FR Amendment to the Bank Secrecy Government

Document Sample
FR Amendment to the Bank Secrecy Government Powered By Docstoc
					234            Federal Register / Vol. 60, No. 1 / Tuesday, January 3, 1995 / Rules and Regulations

  Intermediary bank.                         shall be made available to the Board          Governors of the Federal Reserve
  Intermediary financial institution.        upon request.                                 System (Federal Reserve Board) and by
  Originator.                                                                              Treasury pursuant to a special statutory
  Originator’s bank.                           By order of the Board of Governors of the
                                             Federal Reserve System, December 21, 1994.    requirement under Annunzio-Wylie.
  Payment date.
  Payment order.                             William W. Wiles,                             The authority of the Secretary to
  Receiving bank.                                                                          administer the Bank Secrecy Act has
                                             Secretary of the Board.
  Receiving financial institution.                                                         been delegated to the Director of the
                                             [FR Doc. 94–31978 Filed 12–30–94; 8:45 am]
  Recipient.                                                                               Financial Crimes Enforcement Network
                                             BILLING CODE 6210–01–P
  Recipient’s financial institution.                                                       (FinCEN).
  Sender.                                                                                  EFFECTIVE DATE: January 1, 1996.
  Transmittal of funds.                                                                    FOR FURTHER INFORMATION CONTACT:
  Transmittal order.                         DEPARTMENT OF THE TREASURY
  Transmittor.
                                                                                           FinCEN, Office of Financial
  Transmittor’s financial institution.       31 CFR Part 103                               Enforcement ((202) 622–0400): A. Carlos
                                                                                           Correa, Assistant Director for Rules and
§ 219.23 Recordkeeping and reporting         RIN 1505–AA46                                 Regulations; Roger Weiner, Deputy
requirements.                                                                              Director; Peter Djinis, Director; FinCEN,
                                             Amendment to the Bank Secrecy Act             Office of Legal Counsel: Stephen R.
   (a) Domestic and international funds
                                             Regulations Relating to Orders for            Kroll, Legal Counsel (703) 905–3534;
transfers by insured depository
                                             Transmittals of Funds by Financial            Nina A. Nichols, Attorney-Advisor,
institutions. The Board and the Treasury
                                             Institutions                                  (703) 905–3598.
are authorized to promulgate jointly
recordkeeping and reporting                  AGENCY:  Financial Crimes Enforcement         SUPPLEMENTARY INFORMATION:
requirements for domestic and                Network, Treasury.
international funds transfers by insured                                                   Background
                                             ACTION: Final rule.
depository institutions whenever the                                                          This final rule is promulgated by
agencies determine that the                  SUMMARY:    This final rule requires banks    Treasury under 31 U.S.C. 5318 (a)(2)
maintenance of such records has a high       and nonbank financial institutions that       and (h), which are part of the statute
degree of usefulness in criminal, tax, or    act as transmittors’ financial institutions   generally referred to as the Bank Secrecy
regulatory investigations or proceedings.    and intermediary financial institutions       Act (Pub. L. 91–508, codified at 12
These regulations are codified at 31 CFR     in transmittals of funds to include           U.S.C. 1829b and 1951–1959, and 31
103.33(e). For the purposes of this          certain information in transmittal orders     U.S.C. 5311–5329), and which were
subpart, the provisions of 31 CFR            sent to receiving financial institutions.     added to the Bank Secrecy Act by
103.33(e) apply only to funds transfers      A companion final rule (the final             Annunzio-Wylie. 31 U.S.C. 5318 (a)(2)
by insured depository institutions.          recordkeeping rule), published                and (h) authorize the Secretary of the
   (b) International transmittals of funds   elsewhere in today’s Federal Register,        Treasury to require financial institutions
by financial institutions other than         requires financial institutions to collect    to maintain appropriate procedures to
insured depository institutions. The         and retain the information that, under        comply with the Bank Secrecy Act and
Board and the Treasury are required to       this final rule, must be included with        guard against money laundering, and to
promulgate jointly reporting and             transmittal orders.                           carry out anti-money laundering
recordkeeping requirements for                  The final recordkeeping rule sets forth    programs. The final recordkeeping rule
international transmittals of funds by       collection of information and                 is promulgated jointly by the Federal
financial institutions, including brokers    recordkeeping requirements with               Reserve Board and by Treasury pursuant
and dealers in securities and businesses     respect to certain transmittals of funds      to a special statutory requirement for
that provide money transmitting              by financial institutions. The amount         such joint issuance contained in 12
services. In prescribing these               and type of information required to be        U.S.C. 1829b(b), added to the Bank
requirements, the Board and the              collected and retained depends upon           Secrecy Act by section 1515 of
Treasury take into account the               the type of financial institution, its role   Annunzio-Wylie. The authority of the
usefulness of these records in criminal,     in a particular transaction, the amount       Secretary to administer the Bank
tax, or regulatory investigations or         of the transaction and whether the            Secrecy Act has been delegated to the
proceedings and the effect the               parties to the transaction are established    Director of FinCEN.
