[Federal Register Volume 74, Number 107 (Friday, June 5, 2009)]
[Proposed Rules]
[Pages 26996-27000]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-13136]


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DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA93


Financial Crimes Enforcement Network; Amendment to the Bank 
Secrecy Act Regulations; Defining Mutual Funds as Financial 
Institutions

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.

ACTION: Notice of proposed rulemaking and request for comments.

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SUMMARY: FinCEN is proposing to include mutual funds within the general 
definition of ``financial institution'' in rules implementing the Bank 
Secrecy Act (``BSA''). The proposal would subject mutual funds to rules 
under the BSA on the filing of Currency Transaction Reports (``CTRs'') 
and on the creation, retention, and transmittal of records or 
information for transmittals of funds.

DATES: Written comments on all aspects of this notice are welcome and 
must be received on or before September 3, 2009.

ADDRESSES: Those submitting comments are encouraged to do so via the 
Internet. Comments submitted via the Internet may be submitted at 
http://www.regulations.gov/search/index.jsp with the caption in the 
body of the text, Attention: Comment Request; Defining Mutual Funds as 
Financial Institutions. Comments also may be submitted by written mail 
to: Financial Crimes Enforcement Network, Department of the Treasury, 
P.O. Box 39, Vienna, VA 22183, Attention: Comment Request; Defining 
Mutual Funds as Financial Institutions. Please submit comments by one 
method only. All comments submitted in response to this notice of 
proposed rulemaking will become a

[[Page 26997]]

matter of public record; therefore, you should submit only information 
that you wish to make publicly available.
    Inspection of comments: Comments may be inspected, between 10 a.m. 
and 4 p.m., in the FinCEN reading room in Vienna, VA. Persons wishing 
to inspect the comments submitted must request an appointment with the 
Disclosure Officer by telephoning (703) 905-5034 (Not a toll free 
call). In general, FinCEN makes all comments publicly available by 
posting them on http://www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: The FinCEN regulatory helpline at 
(800) 949-2732 and select Option 6.

SUPPLEMENTARY INFORMATION: 

I. Background

A. Statutory Provisions

    The Bank Secrecy Act, Public Law 91-508, codified as amended at 12 
U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5314; 5316-5332, 
authorizes the Secretary of the Treasury (``Secretary'') to issue 
regulations requiring financial institutions to keep records and file 
reports that are determined to have a high degree of usefulness in 
criminal, tax, and regulatory investigations or proceedings, or in the 
conduct of intelligence or counter-intelligence activities, including 
analysis, to protect against international terrorism, and to implement 
anti-money laundering programs and compliance procedures.\1\ 
Regulations implementing the BSA appear at 31 CFR Part 103. The 
authority of the Secretary to administer the BSA has been delegated to 
the Director of FinCEN.
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    \1\ Language expanding the scope of the BSA was added by the 
Uniting and Strengthening America by Providing Appropriate Tools 
Required to Intercept and Obstruct Terrorism Act of 2001 (``USA 
PATRIOT Act''), Public Law 107-56.
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    The definition of ``financial institution'' in the BSA includes 
investment companies.\2\ FinCEN has the authority to issue rules 
defining investment companies as financial institutions. The Investment 
Company Act of 1940, codified at 15 U.S.C. 80a-1 et seq. (the 
``Investment Company Act''), defines ``investment company'' \3\ and 
subjects investment companies to regulation by the Securities and 
Exchange Commission (``SEC'').
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    \2\ 31 U.S.C. 5312(a)(2)(I).
    \3\ See 15 U.S.C. 80a-3.
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B. Overview of Current Regulatory Provisions

