234 Federal Register / Vol. 60, No. 1 / Tuesday, January 3, 1995 / Rules and Regulations

Intermediary bank.

Intermediary financial institution.

Originator.

Originator’s bank.

Payment date.

Payment order.

Receiving bank.

Receiving financial institution.

Recipient.

Recipient’s financial institution.

Sender.

Transmittal of funds.

Transmittal order.

Transmittor.

Transmittor’s financial institution.

§ 219.23 Recordkeeping and reporting

requirements.

(a) Domestic and international funds

transfers by insured depository

institutions. The Board and the Treasury

are authorized to promulgate jointly

recordkeeping and reporting

requirements for domestic and

international funds transfers by insured

depository institutions whenever the

agencies determine that the

maintenance of such records has a high

degree of usefulness in criminal, tax, or

regulatory investigations or proceedings.

These regulations are codified at 31 CFR

103.33(e). For the purposes of this

subpart, the provisions of 31 CFR

103.33(e) apply only to funds transfers

by insured depository institutions.

(b) International transmittals of funds

by financial institutions other than

insured depository institutions. The

Board and the Treasury are required to

promulgate jointly reporting and

recordkeeping requirements for

international transmittals of funds by

financial institutions, including brokers

and dealers in securities and businesses

that provide money transmitting

services. In prescribing these

requirements, the Board and the

Treasury take into account the

usefulness of these records in criminal,

tax, or regulatory investigations or

proceedings and the effect the

recordkeeping will have on the cost and

efficiency of the payment system. These

regulations are codified at 31 CFR

103.33(f). For the purposes of this

subpart, the provisions of 31 CFR

103.33(f) apply only to international

transmittals of funds.

§ 219.24 Retention period.

All records that are required to be

retained by this subpart shall be

retained for a period of five years. All

these records shall be filed or stored in

such a way as to be accessible within a

reasonable period of time, taking into

consideration the nature of the record

and the amount of time that has expired

since the record was made. Any records

required to be retained by this subpart

shall be made available to the Board

upon request.

By order of the Board of Governors of the

Federal Reserve System, December 21, 1994.

William W. Wiles,

Secretary of the Board.

[FR Doc. 94–31978 Filed 12–30–94; 8:45 am]

BILLING CODE 6210–01–P

DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1505–AA46

Amendment to the Bank Secrecy Act

Regulations Relating to Orders for

Transmittals of Funds by Financial

Institutions

AGENCY: Financial Crimes Enforcement

Network, Treasury.

ACTION: Final rule.

SUMMARY: This final rule requires banks

and nonbank financial institutions that

act as transmittors’ financial institutions

and intermediary financial institutions

in transmittals of funds to include

certain information in transmittal orders

sent to receiving financial institutions.

A companion final rule (the final

recordkeeping rule), published

elsewhere in today’s Federal Register,

requires financial institutions to collect

and retain the information that, under

this final rule, must be included with

transmittal orders.

The final recordkeeping rule sets forth

collection of information and

recordkeeping requirements with

respect to certain transmittals of funds

by financial institutions. The amount

and type of information required to be

collected and retained depends upon

the type of financial institution, its role

in a particular transaction, the amount

of the transaction and whether the

parties to the transaction are established

customers of the financial institution.

To ensure a full understanding of this

final rule, the reader is encouraged to

review its provisions together with

those of the final recordkeeping rule.

This final rule is promulgated by

Treasury under the Annunzio-Wylie

Anti-Money Laundering Act of 1992

(Annunzio-Wylie), which is part of the

statute generally referred to as the Bank

Secrecy Act. Annunzio-Wylie

authorizes the Secretary of the Treasury

to require financial institutions to

maintain appropriate procedures to

comply with the Bank Secrecy Act and

guard against money laundering, and to

carry out anti-money laundering

programs. The final recordkeeping rule

is promulgated jointly by the Board of

Governors of the Federal Reserve

System (Federal Reserve Board) and by

Treasury pursuant to a special statutory

requirement under Annunzio-Wylie.

The authority of the Secretary to

administer the Bank Secrecy Act has

been delegated to the Director of the

Financial Crimes Enforcement Network

(FinCEN).

EFFECTIVE DATE: January 1, 1996.

FOR FURTHER INFORMATION CONTACT:

FinCEN, Office of Financial

Enforcement ((202) 622–0400): A. Carlos

Correa, Assistant Director for Rules and

Regulations; Roger Weiner, Deputy

Director; Peter Djinis, Director; FinCEN,

Office of Legal Counsel: Stephen R.