recordkeeping will have on the cost and      customers of the financial institution.          On August 31, 1993, Treasury and the
efficiency of the payment system. These      To ensure a full understanding of this        Federal Reserve Board jointly issued a
regulations are codified at 31 CFR           final rule, the reader is encouraged to       proposed recordkeeping rule (58 FR
103.33(f). For the purposes of this          review its provisions together with           46014) requiring financial institutions to
subpart, the provisions of 31 CFR            those of the final recordkeeping rule.        obtain and retain information relating to
103.33(f) apply only to international           This final rule is promulgated by          certain transmittals of funds. Treasury
transmittals of funds.                       Treasury under the Annunzio-Wylie             also issued a companion proposed
                                             Anti-Money Laundering Act of 1992             travel rule (58 FR 46021, August 31,
§ 219.24   Retention period.                 (Annunzio-Wylie), which is part of the        1993), which was subsequently
  All records that are required to be        statute generally referred to as the Bank     modified (58 FR 51269, October 1,
retained by this subpart shall be            Secrecy Act. Annunzio-Wylie                   1993), proposing to require any
retained for a period of five years. All     authorizes the Secretary of the Treasury      transmittor’s financial institution
these records shall be filed or stored in    to require financial institutions to          involved in a transmittal of funds to
such a way as to be accessible within a      maintain appropriate procedures to            include in its corresponding transmittal
reasonable period of time, taking into       comply with the Bank Secrecy Act and          order:
consideration the nature of the record       guard against money laundering, and to           (1) The name and address of the
and the amount of time that has expired      carry out anti-money laundering               transmittor and the transmittor’s deposit
since the record was made. Any records       programs. The final recordkeeping rule        account number, if the payment were
required to be retained by this subpart      is promulgated jointly by the Board of        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      Comments                                     proposed effective date twelve months
funds;                                         One hundred thirteen (113) comments        after publication of a final rule was too
   (3) The execution date of the             were received in response to the             soon; they suggested that no effective
transmittal order;                           proposed recordkeeping rule and the          date be announced until the Federal
   (4) The identity of the recipient’s       proposed travel rule. Treasury has           Reserve Board had published proposed
financial institution; and,                                                               changes to Fedwire, and that any
                                             carefully considered each comment in
   (5) Either the name and address or the                                                 proposed effective date take into
                                             drafting this final rule.
account number of the recipient, if                                                       account those proposed changes.
received with the transmittal order.         Effect of Proposed Changes to Fedwire        Alternatively, commenters suggested
   The proposed travel rule would have       System                                       that the effective date be delayed until
required any receiving financial                The proposed travel rule provided for     twelve months following
institution acting as an intermediary        a thirty (30) day comment period             implementation of Fedwire format
financial institution to include in its      concluding on October 4, 1993. Many of       changes. Finally, one bank suggested
corresponding transmittal order the          the commenters noted that they could         that the effective date of the proposed
following information, if received from      neither comment nor initiate changes to      rule coincide with the effective date of
the sender:                                                                               changes to the Fedwire format.