    Regulations implementing the BSA currently apply only to investment 
companies that are ``open-end companies,'' as the term is defined in 
the Investment Company Act. More commonly known as mutual funds, open-
end companies are the predominant type of investment company. Open-end 
companies are management companies that offer or have outstanding 
securities that are redeemable at net asset value.\4\
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    \4\ 15 U.S.C. 80a-4; 15 U.S.C. 80a-5(a)(1); 15 U.S.C. 80a-
2(a)(32). Face-amount certificate companies and unit investment 
trusts are excluded from the definition of ``management company.'' 
15 U.S.C. 80a-4(3).
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    On April 29, 2002, FinCEN issued a rule under section 352 of the 
USA PATRIOT Act prescribing minimum standards for the development of 
anti-money laundering programs by mutual funds.\5\ On May 9, 2003, 
FinCEN issued jointly with the SEC a rule under section 326 of the USA 
PATRIOT Act requiring mutual funds to implement customer identification 
programs.\6\ On May 4, 2006, FinCEN issued a rule requiring mutual 
funds to report suspicious transactions.\7\ On August 9, 2007, FinCEN 
completed the anti-money laundering rules required with respect to 
certain financial institutions, including mutual funds, under section 
312 of the USA PATRIOT Act.\8\ These rules require mutual funds to 
establish due diligence programs for correspondent and private banking 
accounts.
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    \5\ Anti-Money Laundering Programs for Mutual Funds, 67 FR 21117 
(April 29, 2002).
    \6\ Customer Identification Programs for Mutual Funds, 68 FR 
25131 (May 9, 2003).
    \7\ Amendment to the Bank Secrecy Act Regulations--Requirement 
That Mutual Funds Report Suspicious Activity, 71 FR 26213 (May 4, 
2006).
    \8\ Anti-Money Laundering Programs; Special Due Diligence 
Programs for Certain Foreign Accounts, 71 FR 496 (January 4, 2006); 
Anti-Money Laundering Programs; Special Due Diligence Programs for 
Certain Foreign Accounts, 72 FR 44768 (August 9, 2007).
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    Although FinCEN has issued individual rules that apply to mutual 
funds, FinCEN has not included mutual funds within the definition of 
``financial institution'' at 31 CFR 103.11(n). The definition of 
``financial institution'' at 31 CFR 103.11(n) is less inclusive than 
the definition in the BSA itself.\9\ The regulatory definition 
determines the scope of rules that require the filing of CTRs and the 
creation, retention, and transmittal of records or information on 
transmittals of funds and other specified transactions.\10\
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    \9\ See 31 U.S.C. 5312(a)(2).
    \10\ See 31 CFR 103.22; 31 CFR 103.28; 31 CFR 103.29; 31 CFR 
103.33; and 31 CFR 103.38. Defining a business as a financial 
institution also could make the business ineligible for exemption 
from the requirement to file CTRs. See 31 CFR 103.22(d)(5)(viii).
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II. Section-by-Section Analysis

A. Sections 103.11(n)(10) and 103.11(ccc)--Mutual Funds Move From 
Filing Form 8300 to the Currency Transaction Report

    The proposed amendment would add mutual funds to the regulatory 
definition of ``financial institution'' at 31 CFR 103.11(n)(10). FinCEN 
is also proposing to add a general definition of a ``mutual fund'' at 
31 CFR 103.11(ccc). The definition of ``mutual fund'' would cover only 
those entities registered or required to register with the SEC. 
Specifically, ``mutual fund'' would be defined as:

    An ``investment company'' (as the term is defined in section 3 
of the Investment Company Act (15 U.S.C. 80a-3)) that is an ``open-
end company'' (as that term is defined in section 5 of the 
Investment Company Act (15 U.S.C. 80a-5)) registered or required to 
register with the Securities and Exchange Commission under section 8 
of the Investment Company Act (15 U.S.C. 80a-8).

    Mutual funds currently file reports on Form 8300 for the receipt of 
more than $10,000 in currency.\11\ The requirement applies to currency 
received in one transaction or two or more related transactions.\12\ 
The proposed amendment would replace this requirement with a 
requirement to file CTRs under 31 CFR 103.22.\13\ A mutual fund would 
file a CTR for a transaction involving a transfer of more than $10,000 
in currency by, through, or to the mutual fund.\14\ The CTR filing