Kroll, Legal Counsel (703) 905–3534;

Nina A. Nichols, Attorney-Advisor,

(703) 905–3598.

SUPPLEMENTARY INFORMATION:

Background

This final rule is promulgated by

Treasury under 31 U.S.C. 5318 (a)(2)

and (h), which are part of the statute

generally referred to as the Bank Secrecy

Act (Pub. L. 91–508, codified at 12

U.S.C. 1829b and 1951–1959, and 31

U.S.C. 5311–5329), and which were

added to the Bank Secrecy Act by

Annunzio-Wylie. 31 U.S.C. 5318 (a)(2)

and (h) authorize the Secretary of the

Treasury to require financial institutions

to maintain appropriate procedures to

comply with the Bank Secrecy Act and

guard against money laundering, and to

carry out anti-money laundering

programs. The final recordkeeping rule

is promulgated jointly by the Federal

Reserve Board and by Treasury pursuant

to a special statutory requirement for

such joint issuance contained in 12

U.S.C. 1829b(b), added to the Bank

Secrecy Act by section 1515 of

Annunzio-Wylie. The authority of the

Secretary to administer the Bank

Secrecy Act has been delegated to the

Director of FinCEN.

On August 31, 1993, Treasury and the

Federal Reserve Board jointly issued a

proposed recordkeeping rule (58 FR

46014) requiring financial institutions to

obtain and retain information relating to

certain transmittals of funds. Treasury

also issued a companion proposed

travel rule (58 FR 46021, August 31,

1993), which was subsequently

modified (58 FR 51269, October 1,

1993), proposing to require any

transmittor’s financial institution

involved in a transmittal of funds to

include in its corresponding transmittal

order:

(1) The name and address of the

transmittor and the transmittor’s deposit

account number, if the payment were

ordered from a deposit account;
Federal Register / Vol. 60, No. 1 / Tuesday, January 3, 1995 / Rules and Regulations 235

(2) The amount of the transmittal of

funds;

(3) The execution date of the

transmittal order;

(4) The identity of the recipient’s

financial institution; and,

(5) Either the name and address or the

account number of the recipient, if

received with the transmittal order.

The proposed travel rule would have

required any receiving financial

institution acting as an intermediary

financial institution to include in its

corresponding transmittal order the

following information, if received from

the sender:

(1) The name and address of the

transmittor and the deposit account

number of the transmittor;

(2) The amount of the transmittal of

funds;

(3) The execution date of the

transmittal order;

(4) The identity of the recipient’s

financial institution;

(5) Either the name and address or the

account number of the recipient, if

received with the transmittal order; and,

(6) Either the name and address or the

numerical identifier of the transmittor’s

financial institution.

Overview

This final rule will assist law

enforcement investigations of money

laundering involving transmittals of

funds by requiring users of transmittals

of funds to provide additional

identifying information. Together with

the final recordkeeping rule, this final

rule will help remedy the difficulties

presently encountered by law

enforcement in cases involving

transmittals of funds in which the

transmittal orders do not include the

transmittors’ and recipients’ names or

other identifying information, and cases

involving transmittals of funds in which

such identifying information is not

conveyed to intermediary financial

institutions. The requirement that

transmittal orders include complete

transmittor information, as well as

recipient information received by the

financial institution with the transmittal

order, may discourage money

launderers from attempting to abuse the

payment and message systems and

should complicate their ability to do so.

Treasury will monitor experience

under this final rule to assess its

usefulness to law enforcement and its

effect on the cost and efficiency of the

payments system. Within 36 months of

the effective date, Treasury will review

the effectiveness of this final rule and

will consider making any appropriate

modifications.

Comments

One hundred thirteen (113) comments

were received in response to the

proposed recordkeeping rule and the

proposed travel rule. Treasury has

carefully considered each comment in

drafting this final rule.

Effect of Proposed Changes to Fedwire

System

The proposed travel rule provided for

a thirty (30) day comment period

concluding on October 4, 1993. Many of

the commenters noted that they could

neither comment nor initiate changes to

their internal wire transfer systems until

the Federal Reserve Board announced

its proposed changes in the Fedwire

format. Treasury believes that the

comments it received relating to

Fedwire were helpful, and these

comments have been taken into account

in framing this final rule.

