Interpretive Release 2004-1: Anti-Money Laundering Program Requirements for Money Services Businesses With Respect to Foreign Agents or Foreign Counterparties

1This Interpretive Guidance focuses on the need to control risks arising out of the relationship between a Money Service Business and its foreign counterparty or agent. Under existing FinCEN regulations, only Money Service Business principals are required to register with FinCEN, and only Money Service Business principals establish the counterparty or agency relationships. 31 CFR
103.41. Accordingly, this Interpretive Guidance
only applies to those Money Service Businesses required to register with FinCEN, that is, only those Money Service Businesses that may have a relationship with a foreign agent or counterparty. outlined in the ‘‘Recording and Coding Guide for the Structure Inventory and Appraisal of the Nation’s Bridges.’’ (b) For routine, in-depth, fracture critical member, underwater, damage and special inspections enter the SI&A data into the State or Federal agency inventory within 90 days of the date of inspection for State or Federal agency bridges and within 180 days of the date of inspection for all other bridges. (c) For existing bridge modifications that alter previously recorded data and for new bridges, enter the SI&A data into the State or Federal agency inventory within 90 days after the completion of the work for State or Federal agency bridges and within 180 days after the completion of the work for all other bridges. (d) For changes in load restriction or closure status, enter the SI&A data into the State or Federal agency inventory within 90 days after the change in status of the structure for State or Federal agency bridges and within 180 days after the change in status of the structure for all other bridges. § 650.317 Reference manuals. (a) The materials listed in this subpart are incorporated by reference in the corresponding sections noted. These incorporations by reference were approved by the Director of the Federal Register in accordance with 5 U.S.C. 552(a) and 1 CFR part 51. These materials are incorporated as they exist on the date of the approval, and notice of any change in these documents will be published in the Federal Register. The materials are available for purchase at the address listed below, and are available for inspection at the National Archives and Records Administration (NARA). These materials may also be reviewed at the Department of Transportation Library, 400 Seventh Street, SW., Washington, DC, in Room
2200. For information on the availability
of these materials at NARA call (202) 741–6030, or go to the following URL:
http://www.archives.gov/ federal_register/ code_of_federal_regulations/ ibr_locations.html. In the event there is a conflict between the standards in this subpart and any of these materials, the standards in this subpart will apply. (b) The following materials are available for purchase from the American Association of State Highway and Transportation Officials, Suite 249, 444 N. Capitol Street, NW., Washington, DC 20001. The materials may also be ordered via the AASHTO bookstore located at the following URL: http:// www.aashto.org/aashto/home.nsf/ FrontPage. (1) The Manual for Condition Evaluation of Bridges, 1994, second edition, as amended by the 1995, 1996, 1998, and 2000 interim revisions, AASHTO, incorporation by reference approved for §§ 650.305 and 650.313. (2) 2001 Interim Revision to the Manual for Condition Evaluation of Bridges, AASHTO, incorporation by reference approved for §§ 650.305 and 650.313. (3) 2003 Interim Revision to the Manual for Condition Evaluation of Bridges, AASHTO, incorporation by reference approved for §§ 650.305 and 650.313. [FR Doc. 04–27355 Filed 12–13–04; 8:45 am] BILLING CODE 4910–22–P DEPARTMENT OF THE TREASURY 31 CFR Part 103 Financial Crimes Enforcement Network; Interpretive Release 2004–1— Anti-Money Laundering Program Requirements for Money Services Businesses With Respect to Foreign Agents or Foreign Counterparties AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Final rule; interpretive release. SUMMARY: This Interpretive Release sets forth an interpretation of the regulation requiring Money Services Businesses that are required to register with FinCEN to establish and maintain anti￾money laundering programs. Specifically, this Interpretive Release clarifies that the anti-money laundering program regulation requires such Money Services Businesses to establish adequate and appropriate policies, procedures and controls commensurate with the risk of money laundering and the financing of terrorism posed by their relationship with foreign agents or foreign counterparties of the Money Services Business. DATES: Effective June 13, 2005. FOR FURTHER INFORMATION CONTACT:
Office of Regulatory Policy and Programs Division, 1–800–800–2877, Office of Chief Counsel (703) 905–3590 (not a toll free number). SUPPLEMENTARY INFORMATION: Section 5318(h) of the Bank Secrecy Act, which is codified in subchapter II of chapter 53 of title 31, United States Code, requires every financial institution to establish an anti-money laundering program. The Bank Secrecy Act regulations define financial institution to include money service businesses. On April 29, 2002, FinCEN issued interim final rules-31 CFR 103.125-concerning the application of the anti-money laundering program requirement to money services businesses. 67 FR 21114. List of Subjects in 31 CFR Part 103 Authority delegations (government agencies), bank, banking, currency, investigations, reporting and recordkeeping requirements. Department of the Treasury 31 CFR Chapter I Authority and Issuance

• For the reasons set forth in the
  preamble, part 103 of title 31 of the Code of Federal Regulations is amended as follows:
  PART 103—FINANCIAL
  RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS
• 1. The authority citation for part 103
     continues to read as follows:
     Authority: 12 U.S.C. 1829b and 1951–1959:
     31 U.S.C 5311–5314 and 5316–5332; title III, secs. 312, 313, 314, 319, 326, 352, Pub. L. 107–56, 115 Stat. 307, 12 U.S.C. 1786(q).
• 2. Part 103 is amended by adding a
     new appendix C to read as follows:
     APPENDIX C TO PART 103—
     INTERPRETIVE RULES
     Release No. 2004–01
     This Interpretive Guidance sets forth our interpretation of the regulation requiring Money Services Businesses that are required to register with FinCEN to establish and maintain anti-money laundering programs. See 31 CFR 103.125. Specifically, this Interpretive Guidance clarifies that the anti￾money laundering program regulation requires Money Services Businesses to establish adequate and appropriate policies, procedures, and controls commensurate with the risks of money laundering and the financing of terrorism posed by their relationship with foreign agents or foreign counterparties of the Money Services Business.1 Under existing Bank Secrecy Act regulations, we have defined Money Services Businesses to include five distinct types of financial services providers and the U.S. Postal Service: (1) Currency dealers or exchangers; (2) check cashers; (3) issuers of traveler’s checks, money orders, or stored