[[Page 26998]]

obligation covers incoming, outgoing, and exchange transactions in 
currency. The definition of ``currency'' for purposes of the CTR rule 
is different from and less inclusive than the definition of 
``currency'' in the rule for Form 8300; therefore, mutual funds would 
only be required to file CTRs on cash transactions. The threshold in 31 
CFR 103.22 applies to transactions conducted during a single business 
day.\15\ Under the CTR rule, a financial institution must treat 
multiple transactions as a single transaction if the financial 
institution has knowledge that the transactions are conducted by or on 
behalf of the same person.\16\
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    \11\ 31 CFR 103.30(a)(1)(i). In addition to coin and currency of 
the United States or of any other country, ``currency'' includes 
cashier's checks, bank drafts, traveler's checks, and money orders 
in face amounts of $10,000 or less, if the instruments are received 
in a ``designated reporting transaction.'' 31 CFR 
103.30(c)(1)(ii)(A). A ``designated reporting transaction'' is 
defined as the retail sale of a consumer durable, collectible, or 
travel or entertainment activity. 31 CFR 103.30(c)(2). In addition, 
a mutual fund would need to treat the instruments as currency if the 
mutual fund knows that a customer is using the instruments to avoid 
the reporting of a transaction on Form 8300. 31 CFR 
103.30(c)(1)(ii)(B).
    \12\ 31 CFR 103.30(a). The rule defines ``related transactions'' 
to include transactions conducted between a payer or its agent and 
the recipient of the currency in a 24-hour period. 31 CFR 
103.30(c)(12)(ii). Transactions conducted during a period of more 
than 24 hours are related if the recipient knows or has reason to 
know that each transaction is one of a series of connected 
transactions. 31 CFR 103.30(c)(12)(ii). In addition, the rule 
includes provisions on the treatment of multiple deposits or 
installment payments relating to a single transaction. See 31 CFR 
103.30(b).
    \13\ 31 CFR 103.30(a)(1)(ii) (the requirement to file a Form 
8300 does not apply to transactions reported under 31 CFR 103.22).
    \14\ See 31 CFR 103.22(b)(1) and 31 CFR 103.11(h) (currency is 
defined as the coin and paper of the United States or of any other 
country that is designated as legal tender and that circulates and 
is customarily used as a medium of exchange in a foreign country).
    \15\ See 31 CFR 103.22(c)(2).
    \16\ 31 CFR 103.22(c)(2). The obligation to file a CTR is 
conditioned on knowledge that the transactions are conducted by or 
on behalf of the same person and result in either cash in or cash 
out totaling more than $10,000 during any one business day.
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    Because mutual funds would no longer be required to file Form 
8300s, mutual funds would be freed from having to report applicable 
transactions involving certain negotiable instruments.\17\ Although 
FinCEN recognizes that there may be some threat of financial criminals 
using negotiable instruments such as money orders to move illicit funds 
into mutual funds, the volume of Form 8300s filed is relatively low 
when compared to the overall volume of transactions.\18\ Because mutual 
funds rarely receive from or disburse to shareholders significant 
amounts of currency, FinCEN believes they are not as likely as 
depository institutions to be used during the initial ``placement'' 
stage of the money laundering process.\19\
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    \17\ In determining whether to file a Form 8300, a mutual fund 
may need to treat instruments as currency if the mutual fund knows 
that a customer is using the instruments to avoid the reporting of a 
transaction on Form 8300, in which case the mutual fund also may 
need to file a suspicious activity report (``SAR''). See 31 CFR 
103.30(c)(1)(ii)(B) and 31 CFR 103.15(a)(2).
    \18\ A review of BSA data revealed that while hundreds of 
millions of transactions involving mutual funds were conducted in 
calendar years 2004, 2005, 2006, and 2007, fewer than 19,500 Form 
8300s were filed by mutual funds over the same period.
    \19\ Anti-Money Laundering Programs for Mutual Funds, 67 FR 
21117, 21118 (April 29, 2002).
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    FinCEN requests comment on whether mutual funds are less likely to 
be used during the initial placement stage of money laundering than a 
depository institution and therefore present a lower risk for money 
laundering. Furthermore, since mutual funds are subject to SAR 
reporting requirements, the ability to report suspicious transactions 
on Form 8300 is redundant.\20\ FinCEN requests comment on whether the 
filing of CTRs as opposed to Form 8300s is more appropriate when 
considering the anti-money laundering program requirement and the 
information technology changes that mutual funds may be required to 
make.
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    \20\ A mutual fund could report a suspicious transaction 
voluntarily by checking box 1(b) in the Form 8300. A mutual fund is 
required to file a SAR reporting the transaction, however, if the 
transaction exceeds the threshold set forth in the rule requiring 
mutual funds to report suspicious transactions. See 31 CFR 
103.15(a)(2).
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B. Section 103.33--The Travel Rule and Related Recordkeeping 
Requirements