Commenters on the proposed travel

rule were particularly concerned with

the difficulty of including the required

information on Fedwire, which, unlike

the Clearing House Interbank Payments

System (CHIPS) (operated by the New

York Clearing House) and the Society

for Worldwide Interbank Financial

Telecommunications (S.W.I.F.T.)

system, does not have sufficient space

in the fields in which to include

complete originator and beneficiary

information. Commenters also noted

that it would be difficult to map

information to Fedwire from S.W.I.F.T.,

CHIPS and other proprietary systems,

and to comply with the proposed travel

rule’s requirements by the proposed

effective date.

One commenter suggested that the

proposed travel rule be withdrawn. This

commenter characterized the proposed

travel rule as unworkable and premature

because the Fedwire format had to be

expanded, and conventions and

protocols coordinated before the

proposed travel rule could issue. Other

commenters raised similar concerns.

As more fully discussed below, this

final rule recognizes the difficulty that

financial institutions will have in

including all of the required information

within the Fedwire format, and makes

appropriate allowances. In light of these

allowances, and because the Federal

Reserve Board has adopted an expanded

Fedwire format (published elsewhere in

today’s Federal Register), this final rule

is promulgated at the appropriate time.

Effective Date

The proposed travel rule provided for

an effective date twelve months

following publication of a final rule.

Many commenters believed that the

proposed effective date twelve months

after publication of a final rule was too

soon; they suggested that no effective

date be announced until the Federal

Reserve Board had published proposed

changes to Fedwire, and that any

proposed effective date take into

account those proposed changes.

Alternatively, commenters suggested

that the effective date be delayed until

twelve months following

implementation of Fedwire format

changes. Finally, one bank suggested

that the effective date of the proposed

rule coincide with the effective date of

changes to the Fedwire format.

The effective date of this final rule

and of the recordkeeping rule is January

1, 1996. As noted, this final rule allows

for the fact that a financial institution

will not be able to include all otherwise

required information in Fedwire

transfers until the format changes have

been implemented by that institution.

Mapping Issues

The proposed travel rule would have

required that certain information be

included, at the time of transmittal, in

a transmittal order transmitted to a

financial institution by any means,

including any funds transfer system

(e.g., Fedwire, S.W.I.F.T. and CHIPS) or

other system for transmittals of funds.

This would have meant, for example,

that a bank receiving a S.W.I.F.T.

message would have been obligated to

include all required information, if

received, in its corresponding Fedwire

transmittal order, and that any

originator’s bank issuing a Fedwire

transmittal order would have had to

include all of the required information

in that order.

Currently, the Fedwire fields

designated for originator and beneficiary

information do not contain sufficient

space to include all of the information

required by this final rule. However, the

Federal Reserve Board, the Federal

Deposit Insurance Corporation, the

National Credit Union Administration,

the Office of the Comptroller of the

Currency, and the Office of Thrift

Supervision have issued a policy

encouraging banks to use optional fields

where possible to include complete

originator and beneficiary information

in Fedwire payment orders. A similar

statement was issued by the Federal

Financial Institutions Examination

Council (FFIEC). (See, FFIEC Statement

dated March 11, 1993, 58 FR 14400,

March 17, 1993.)

While many commenters

acknowledged that complete originator

and beneficiary information could be

included in S.W.I.F.T. and CHIPS

payment orders, they objected to the use
236 Federal Register / Vol. 60, No. 1 / Tuesday, January 3, 1995 / Rules and Regulations

of optional Fedwire fields to include

such information. The commenters

observed that the proposed travel rule

failed to designate which optional fields

should contain which items of

information and failed to assign priority

to such items in the event that available

optional fields could not accommodate

all required information. Commenters

believed that the lack of industry

standards prescribing placement of

originator and beneficiary data in

optional fields would result in

confusion and inefficiency, producing

erroneous entries, advices and

misapplication of funds. Commenters

also noted that the use of optional fields

would require excessive manual

intervention in what is largely an

automated system, causing costly

inefficiencies by delaying pass-through

payments, which, according to one

commenter, make up 85% of all

transfers.

Many commenters suggested the

formation of a joint task force including

representatives of the financial

community, Treasury and the Federal

Reserve Board to establish industry

standards for the use of optional fields

in Fedwire and a timetable for

implementation.

The Federal Reserve Board published

its Proposed Expansion of the Fedwire

Funds Transfer Format on December 1,

1993 (58 FR 63366), and a finalized

expanded Fedwire format is published

elsewhere in today’s Federal Register.

