Final rule: BSA regulations; definitions and other regulations relating to MSBs ('other value that substitutes for currency') (76 FR 43585) (Part 2 of 2)
Document text
Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
this section, the term ‘‘money services
exchange for the currency, or other one person and the transmission of
business’’ shall not include:
monetary instruments, funds, or other currency, funds, or other value that
(i) A bank or foreign bank;
instruments denominated in the substitutes for currency to another
(ii) A person registered with, and
currency, of one or more other countries location or person by any means. ‘‘Any
functionally regulated or examined by,
in an amount greater than $1,000 for any means’’ includes, but is not limited to,
the SEC or the CFTC, or a foreign
other person on any day in one or more through a financial agency or
financial agency that engages in
transactions, whether or not for same- institution; a Federal Reserve Bank or
financial activities that, if conducted in
day delivery. other facility of one or more Federal
the United States, would require the
(2) Check casher—(i) In general. A Reserve Banks, the Board of Governors
foreign financial agency to be registered
person that accepts checks (as defined of the Federal Reserve System, or both;
with the SEC or CFTC; or
in the Uniform Commercial Code), or an electronic funds transfer network; or (iii) A natural person who engages in
monetary instruments (as defined at an informal value transfer system; or an activity identified in paragraphs
§ 1010.100(dd)(1)(ii), (iii), (iv), and (v)) (B) Any other person engaged in the
(ff)(1) through (ff)(5) of this section on
in return for currency or a combination transfer of funds.
an infrequent basis and not for gain or
of currency and other monetary (ii) Facts and circumstances;
profit.
instruments or other instruments, in an Limitations. Whether a person is a
amount greater than $1,000 for any money transmitter as described in this ■ 3. Section 1010.605 is amended by:
person on any day in one or more section is a matter of facts and ■ a. Revising paragraph (f)(1)(iv)
transactions. circumstances. The term ‘‘money introductory text;
(ii) Facts and circumstances; transmitter’’ shall not include a person ■ b. Revising paragraph (f)(1)(iv)(A); and
Limitations. Whether a person is a check that only: ■ c. Revising paragraph (f)(2), to read as
casher as described in this section is a (A) Provides the delivery, follows.
matter of facts and circumstances. The communication, or network access
services used by a money transmitter to § 1010.605 Definitions.
term ‘‘check casher’’ shall not include:
(A) A person that sells stored value in support money transmission services; * * * * *
exchange for a check (as defined in the (B) Acts as a payment processor to (f) * * *
Uniform Commercial Code), monetary facilitate the purchase of, or payment of (1) * * *
instrument or other instrument; a bill for, a good or service through a (iv) Any person organized under
foreign law (other than a branch or
wreier-aviles on DSKDVH8Z91PROD with RULES
(B) A person that solely accepts clearance and settlement system by
monetary instruments as payment for agreement with the creditor or seller; office of such person in the United
goods or services other than check (C) Operates a clearance and States) that is engaged in the business
cashing services; settlement system or otherwise acts as of, and is readily identifiable as:
(C) A person that engages in check an intermediary solely between BSA (A) A dealer in foreign exchange; or
cashing for the verified maker of the regulated institutions. This includes but * * * * *
check who is a customer otherwise is not limited to the Fedwire system, (2) For purposes of paragraph (f)(1)(iv)
buying goods and services; electronic funds transfer networks, of this section, a person is not ‘‘engaged
VerDate Mar<15>2010 14:57 Jul 20, 2011 Jkt 223001 PO 00000 Frm 00064 Fmt 4700 Sfmt 4700 E:\FR\FM\21JYR1.SGM 21JYR1
Federal Register / Vol. 76, No. 140 / Thursday, July 21, 2011 / Rules and Regulations 43597
in the business’’ of a dealer in foreign ■ b. Redesignating paragraphs (a)(2) and foreign exchange shall also record the
exchange or a money transmitter if such (a)(3) as paragraphs (a)(3) and (a)(4), person’s passport number or a
transactions are merely incidental to the respectively; description of some other government
person’s business. ■ c. Adding a new paragraph (a)(2); and document used to verify his identity.