    In addition, the proposed amendment would subject mutual funds to 
requirements regarding the creation and retention of records for 
transmittals of funds, and the requirement to transmit information on 
these transactions to other financial institutions in the payment 
chain.\21\ These requirements are often referred to as the ``Travel 
Rule.''
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    \21\ See 31 CFR 103.33(f) and (g). Financial institutions must 
retain records for a period of five years. 31 CFR 103.38(d).
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    The Travel Rule applies to transmittals of funds in amounts that 
equal or exceed $3,000. A ``transmittal of funds'' includes funds 
transfers processed by banks, as well as similar payments where one or 
more of the financial institutions processing the payment--the 
transmittor's financial institution, an intermediary financial 
institution, or the recipient's financial institution--is not a 
bank.\22\ Such payments processed by mutual funds would be 
``transmittals of funds.'' If the mutual fund is processing a payment 
sent by or to its customer, then the mutual fund would be either the 
``transmittor's financial institution'' or the ``recipient's financial 
institution.''
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    \22\ Rules under the BSA define a ``transmittal of funds'' and 
the persons or institutions involved in a ``transmittal of funds.'' 
See 31 CFR 103.11(d), (e), (q), (r), (s), (v), (w), (cc), (dd), 
(jj), (kk), (ll), and (mm).
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    The Travel Rule requires the transmittor's financial institution to 
obtain and retain name, address, and other information on the 
transmittor and the transaction.\23\ The Travel Rule also requires the 
recipient's financial institution--and in certain instances, the 
transmittor's financial institution--to obtain or retain identifying 
information on the recipient.\24\ The Travel Rule requires that certain 
information obtained or retained by the transmittor's financial 
institution ``travel'' with the transmittal order through the payment 
chain.\25\
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    \23\ See 31 CFR 103.33(f)(1)(i) and (f)(2).
    \24\ See 31 CFR 103.33(f)(3) (information that the recipient's 
financial institution must obtain or retain).
    \25\ See 31 CFR 103.33(g) (information that must ``travel'' with 
the transmittal order); 31 CFR 103.11(kk) (defining ``transmittal 
order'').
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    The proposed amendment would include mutual funds within an 
existing exception designed to exclude from coverage of these 
requirements funds transfers or transmittal of funds in which certain 
categories of financial institution are the transmitter, originator, 
recipient, or beneficiary.\26\ The proposed inclusion of mutual funds 
within the exceptions is intended to provide mutual funds with 
treatment similar to that of banks, brokers or dealers in securities, 
futures commission merchants, and introducing brokers in commodities. 
Finally, the proposed amendment would subject mutual funds to 
requirements on the creation and retention of records for extensions of 
credit and cross-border transfers of currency, monetary instruments, 
checks, investment securities, and credit.\27\ These requirements apply 
to transactions in amounts exceeding $10,000.
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    \26\ See 31 CFR 103.33(e)(6)(i) and 31 CFR 103.33(f)(6)(i).
    \27\ See 31 CFR 103.33(a)-(c). Financial institutions must 
retain these records for a period of five years. 31 CFR 103.38(d).
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    Mutual funds are already subject to the record retention 
requirements of the rules promulgated under the Investment Company Act 
of 1940 and mutual fund transfer agents are subject to recordkeeping 
requirements under the Securities Exchange Act of 1934.\28\ FinCEN 
believes that the requirements of 31 CFR 103.33 and 31 CFR 103.38 would 
have a de minimus impact on mutual funds and their transfer agents.\29\ 
Furthermore, rules under the BSA on the establishment of customer 
identification programs by mutual funds and on the reporting by mutual 
funds of suspicious transactions impose requirements to create and 
retain records.\30\
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    \28\ See, e.g., 15 U.S.C. 80a-30 (mutual funds); 15 U.S.C. 
78q(a)(3) (transfer agents).
    \29\ Mutual fund transfer agents are not subject to the Travel 
Rule or related recordkeeping requirements. Nevertheless, FinCEN has 
noted the role of transfer agents in performing BSA compliance 
functions. See e.g., 71 FR 26213, (May 4, 2006) (adopting release 
for mutual fund SAR rule), 68 FR 25131, (May 9, 2003) (adopting 
release for mutual fund Customer Identification Program rule). Many 
mutual funds contractually delegate their BSA compliance functions, 
including recordkeeping, to transfer agents, although the mutual 
fund remains responsible under the BSA for ensuring compliance.
    \30\ See 31 CFR 103.131 (mutual funds must obtain and record 
identifying information for persons opening new accounts, and verify 
the identity of persons opening new accounts); 31 CFR 103.15(c) 
(mutual funds must maintain records of documentation that supports 
the filing of a SAR).