Implementation is to be completed by

year-end 1997. Once implemented by

financial institutions, the modified

Fedwire format will permit inclusion of

complete originator and beneficiary

information. Under this final rule a

financial institution will not be required

to include all available information

identifying transmittors and recipients

in Fedwire payment orders until the

financial institution has implemented

the new Fedwire format. However,

Treasury joins the FFIEC in encouraging

financial institutions to include

complete transmittor and recipient

information in Fedwire payment orders

using optional fields.

Threshold

Many nonbank financial institutions

commented that the proposed

recordkeeping rule’s lack of a threshold

exempting smaller value transfers

would make implementation

inordinately costly. One commenter

noted that 95% of the two million

transmittals it conducted annually

involved less than $1,000; 98% fell

below $3,000; and, 99.96% fell below

$10,000. Commenters complained that

the enormous expense they would incur

in obtaining, maintaining and

transmitting data for smaller value

transmittals could not be justified by

any benefit to law enforcement. Other

commenters argued that the absence of

any threshold would make it impossible

to conduct transmittals in emergencies

and in situations in which a transmittor

phones, faxes or writes in funds

transmittal instructions (for example, in

the case of a transmittal of funds to

someone whose identification

documents have been stolen).

Treasury and the Federal Reserve

Board have considered these comments

and have established a threshold of

$3,000 for the final recordkeeping rule.

Treasury has determined that the same

threshold should apply to this final rule.

Therefore, financial institutions will not

be required to include the specified

information in transmittal orders

involving less than $3,000 or the foreign

equivalent. (Financial institutions

should determine the U.S. dollar

equivalents of transfers in foreign funds

based on the spot exchange rate at the

time of a transfer to determine whether

a foreign-denominated transfer exceeds

the $3,000 threshold.)

Treasury presently encourages

financial institutions to report to the

appropriate federal law enforcement

agency or agencies transmittals of funds

that are structured in amounts of less

than $3,000 to evade the requirements

of this final rule and the final

recordkeeping rule. Treasury intends to

issue for comment proposed regulations

that would require financial institutions

to report suspicious transactions and to

establish anti-money laundering

measures, including ‘‘know your

customer’’ policies and programs.

Treasury will monitor the effectiveness

of such policies and programs, as

applied to transmittals of funds, and

will consider future modification of the

$3,000 threshold or other provisions of

this final rule, if appropriate and

necessary to counter the evasion of

requirements through structuring.

Contents of Payment Orders

If a transmittal order is funded from

an account, the proposed travel rule

would have required the transmittor’s

financial institution to include in the

transmittal order the following: the

name and address of the transmittor; the

transmittor’s account number; the

amount and execution date of the

transmittal; the identity of the

recipient’s financial institution; and

either the name and address or the

account number of the recipient (if

received with the transmittal order). The

proposed travel rule also would have

required any receiving financial

institution acting either as an

intermediary bank or an intermediary

financial institution to include in its

transmittal order the same information,

if received from the sender.

Several commenters objected to the

proposed requirement that the

transmittor’s account number be

included in the transmittal order.

Commenters noted that such

information is relevant only to the

transmittor’s financial institution, is

regarded by many as confidential, and

increases the risk of fraud if included in

a transmittal order. Commenters

questioned law enforcement’s need to

have account information on transmittal

orders because such information is

easily retrievable through records using

the account holder’s name. The

inclusion of this information,

commenters argued, would clutter

transmittal orders.

Treasury has concluded that the

transmittor’s account number must be

included in transmittal orders, but only

where an account is debited to fund all

or part of the transmittal. This

information will be particularly useful

to law enforcement in cases in which

delay occasioned by a search for

account information would hinder the

success of an investigation. Inclusion of

the information is feasible in both

S.W.I.F.T. and CHIPS messages, and

(until proposed Fedwire format changes

are implemented) information can be

included in optional Fedwire fields if

there is not sufficient space in the

originator field.

Treasury has determined that the

inclusion of account numbers in

transmittal orders will present only a

minor increase in the risk of fraudulent

transfers. Banks generally have security

procedures that include passwords,

codewords and, in the case of electronic

transmissions, confirmation to ensure

that only authorized parties issue

payment orders. These and other

protective measures greatly reduce the

potential for fraud, to a level at which

that risk does not outweigh the

immediate and tangible benefit to law

enforcement derived from the inclusion

of account information in transmittal

orders.