                                             their internal wire transfer systems until
   (1) The name and address of the                                                           The effective date of this final rule
                                             the Federal Reserve Board announced
transmittor and the deposit account                                                       and of the recordkeeping rule is January
                                             its proposed changes in the Fedwire          1, 1996. As noted, this final rule allows
number of the transmittor;                   format. Treasury believes that the
   (2) The amount of the transmittal of                                                   for the fact that a financial institution
                                             comments it received relating to             will not be able to include all otherwise
funds;                                       Fedwire were helpful, and these              required information in Fedwire
   (3) The execution date of the             comments have been taken into account        transfers until the format changes have
transmittal order;                           in framing this final rule.                  been implemented by that institution.
   (4) The identity of the recipient’s          Commenters on the proposed travel
financial institution;                       rule were particularly concerned with        Mapping Issues
   (5) Either the name and address or the    the difficulty of including the required        The proposed travel rule would have
account number of the recipient, if          information on Fedwire, which, unlike        required that certain information be
received with the transmittal order; and,    the Clearing House Interbank Payments        included, at the time of transmittal, in
   (6) Either the name and address or the    System (CHIPS) (operated by the New          a transmittal order transmitted to a
numerical identifier of the transmittor’s    York Clearing House) and the Society         financial institution by any means,
financial institution.                       for Worldwide Interbank Financial            including any funds transfer system
                                             Telecommunications (S.W.I.F.T.)              (e.g., Fedwire, S.W.I.F.T. and CHIPS) or
Overview
                                             system, does not have sufficient space       other system for transmittals of funds.
   This final rule will assist law           in the fields in which to include            This would have meant, for example,
enforcement investigations of money          complete originator and beneficiary          that a bank receiving a S.W.I.F.T.
laundering involving transmittals of         information. Commenters also noted           message would have been obligated to
funds by requiring users of transmittals     that it would be difficult to map            include all required information, if
of funds to provide additional               information to Fedwire from S.W.I.F.T.,      received, in its corresponding Fedwire
identifying information. Together with       CHIPS and other proprietary systems,         transmittal order, and that any
the final recordkeeping rule, this final     and to comply with the proposed travel       originator’s bank issuing a Fedwire
rule will help remedy the difficulties       rule’s requirements by the proposed          transmittal order would have had to
presently encountered by law                 effective date.                              include all of the required information
enforcement in cases involving                  One commenter suggested that the          in that order.
transmittals of funds in which the           proposed travel rule be withdrawn. This         Currently, the Fedwire fields
transmittal orders do not include the        commenter characterized the proposed         designated for originator and beneficiary
transmittors’ and recipients’ names or       travel rule as unworkable and premature      information do not contain sufficient
other identifying information, and cases     because the Fedwire format had to be         space to include all of the information
involving transmittals of funds in which     expanded, and conventions and                required by this final rule. However, the
such identifying information is not          protocols coordinated before the             Federal Reserve Board, the Federal
conveyed to intermediary financial           proposed travel rule could issue. Other      Deposit Insurance Corporation, the
institutions. The requirement that           commenters raised similar concerns.          National Credit Union Administration,
transmittal orders include complete             As more fully discussed below, this       the Office of the Comptroller of the
transmittor information, as well as          final rule recognizes the difficulty that    Currency, and the Office of Thrift
recipient information received by the        financial institutions will have in          Supervision have issued a policy
financial institution with the transmittal   including all of the required information    encouraging banks to use optional fields
order, may discourage money                  within the Fedwire format, and makes         where possible to include complete
launderers from attempting to abuse the      appropriate allowances. In light of these    originator and beneficiary information
payment and message systems and              allowances, and because the Federal          in Fedwire payment orders. A similar
should complicate their ability to do so.    Reserve Board has adopted an expanded        statement was issued by the Federal
   Treasury will monitor experience          Fedwire format (published elsewhere in       Financial Institutions Examination
under this final rule to assess its          today’s Federal Register), this final rule   Council (FFIEC). (See, FFIEC Statement
usefulness to law enforcement and its        is promulgated at the appropriate time.      dated March 11, 1993, 58 FR 14400,
effect on the cost and efficiency of the                                                  March 17, 1993.)
