funds transfers sent or received in the normal course of business. 
The Agencies are rescinding the Statement because it is duplicative of 
a recent amendment to the Bank Secrecy Act regulations.

DATES: This Statement is rescinded on March 10, 1997.

FOR FURTHER INFORMATION CONTACT:

    FDIC: 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.
    OCC: John McDowell, Senior Advisor, Compliance Management (202) 
874-4846, Office of the Chief National Bank Examiner, OCC, 250 E. 
Street, S.W., Washington, D.C. 20219.
    FRB: Richard A. Small, Special Counsel, (202) 452-5235, Division of 
Banking Supervision, FRB, 20th and C Streets, N.W., Washington, D.C. 
20551
    OTS: Larry A. Clark, Senior Manager, Compliance Trust Programs, 
(202) 906-5628, OTS, 1700 G Street, N.W., Washington, D.C. 20552.
    NCUA: Kim Iverson, Program Officer, (703) 518-6375, NCUA, 1775 Duke 
Street, Alexandria, Virginia 22314-3428.

SUPPLEMENTARY INFORMATION: FFIEC consists of representatives from the 
FDIC, OCC, FRB, OTS, and NCUA. On December 8, 1992, upon the 
recommendation of the Financial Action Task Force, FFIEC adopted a 
policy statement concerning the problem of the use of large value funds 
transfers, and recommended that the five member agencies adopt the 
Statement. As a means to assist law enforcement agencies in the 
identification and documentation of parties to funds transfers, the 
Statement recommended that banks obtain and maintain certain records 
concerning funds transfers originated or received. The FDIC, OCC, FRB, 
OTS, and NCUA subsequently adopted the Statement which was published in 
the Federal Register on March 17, 1993 (58 FR 14400).
    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, by notational vote, the FFIEC voted to 
rescind the Statement on behalf of the Agencies.

The Agencies' Action

    The Agencies hereby withdraw the Statement.

    Dated at Washington, D.C., this 5th day of March, 1997.


[[Page 10856]]


Federal Financial Institutions Examination Council
Joe M. Cleaver,
Executive Secretary.
[FR Doc. 97-5848 Filed 3-7-97; 8:45 am]
BILLING CODE 6210-01-P, 6720-01-P, 6714-01-P, 4810-33-P, 7535-01-P