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[[Page 26999]]

IV. Request for Comment

    All comments submitted in response to this notice will become a 
matter of public record. FinCEN welcomes written comment on all aspects 
of this notice, and FinCEN especially encourages comments on the 
following issues:
    <bullet> The anticipated time and monetary savings that could 
result from replacing the requirement to file reports on Form 8300 with 
a requirement to file CTRs.
    <bullet> The nature, volume, content, and value of any potentially 
lost information to law enforcement, tax, regulatory, and counter-
terrorism investigations or activities that could result from the 
filing of CTRs, rather than Form 8300s, by mutual funds.
    <bullet> The anticipated impact of subjecting mutual funds to rules 
under the BSA that require the creation, retention, and transmittal of 
records or information for transmittals of funds and other specified 
transactions.

V. Proposed Location in Chapter X

    As per its November 7, 2008 notice of proposed rulemaking 
pertaining to a restructuring of its regulations in a new chapter in 
the Code of Federal Regulations,\31\ FinCEN is separately proposing to 
remove Part 103 of Chapter I of Title 31, Code of Federal Regulations, 
and add Parts 1000 to 1099 (Chapter X). As such and if finalized, the 
proposed changes herein would be reorganized according to the changes 
proposed in that rulemaking. The planned reorganization would have no 
substantive effect on the proposed regulatory changes herein. The 
proposed regulatory changes herein would be renumbered according to the 
structure established via the finalization of the Chapter X rule.
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    \31\ Transfer and Reorganization of Bank Secrecy Act 
Regulations, 73 FR 66414 (November 7, 2008).
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VI. Regulatory Flexibility Analysis

    Pursuant to the Regulatory Flexibility Act (``RFA'') (5 U.S.C. 601 
et seq.), FinCEN certifies that the proposed rule in this notice would 
not have a significant economic impact on a substantial number of small 
entities. The economic impact of the proposed rule on small entities 
should not be significant. Mutual funds, regardless of their size, are 
already required to comply with most of the existing BSA rules required 
of financial institutions. While all mutual funds are captured under 
this rulemaking, the estimated burden associated with defining mutual 
funds as financial institutions is minimal. FinCEN believes that mutual 
funds rarely receive from or disburse to shareholders significant 
amounts of currency. New recordkeeping obligations, if not already 
being performed by mutual funds in accordance with other law or as a 
matter of prudent business practice, are likely to be commensurate with 
the size of the fund. FinCEN seeks comment on whether the proposed rule 
would have a significant economic impact on a substantial number of 
small entities.

VII. Executive Order 12866

    It has been determined that the proposed rule is not a 
``significant regulatory action'' for purposes of Executive Order 
12866. Accordingly, a regulatory impact analysis is not required.