payments system. Within 36 months of         Effective Date                                  While many commenters
the effective date, Treasury will review       The proposed travel rule provided for      acknowledged that complete originator
the effectiveness of this final rule and     an effective date twelve months              and beneficiary information could be
will consider making any appropriate         following publication of a final rule.       included in S.W.I.F.T. and CHIPS
modifications.                               Many commenters believed that the            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        in obtaining, maintaining and                institution acting either as an
such information. The commenters             transmitting data for smaller value          intermediary bank or an intermediary
observed that the proposed travel rule       transmittals could not be justified by       financial institution to include in its
failed to designate which optional fields    any benefit to law enforcement. Other        transmittal order the same information,
should contain which items of                commenters argued that the absence of        if received from the sender.
information and failed to assign priority    any threshold would make it impossible          Several commenters objected to the
to such items in the event that available    to conduct transmittals in emergencies       proposed requirement that the
optional fields could not accommodate        and in situations in which a transmittor     transmittor’s account number be
all required information. Commenters         phones, faxes or writes in funds             included in the transmittal order.
believed that the lack of industry           transmittal instructions (for example, in    Commenters noted that such
standards prescribing placement of           the case of a transmittal of funds to        information is relevant only to the
originator and beneficiary data in           someone whose identification                 transmittor’s financial institution, is
optional fields would result in              documents have been stolen).                 regarded by many as confidential, and
confusion and inefficiency, producing           Treasury and the Federal Reserve          increases the risk of fraud if included in
erroneous entries, advices and               Board have considered these comments         a transmittal order. Commenters
misapplication of funds. Commenters          and have established a threshold of          questioned law enforcement’s need to
also noted that the use of optional fields   $3,000 for the final recordkeeping rule.     have account information on transmittal
would require excessive manual               Treasury has determined that the same        orders because such information is
intervention in what is largely an           threshold should apply to this final rule.   easily retrievable through records using
automated system, causing costly             Therefore, financial institutions will not   the account holder’s name. The
inefficiencies by delaying pass-through      be required to include the specified         inclusion of this information,
payments, which, according to one            information in transmittal orders            commenters argued, would clutter
commenter, make up 85% of all                involving less than $3,000 or the foreign    transmittal orders.
transfers.                                   equivalent. (Financial institutions             Treasury has concluded that the
   Many commenters suggested the             should determine the U.S. dollar             transmittor’s account number must be
formation of a joint task force including    equivalents of transfers in foreign funds    included in transmittal orders, but only
representatives of the financial             based on the spot exchange rate at the       where an account is debited to fund all
community, Treasury and the Federal          time of a transfer to determine whether      or part of the transmittal. This
Reserve Board to establish industry          a foreign-denominated transfer exceeds       information will be particularly useful
standards for the use of optional fields     the $3,000 threshold.)                       to law enforcement in cases in which
in Fedwire and a timetable for                  Treasury presently encourages             delay occasioned by a search for
implementation.                              financial institutions to report to the      account information would hinder the
   The Federal Reserve Board published       appropriate federal law enforcement          success of an investigation. Inclusion of
its Proposed Expansion of the Fedwire        agency or agencies transmittals of funds     the information is feasible in both
Funds Transfer Format on December 1,         that are structured in amounts of less       S.W.I.F.T. and CHIPS messages, and
1993 (58 FR 63366), and a finalized          than $3,000 to evade the requirements        (until proposed Fedwire format changes
expanded Fedwire format is published         of this final rule and the final             are implemented) information can be
elsewhere in today’s Federal Register.       recordkeeping rule. Treasury intends to      included in optional Fedwire fields if
Implementation is to be completed by         issue for comment proposed regulations       there is not sufficient space in the
year-end 1997. Once implemented by           that would require financial institutions    originator field.