With regard to arguments based on

the confidentiality of account numbers,

Treasury notes that account numbers are

routinely included (and are certainly

not treated as confidential) in cases in

which an account is the recipient of a

transmittal of funds. Furthermore,

account numbers are routinely carried

on the face of checks and other payment

documents that are widely circulated

through and outside of banks. Finally,

Treasury believes that the fact that a
Federal Register / Vol. 60, No. 1 / Tuesday, January 3, 1995 / Rules and Regulations 237

transmittor’s account number is

available through customer account

records does not render the inclusion of

information in a transmittal order

superfluous.

Commenters requested clarification

whether to record the amounts of

transmittals involving foreign funds in

the foreign exchange or its U.S. dollar

equivalent. Treasury does not intend to

change industry practice; therefore, in

recording the amount transmitted, a

financial institution may record either

the amount of foreign funds or the U.S.

dollar equivalent, in accordance with

the financial institution’s standard

practice.

Bifurcated Transmittal Orders

In some instances, to effect payment

across multiple time zones, a bank may

have to bifurcate a transmittal order into

a cover payment order and an

underlying direct payment order. One

commenter noted that inclusion of a

recipient’s name and address in both the

transmittal order and the related cover

order of the recipient might create a risk

of duplicate payment.

It appears to Treasury that bifurcated

transmittal orders are comprised of two

separate transmittals of funds.

Generally, the direct payment order is a

transmittal from the originator to the

recipient, and the cover payment order

is a bank to bank transmittal, which may

be effected through intermediary banks.

In this analysis, the transmittal order for

the cover payment order would not have

to identify the recipient of the direct

payment order, only the recipient bank.

If appropriate, Treasury will consider

issuing guidance on this question in the

future.

Closed Systems

The proposed travel rule would have

required any receiving intermediary

financial institution accepting a

transmittal order to include in a

corresponding transmittal order either

the name and address or the numerical

identifier of the transmittor’s financial

institution. The proposed travel rule

also would have required that any

transmittor’s financial institution, as

well as any receiving intermediary

financial institution, accepting a

transmittal order to include in a

corresponding transmittal order the

identity of the recipient’s financial

institution.

Many commenters noted the difficulty

of identifying the transmittor’s financial

institution and the recipient’s financial

institution in transmittals through

closed systems. A closed system is a

transmittal of funds service that permits

a recipient to pick up transmitted funds

at any location within the closed

system. Such a service can be either

entirely domestic or international and

does not rely on banks or other outside

financial institutions to effect payment

to the intended recipient; transmittals of

funds are handled entirely by the

service’s own agents. Finally, and most

important, complete records relating to

any closed system transmittal of funds

are maintained in one central location.

Commenters also noted that the

requirement to identify the transmittor’s

financial institution might increase the

risk of fraud and abuse. For example,

the closed system agent serving as the

recipient’s financial institution could

identify and contact the closed system

agent that served as the transmittor’s

financial institution, and establish a

funds transmittal service that would

neither be conducted by the closed

system nor be subject to its control.

Commenters also noted that

identification of the recipient’s financial

institution is difficult or impossible in

most cases, because the transmittor may

not know where the recipient will pick

up the transmitted funds.

Treasury believes that the potential

for fraud as described by the

commenters may be best addressed by

the closed systems and their agents

themselves. This final rule requires that

the transmittor’s financial institution be

identified in the transmittal order in all

cases. However, in cases involving

closed systems as described above, the

requirement to identify the recipient’s

financial institution may be satisfied by

including the closed system’s name in

the transmittal order. Although such

information will not identify the

specific closed system office that served

as the recipient’s financial institution,

law enforcement’s needs will be

adequately met by records that are

maintained and made available to law

enforcement as required by regulation.

Executive Order 12866

Treasury finds that this final rule is

not a significant rule for purposes of

Executive Order 12866. This final rule

is not anticipated to have an annual

effect on the economy of $100 million

or more. It will not affect adversely in

a material way the economy, a sector of

the economy, productivity, competition,

jobs, the environment, public health or

safety, or state, local, or tribal

governments or communities. It creates

no inconsistencies with, nor does it

interfere with actions taken or planned

by other agencies. Finally, it raises no

novel legal or policy issues. A cost and

benefit analysis is therefore not

required.

Regulatory Flexibility Act

It is hereby certified under section

605(b) of the Regulatory Flexibility Act,

5 U.S.C. 601, et seq., that this final rule

will not have a significant economic

impact on a substantial number of small

entities.

