http://cryptome.org/0001/fincen051209.htm Donate $25 for two DVDs of the Cryptome collection of files from June 1996 to the present [Federal Register: May 12, 2009 (Volume 74, Number 90)] [Proposed Rules] [Page 22129-22142] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr12my09-15] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY 31 CFR Part 103 RIN 1506-AA97 Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations--Definitions and Other Regulations Relating to Money Services Businesses AGENCY: Financial Crimes Enforcement Network (FinCEN), Department of the Treasury. ACTION: Notice of proposed rulemaking. ----------------------------------------------------------------------- SUMMARY: The Financial Crimes Enforcement Network (``FinCEN''), a bureau of the Department of the Treasury (``Treasury''), is proposing to revise the regulations implementing the Bank Secrecy Act (``BSA'') regarding money services businesses (``MSBs'') to clarify which entities are covered by the definitions. Specifically, we are reviewing the MSB regulatory framework with a focus on providing efficient and effective regulation for the industry, as well as improving the ability of regulators, law enforcement, and FinCEN to safeguard the U.S. financial system from the abuses of terrorist financing, money laundering, and other financial crime. The proposed changes are intended to more clearly delineate the scope of entities regulated as MSBs, so that determining which entities are obligated to comply will be more straightforward and predictable. This rulemaking proposes to amend the current MSB regulations in the following ways: By ensuring that certain foreign-located MSBs with a U.S. presence are subject to the BSA rules; by updating the MSB definitions to reflect past guidance and rulings, current business operations, evolving technologies, and merging lines of business; and by combining all of stored value into one category, without substantively changing the existing definition, so that issuers of stored value and sellers or redeemers of stored value are in the same category. In addition, this rulemaking solicits comments on stored value to assist FinCEN with a future rulemaking proposing a revised definition of stored value and revising related regulations. DATES: Written comments on the notice of proposed rulemaking must be submitted on or before September 9, 2009. ADDRESSES: You may submit comments, identified by RIN 1506-AA97, by any of the following methods: Federal e-rulemaking portal: http://www.regulations.gov. Follow the instructions for submitting comments. Refer to Docket number TREAS-FinCen-2009-0002. Mail: FinCEN, P.O. Box 39, Vienna, VA 22183. Include RIN 1506-AA97 in the body of the text. 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). FOR FURTHER INFORMATION CONTACT: Regulatory Policy and Programs Division, FinCEN (800) 949-2732 and select option 1. SUPPLEMENTARY INFORMATION: I. Introduction [... and so on... --RAH]