financial institutions, the modified         to report suspicious transactions and to        Treasury has determined that the
Fedwire format will permit inclusion of      establish anti-money laundering              inclusion of account numbers in
complete originator and beneficiary          measures, including ‘‘know your              transmittal orders will present only a
information. Under this final rule a         customer’’ policies and programs.            minor increase in the risk of fraudulent
financial institution will not be required   Treasury will monitor the effectiveness      transfers. Banks generally have security
to include all available information         of such policies and programs, as            procedures that include passwords,
identifying transmittors and recipients      applied to transmittals of funds, and        codewords and, in the case of electronic
in Fedwire payment orders until the          will consider future modification of the     transmissions, confirmation to ensure
financial institution has implemented        $3,000 threshold or other provisions of      that only authorized parties issue
the new Fedwire format. However,             this final rule, if appropriate and          payment orders. These and other
Treasury joins the FFIEC in encouraging      necessary to counter the evasion of          protective measures greatly reduce the
financial institutions to include            requirements through structuring.            potential for fraud, to a level at which
complete transmittor and recipient                                                        that risk does not outweigh the
                                             Contents of Payment Orders                   immediate and tangible benefit to law
information in Fedwire payment orders
using optional fields.                          If a transmittal order is funded from     enforcement derived from the inclusion
                                             an account, the proposed travel rule         of account information in transmittal
Threshold                                    would have required the transmittor’s        orders.
   Many nonbank financial institutions       financial institution to include in the         With regard to arguments based on
commented that the proposed                  transmittal order the following: the         the confidentiality of account numbers,
recordkeeping rule’s lack of a threshold     name and address of the transmittor; the     Treasury notes that account numbers are
exempting smaller value transfers            transmittor’s account number; the            routinely included (and are certainly
would make implementation                    amount and execution date of the             not treated as confidential) in cases in
inordinately costly. One commenter           transmittal; the identity of the             which an account is the recipient of a
noted that 95% of the two million            recipient’s financial institution; and       transmittal of funds. Furthermore,
transmittals it conducted annually           either the name and address or the           account numbers are routinely carried
involved less than $1,000; 98% fell          account number of the recipient (if          on the face of checks and other payment
below $3,000; and, 99.96% fell below         received with the transmittal order). The    documents that are widely circulated
$10,000. Commenters complained that          proposed travel rule also would have         through and outside of banks. Finally,
the enormous expense they would incur        required any receiving financial             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               at any location within the closed             Regulatory Flexibility Act
available through customer account            system. Such a service can be either             It is hereby certified under section
records does not render the inclusion of      entirely domestic or international and        605(b) of the Regulatory Flexibility Act,
information in a transmittal order            does not rely on banks or other outside       5 U.S.C. 601, et seq., that this final rule
superfluous.                                  financial institutions to effect payment      will not have a significant economic
   Commenters requested clarification         to the intended recipient; transmittals of
whether to record the amounts of                                                            impact on a substantial number of small
                                              funds are handled entirely by the             entities.
transmittals involving foreign funds in       service’s own agents. Finally, and most
the foreign exchange or its U.S. dollar                                                        The small entities that will be affected
                                              important, complete records relating to
equivalent. Treasury does not intend to                                                     by this final rule include small banks
                                              any closed system transmittal of funds
change industry practice; therefore, in                                                     and nonbank money transmitting
                                              are maintained in one central location.
recording the amount transmitted, a                                                         businesses. This final rule exempts
                                                 Commenters also noted that the             transmittals of funds in amounts of less
financial institution may record either       requirement to identify the transmittor’s
the amount of foreign funds or the U.S.                                                     than $3,000; this exemption should
                                              financial institution might increase the      particularly benefit nonbank providers
dollar equivalent, in accordance with         risk of fraud and abuse. For example,
the financial institution’s standard                                                        of money transmitting services that
                                              the closed system agent serving as the        handle smaller value transfers. Treasury
practice.                                     recipient’s financial institution could       does not believe that compliance with
Bifurcated Transmittal Orders                 identify and contact the closed system        this final rule will require small entities
                                              agent that served as the transmittor’s        to have specialized professional skills
   In some instances, to effect payment
                                              financial institution, and establish a        that are not generally available to them.
