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TREAS/FINCEN

RIN: 1506-AB13

Publication ID: 2012

Title: Amendment to the Bank Secrecy Act Regulations--Definition of "Monetary Instruments"
Abstract: Although the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 (CARD Act), section 503, required the issuance of "regulations in final form implementing the Bank Secrecy Act, regarding the sale, issuance, redemption, or international transport of stored value, including stored value cards" by February 2010, we interpret the disjunctive "or" to allow for a phased approach. The CARD Act authorizes "regulations regarding international transport," of prepaid access devices, including "reporting requirements pursuant to Section 5316 of title 31, United States Code." Pursuant to this authority, FinCEN is proposing to amend the regulations issued under 31 U.S.C. 5316, namely the definition of "monetary instrument" at 31 CFR 1010.100(dd) and the international transport of currency and monetary instrument reporting requirement at 31 CFR 1010.340, to include tangible prepaid access devices. The current regulations require that a form be filed reporting the international transportation, mail, or shipment of currency or other monetary instruments in an aggregate amount that exceeds $10,000. The term "monetary instrument" is defined in the BSA to include currency and a variety of bearer negotiable instruments, securities, and similar items, but does not specifically include any types of prepaid access devices. Nevertheless, FinCEN has regulatory authority to expand the definition of monetary instruments to include items deemed to be "similar materials" to coins and currency of a foreign country, travelers' checks, bearer negotiable instruments, bearer investment securities, bearer securities, and stock on which title is passed on delivery.
Agency: Department of the Treasury(TREAS)	Priority: Other Significant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 31 CFR 1010.340
Legal Authority: 31 USC 5316

Legal Deadline: None

Timetable:

Action	Date	FR Cite
NPRM	10/17/2011	76 FR 64049
NPRM Comment Period End	12/16/2011
Final Action	03/00/2013

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Small Entities Affected: No	Federalism: No
Included in the Regulatory Plan: No
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest.
RIN Data Printed in the FR: No
Agency Contact: Lee Davis Regulatory Policy Program Specialist Department of the Treasury Financial Crimes Enforcement Network 1099 14th Street NW., Suite 4600, Washington, DC 20005 Phone:202 354-6388 Fax:202 354-6411 Email: lee.davis@fincen.gov Elizabeth Baltierra Regulatory Policy Project Officer Department of the Treasury Financial Crimes Enforcement Network P. O. Box 39, Vienna, VA 22183 Phone:703 905-5132 Email: elizabeth.baltierra@fincen.gov