VIII. Paperwork Reduction Act

    The collection of information contained in the proposed rule is 
being submitted to the Office of Management and Budget for review in 
accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 
3507(d)). Comments on the collection of information should be sent to 
the Desk Officer for the Department of the Treasury, Office of 
Information and Regulatory Affairs, Office of Management and Budget, 
Paperwork Reduction Project (1506), Washington, DC 20503 (or by e-mail 
to <a href="/cdn-cgi/l/email-protection#9df2f4effcc2eee8fff0f4eeeef4f2f3ddf2f0ffb3f8f2edb3faf2eb"><span class="__cf_email__" data-cfemail="ff90968d9ea08c8a9d92968c8c969091bf90929dd19a908fd1989089">[email protected]</span></a>), with a copy to FinCEN by mail or by 
Internet submission at the addresses previously specified. In 
accordance with the requirements of the Paperwork Reduction Act of 
1995, 44 U.S.C. 3506(c)(2)(A), and its implementing regulations, 5 CFR 
part 1320, the following information concerning the collection of 
information as required by 31 CFR 103.22 and 31 CFR 103.33 is presented 
to assist those persons wishing to comment on the information 
collection. The collection of information in the proposed rule is in 31 
CFR 103.22 and 31 CFR 103.33.
    Description of Affected Financial Institutions: Mutual funds as 
defined in 31 CFR 103.11(ccc).
    Estimated Number of Affected Financial Institutions: 8,029.\32\
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    \32\ See Investment Company Institute (ICI) 2008 Investment 
Company Fact Book, at 110 (2008), available at: http://www.icifactbook.org/pdf/2008_factbook.pdf (number of mutual funds 
in the U.S. in 2007).
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    Estimated Average Annual Burden Hours per Affected Financial 
Institution: The estimated average burden associated with the 
collection of information in this notice is one hour recordkeeping per 
response per affected financial institution.\33\
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    \33\ The single hour is based on an estimate of 45 minutes to 
complete the CTR form and 15 minutes for recordkeeping and 
archiving.
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    Estimated Total Annual Burden: 8,029 hours.\34\
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    \34\ While it is not industry practice for mutual funds to 
accept cash, there is no restriction on mutual funds that prohibits 
mutual funds from accepting cash. Therefore, for purposes of 
estimating the annual burden the filing of CTRs will have on mutual 
funds, FinCEN estimates that each mutual fund will file one CTR per 
year.
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    FinCEN specifically invites comment on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the mission of FinCEN, including whether the information will have 
practical utility; (b) the accuracy of FinCEN's estimate of the burden 
of the proposed collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information required to be 
maintained; (d) ways to minimize the burden of the required collection 
of information, including through the use of automated collection 
techniques or other forms of information technology; and (e) estimates 
of capital or start-up costs and costs of operation, maintenance, and 
purchase of services to maintain the information.
    Under the Paperwork Reduction Act, an agency may not conduct or 
sponsor, and a person is not required to respond to, a collection of 
information unless it displays a valid OMB control number.

List of Subjects in 31 CFR Part 103

    Administrative practice and procedure, Banks and banking, Brokers, 
Currency, Investigations, Penalties, Reporting and recordkeeping 
requirements, Securities, Terrorism.

Amendment

    For the reasons set forth above in the preamble, 31 CFR part 103 is 
proposed to be amended as follows:

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. 5311-5314 
and 5316-5332; title III, secs. 311, 312, 313, 314, 319, 326, 352, 
Public Law 107-56, 115 Stat. 307.

Subpart A--Definitions

    2. Amend Sec.  103.11 by revising paragraph (n)(9) and by adding 
paragraphs (n)(10) and (ccc) to read as follows:

[[Page 27000]]

Sec.  103.11  Meaning of terms.

* * * * *
    (n) * * *
    (9) An introducing broker in commodities;
    (10) A mutual fund.
* * * * *
    (ccc) Mutual fund means an ``investment company'' (as the term is 
defined in section 3 of the Investment Company Act (15 U.S.C. 80a-3)) 
that is an ``open-end company'' (as that term is defined in section 5 
of the Investment Company Act (15 U.S.C. 80a-5)) registered or required 
to register with the Securities and Exchange Commission under section 8 
of the Investment Company Act (15 U.S.C. 80a-8).

Subpart C--Records Required To Be Maintained

    3. Amend Sec.  103.33 by revising paragraphs (e)(6)(i)(I) and 
(f)(6)(i)(I) and by adding paragraphs (e)(6)(i)(J) and (f)(6)(i)(J) to 
read as follows:


Sec.  103.33  Records to be made and retained by financial 
institutions.

* * * * *
    (e) * * *
    (6) * * *
    (i) * * *
    (I) A Federal, State or local government agency or instrumentality; 
or
    (J) A mutual fund; and
* * * * *
    (f) * * *
    (6) * * *
    (i) * * *
    (I) A Federal, State or local government agency or instrumentality; 
or
    (J) A mutual fund; and
* * * * *

    Dated: June 1, 2009.
William F. Baity,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. E9-13136 Filed 6-4-09; 8:45 am]
BILLING CODE 4810-02-P


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