Department of the Treasury Financial Crimes Enforcement Network Bank Secrecy Act Regulations; Definitions and Other Regulations Relating to Money Services Businesses

1 31 U.S.C. 5311. 2 31 U.S.C. 5318(h). 3 See Treasury Order 180–01 (Sept. 26, 2002). 4 On October 26, 2010, FinCEN issued a final rule creating a new Chapter X in title 31 of the Code of Federal Regulations for the BSA regulations. See 75 FR 65806 (October 26, 2010) (Transfer and Reorganization of Bank Secrecy Act Regulations Final Rule) (referred to herein as the ‘‘Chapter X Final Rule’’). The Chapter X Final Rule became effective on March 1, 2011. Because the Notice of Proposed Rulemaking, Definitions and Other Regulations Relating to Money Services Businesses, 74 FR 22129 (May 12, 2009), was issued before the Chapter X Final Rule became effective, it was proposed in the 31 CFR Part 103 format. In this Final Rule, for ease of reference and where appropriate, we have included the former 31 CFR Part 103 citation after the 31 CFR Chapter X regulatory citation. 5 31 U.S.C. 5312(a)(2)(J), (K), (R), (V), and (Y). 6 See 31 CFR 1010.100(ff) (formerly 31 CFR 103.11(uu)). 7 See 31 CFR 1022.210 (formerly 31 CFR 103.125). 8 See 31 CFR 1010.311 (formerly 31 CFR 103.22). 9 See 31 CFR 1022.320 (formerly 31 CFR 103.20). Check cashers and transactions solely involving the issuance, sale, or redemption of stored value are not covered by the SAR requirement. See 31 CFR 1022.320(a)(1), (5) (formerly 31 CFR 103.20(a)(1), (5). FinCEN recently proposed imposing a SAR requirement with respect to transactions involving stored value. See Notice of Proposed Rulemaking, Amendment to the Bank Secrecy Act Regulations— Definitions and Other Regulations Relating to Prepaid Access, 75 FR 36589 (June 28, 2010). 10 See 31 CFR 1010.415 (formerly 31 CFR 103.29). 11 See 31 CFR 1022.410 (formerly 31 CFR 103.37). 12 See 31 CFR 1010.410(e)–(f) (formerly 31 CFR 103.33(f)–(g)). 13 See 31 CFR 1022.380 (formerly 31 CFR 103.41). 14 See 31 CFR 1010.810(b) (formerly 31 CFR 103.56(b)(8)). 15 These public meetings were held in Vienna, Virginia, on July 22, 1997; New York, New York, Continued PART 870—CARDIOVASCULAR DEVICES