* * * * * ■ d. Revising paragraph (b)(3), to read as Where the account or credit line is in
follows. the names of two or more persons, the
PART 1021—RULES FOR CASINOS dealer in foreign exchange shall secure
§ 1022.380 Registration of money services
AND CARD CLUBS the taxpayer identification number of a
businesses.
person having a financial interest in the
■ 4. The authority citation for part 1021 (a) Registration requirement—(1) In account or credit line. In the event that
continues to read as follows: general. Except as provided in a dealer in foreign exchange has been
paragraph (a)(3) of this section, relating unable to secure the identification
Authority: 12 U.S.C. 1829b and 1951–
1959; 31 U.S.C. 5311–5314 and 5316–5332;
to agents, each money services business required within the 30-day period
title III, sec. 314, Public 107–56, 115 Stat. (whether or not licensed as a money specified, it shall nevertheless not be
307. services business by any State) must deemed to be in violation of this section
register with the Department of the if:
■ 5. Section 1021.311 is amended by Treasury and, as part of that registration,
revising paragraph (c)(1) to read as * * * * *
maintain a list of agents as required by
follows: (2) The 30-day period provided for in
31 U.S.C. 5330 and this section. * * *
paragraph (a)(1) of this section shall be
(2) Foreign-located Money Services
§ 1021.311 Filing obligations. extended where the person opening the
Business. Each foreign-located person
* * * * * account or credit line has applied for a
doing business, whether or not on a
(c) * * * taxpayer identification or social security
regular basis or as an organized or
(1) Transactions between a casino and number on Form SS–4 or SS–5, until
licensed business concern, in the United
a dealer in foreign exchange, or between such time as the person maintaining the
States as a money services business
a casino and a check casher, as those account or credit line has had a
shall designate the name and address of
terms are defined in § 1010.100(ff) of reasonable opportunity to secure such
a person who resides in the United
this Chapter, so long as such number and furnish it to the dealer in
States and is authorized, and has agreed,
transactions are conducted pursuant to foreign exchange.
to be an agent to accept service of legal
a contractual or other arrangement with process with respect to compliance with * * * * *
a casino covering the financial services this chapter, and shall identify the (b) Each dealer in foreign exchange
in paragraphs (a)(8), (b)(7), and (b)(8) of address of the location within the shall retain either the original or a
this section; United States for records pertaining to microfilm or other copy or reproduction
* * * * * paragraph (b)(1)(iii) of this section. of each of the following:
* * * * * * * * * *
PART 1022—RULES FOR MONEY (b) * * * (9) A system of books and records that
SERVICES BUSINESSES (3) Due date. The registration form for will enable the dealer in foreign
the initial registration period must be exchange to prepare an accurate balance
■ 6. The authority citation for part 1022 filed on or before the end of the 180-day sheet and income statement.
continues to read as follows: period beginning on the day following * * * * *
Authority: 12 U.S.C. 1829b and 1951– the date the business is established. The Dated: July 14, 2011.
1959; 31 U.S.C. 5311–5314 and 5316–5332; registration form for a renewal period James H. Freis, Jr.,
title III, sec. 314, Public Law 107–56, 115 must be filed on or before the last day
Stat. 307. Director, Financial Crimes Enforcement
of the calendar year preceding the Network.
■ 7. Section 1022.210 is amended by
renewal period.
[FR Doc. 2011–18309 Filed 7–20–11; 8:45 am]
revising the first sentence of paragraph * * * * * BILLING CODE 4810–02–P
(d)(1)(iii) to read as follows: ■ 9. Section 1022.410 is amended by:
§ 1022.210 Anti-money laundering ■ a. Revising the heading of the section;
programs for money services businesses. ■ b. Revising paragraph (a)(1) DEPARTMENT OF HOMELAND
* * * * * introductory text; SECURITY
■ c. Revising paragraph (a)(2);
(d) * * * Coast Guard
■ d. Revising paragraph (b) introductory
(1) * * *
text; and
(iii) A person that is a money services ■ e. Revising paragraph (b)(9), to read as 33 CFR Part 117
business solely because it is an agent for follows.
another money services business as set [Docket No. USCG–2011–0630]
forth in § 1022.380(a)(3), and the money § 1022.410 Additional records to be made
and retained by dealers in foreign
Drawbridge Operation Regulation;
services business for which it serves as
exchange. Lower Grand River, LA
agent, may by agreement allocate
between them responsibility for (a)(1) After July 7, 1987, each dealer AGENCY: Coast Guard, DHS.
development of policies, procedures, in foreign exchange shall secure and
wreier-aviles on DSKDVH8Z91PROD with RULES
ACTION: Notice of temporary deviation
and internal controls required by this maintain a record of the taxpayer from regulations.
paragraph (d)(1). * * * identification number of each person for
* * * * * whom a transaction account is opened SUMMARY: The Commander, Eighth
or a line of credit is extended within 30 Coast Guard District, has issued a
■ 8. Section 1022.380 is amended by: days after such account is opened or temporary deviation from the regulation
■ a. Revising the first sentence of credit line extended. Where a person is in 33 CFR 117.478(b) governing the
paragraph (a)(1); a non-resident alien, the dealer in operation of the LA 77 bridge across the
VerDate Mar<15>2010 17:18 Jul 20, 2011 Jkt 223001 PO 00000 Frm 00065 Fmt 4700 Sfmt 4700 E:\FR\FM\21JYR1.SGM 21JYR1