across multiple time zones, a bank may
                                              funds transmittal service that would
have to bifurcate a transmittal order into                                                  Paperwork Reduction Act
                                              neither be conducted by the closed
a cover payment order and an
                                              system nor be subject to its control.           The collection of information
underlying direct payment order. One
                                              Commenters also noted that                    requirements contained in this final rule
commenter noted that inclusion of a
                                              identification of the recipient’s financial   have been submitted to the Office of
recipient’s name and address in both the
                                              institution is difficult or impossible in     Management and Budget for review in
transmittal order and the related cover
                                              most cases, because the transmittor may       accordance with the Paperwork
order of the recipient might create a risk
                                              not know where the recipient will pick        Reduction Act of 1980 (44 U.S.C.
of duplicate payment.
   It appears to Treasury that bifurcated     up the transmitted funds.                     3504(h)). Comments on the collection of
transmittal orders are comprised of two          Treasury believes that the potential       information and the burden estimate
separate transmittals of funds.               for fraud as described by the                 should be directed to FinCEN, Office of
Generally, the direct payment order is a      commenters may be best addressed by           Legal Counsel, 2070 Chain Bridge Road,
transmittal from the originator to the        the closed systems and their agents           Vienna, VA 22182, or to the Office of
recipient, and the cover payment order        themselves. This final rule requires that     Management and Budget, Paperwork
is a bank to bank transmittal, which may      the transmittor’s financial institution be    Reduction Project (1505–0063),
be effected through intermediary banks.       identified in the transmittal order in all    Washington, D.C. 20503.
In this analysis, the transmittal order for   cases. However, in cases involving
                                              closed systems as described above, the        Drafting Information
the cover payment order would not have
to identify the recipient of the direct       requirement to identify the recipient’s          The principal author of this document
payment order, only the recipient bank.       financial institution may be satisfied by     is FinCEN. Technical assistance was
If appropriate, Treasury will consider        including the closed system’s name in         also provided by the Federal Reserve
issuing guidance on this question in the      the transmittal order. Although such          Board and the Department of Justice.
future.                                       information will not identify the
                                              specific closed system office that served     List of Subjects in 31 CFR Part 103
Closed Systems                                as the recipient’s financial institution,       Administrative practice and
   The proposed travel rule would have        law enforcement’s needs will be               procedure, Banks and banking, Brokers,
required any receiving intermediary           adequately met by records that are            Currency, Foreign banking, Foreign
financial institution accepting a             maintained and made available to law          currencies, Gambling, Investigations,
transmittal order to include in a             enforcement as required by regulation.        Penalties, Reporting and recordkeeping
corresponding transmittal order either                                                      requirements, Securities.
                                              Executive Order 12866
the name and address or the numerical
                                                                                            Authority and Issuance
identifier of the transmittor’s financial        Treasury finds that this final rule is
institution. The proposed travel rule         not a significant rule for purposes of          For the reasons set forth in the
also would have required that any             Executive Order 12866. This final rule        preamble, 31 CFR Part 103 is amended
transmittor’s financial institution, as       is not anticipated to have an annual          as set forth below:
well as any receiving intermediary            effect on the economy of $100 million
financial institution, accepting a            or more. It will not affect adversely in      PART 103—FINANCIAL
transmittal order to include in a             a material way the economy, a sector of       RECORDKEEPING AND REPORTING
corresponding transmittal order the           the economy, productivity, competition,       OF CURRENCY AND FOREIGN
identity of the recipient’s financial         jobs, the environment, public health or       TRANSACTIONS
institution.                                  safety, or state, local, or tribal              1. The authority citation for Part 103
   Many commenters noted the difficulty       governments or communities. It creates        continues to read as follows:
of identifying the transmittor’s financial    no inconsistencies with, nor does it
institution and the recipient’s financial     interfere with actions taken or planned         Authority: 12 U.S.C. 1829b and 1951–1959;