The small entities that will be affected

by this final rule include small banks

and nonbank money transmitting

businesses. This final rule exempts

transmittals of funds in amounts of less

than $3,000; this exemption should

particularly benefit nonbank providers

of money transmitting services that

handle smaller value transfers. Treasury

does not believe that compliance with

this final rule will require small entities

to have specialized professional skills

that are not generally available to them.

Paperwork Reduction Act

The collection of information

requirements contained in this final rule

have been submitted to the Office of

Management and Budget for review in

accordance with the Paperwork

Reduction Act of 1980 (44 U.S.C.

3504(h)). Comments on the collection of

information and the burden estimate

should be directed to FinCEN, Office of

Legal Counsel, 2070 Chain Bridge Road,

Vienna, VA 22182, or to the Office of

Management and Budget, Paperwork

Reduction Project (1505–0063),

Washington, D.C. 20503.

Drafting Information

The principal author of this document

is FinCEN. Technical assistance was

also provided by the Federal Reserve

Board and the Department of Justice.

List of Subjects in 31 CFR Part 103

Administrative practice and

procedure, Banks and banking, Brokers,

Currency, Foreign banking, Foreign

currencies, Gambling, Investigations,

Penalties, Reporting and recordkeeping

requirements, Securities.

Authority and Issuance

For the reasons set forth in the

preamble, 31 CFR Part 103 is amended

as set forth below:

PART 103—FINANCIAL

RECORDKEEPING AND REPORTING

OF CURRENCY AND FOREIGN

TRANSACTIONS

1. The authority citation for Part 103

continues to read as follows:

Authority: 12 U.S.C. 1829b and 1951–1959;

31 U.S.C. 5311–5329.

2. Section 103.33 is amended by

adding new paragraph (g) to read as

follows:
238 Federal Register / Vol. 60, No. 1 / Tuesday, January 3, 1995 / Rules and Regulations

3For transmittals of funds effected through the

Federal Reserve’s Fedwire funds transfer system by

a financial institution, only one of the items is

required to be included in the transmittal order, if

received with the sender’s transmittal order, until

such time as the bank that sends the order to the

Federal Reserve Bank completes its conversion to

the expanded Fedwire message format.

4For transmittals of funds effected through the

Federal Reserve’s Fedwire funds transfer system by

a financial institution, only one of the items is

required to be included in the transmittal order, if

received with the sender’s transmittal order, until

such time as the bank that sends the order to the

Federal Reserve Bank completes its conversion to

the expanded Fedwire message format.

§ 103.33 Records to be made and retained

by financial institutions.

* * * * *

(g) With respect to a transmittal of

funds in the amount of $3,000 or more

by a financial institution:

(1) The transmittor’s financial

institution shall include in the

transmittal order, at the time it is sent

to the receiving financial institution, the

following information:

(i) The name and, if the payment is

ordered from an account, the account

number of the transmittor;

(ii) The address of the transmittor,

except for a transmittal order through

Fedwire until such time as the bank that

sends the order to the Federal Reserve

Bank completes its conversion to the

expanded Fedwire format;

(iii) The amount of the transmittal

order;

(iv) The execution date of the

transmittal order;

(v) The identity of the recipient’s

financial institution;

(vi) As many of the following items as

are received with the transmittal order: 3

(A) The name and address of the

recipient;

(B) The account number of the

recipient;

(C) Any other specific identifier of the

recipient; and

(vii) Either the name and address or

numerical identifier of the transmittor’s

financial institution.

(2) A receiving financial institution

that acts as an intermediary financial

institution, if it accepts a transmittal

order, shall include in a corresponding

transmittal order at the time it is sent to

the next receiving financial institution,

the following information, if received

from the sender:

(i) The name and the account number

of the transmittor;

(ii) The address of the transmittor,

except for a transmittal order through

Fedwire until such time as the bank that

sends the order to the Federal Reserve

Bank completes its conversion to the

expanded Fedwire format;

(iii) The amount of the transmittal

order;

(iv) The execution date of the

transmittal order;

(v) The identity of the recipient’s

financial institution;

(vi) As many of the following items as

are received with the transmittal order: 4

(A) The name and address of the

recipient;

(B) The account number of the

recipient;

(C) Any other specific identifier of the

recipient; and

(vii) Either the name and address or

numerical identifier of the transmittor’s

financial institution.

Dated: December 19, 1994.

Stanley E. Morris,

Director, Financial Crimes Enforcement

Network.

[FR Doc. 94–31982 Filed 12–30–94; 8:45 am]

BILLING CODE 4810–25–P