                                                                                            31 U.S.C. 5311–5329.
institution in transmittals through           by other agencies. Finally, it raises no
closed systems. A closed system is a          novel legal or policy issues. A cost and        2. Section 103.33 is amended by
transmittal of funds service that permits     benefit analysis is therefore not             adding new paragraph (g) to read as
a recipient to pick up transmitted funds      required.                                     follows:
238             Federal Register / Vol. 60, No. 1 / Tuesday, January 3, 1995 / Rules and Regulations

§ 103.33 Records to be made and retained                 (A) The name and address of the                        (iii) The amount of the transmittal
by financial institutions.                            recipient;                                             order;
*       *    *    *     *                                (B) The account number of the                          (iv) The execution date of the
   (g) With respect to a transmittal of               recipient;                                             transmittal order;
funds in the amount of $3,000 or more                    (C) Any other specific identifier of the               (v) The identity of the recipient’s
by a financial institution:                           recipient; and                                         financial institution;
   (1) The transmittor’s financial                                                                              (vi) As many of the following items as
                                                         (vii) Either the name and address or
institution shall include in the                                                                             are received with the transmittal order: 4
                                                      numerical identifier of the transmittor’s
transmittal order, at the time it is sent                                                                       (A) The name and address of the
                                                      financial institution.
to the receiving financial institution, the                                                                  recipient;
following information:                                   (2) A receiving financial institution
                                                                                                                (B) The account number of the
   (i) The name and, if the payment is                that acts as an intermediary financial
                                                                                                             recipient;
ordered from an account, the account                  institution, if it accepts a transmittal
                                                                                                                (C) Any other specific identifier of the
number of the transmittor;                            order, shall include in a corresponding
                                                                                                             recipient; and
   (ii) The address of the transmittor,               transmittal order at the time it is sent to
                                                                                                                (vii) Either the name and address or
except for a transmittal order through                the next receiving financial institution,
                                                                                                             numerical identifier of the transmittor’s
Fedwire until such time as the bank that              the following information, if received
                                                                                                             financial institution.
sends the order to the Federal Reserve                from the sender:
                                                         (i) The name and the account number                   Dated: December 19, 1994.
Bank completes its conversion to the
                                                      of the transmittor;                                    Stanley E. Morris,
expanded Fedwire format;
   (iii) The amount of the transmittal                   (ii) The address of the transmittor,                Director, Financial Crimes Enforcement
order;                                                except for a transmittal order through                 Network.
   (iv) The execution date of the                     Fedwire until such time as the bank that               [FR Doc. 94–31982 Filed 12–30–94; 8:45 am]
transmittal order;                                    sends the order to the Federal Reserve                 BILLING CODE 4810–25–P
   (v) The identity of the recipient’s                Bank completes its conversion to the
                                                                                                                4 For transmittals of funds effected through the
financial institution;                                expanded Fedwire format;
   (vi) As many of the following items as                                                                    Federal Reserve’s Fedwire funds transfer system by
                                                                                                             a financial institution, only one of the items is
are received with the transmittal order: 3            required to be included in the transmittal order, if   required to be included in the transmittal order, if
                                                      received with the sender’s transmittal order, until    received with the sender’s transmittal order, until
   3 For transmittals of funds effected through the   such time as the bank that sends the order to the
                                                                                                             such time as the bank that sends the order to the
Federal Reserve’s Fedwire funds transfer system by    Federal Reserve Bank completes its conversion to
a financial institution, only one of the items is     the expanded Fedwire message format.                   Federal Reserve Bank completes its conversion to
                                                                                                             the expanded Fedwire message format.

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:1
posted:10/6/2012
language:English
pages:5