# Amendment to the Bank Secrecy Act Regulations Relating to Orders for Transmittals of Funds by Financial Institutions
> **FinCEN** · Final rule. · Published 1996-04-01 · Effective 1996-05-28 · 61 FR 14386
## Document
- **Document number:** 96-7682
- **Category:** aml-bsa-fincen
- **Sub-agency:** FinCEN
- **Federal Register citation:** 61 FR 14386
- **CFR reference:** 31 CFR 103
- **Publication date:** 1996-04-01
- **Effective date:** 1996-05-28
## Abstract

On January 3, 1995, the Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury (Treasury) and the Board of Governors of the Federal Reserve System (the Board) jointly adopted a final rule (the joint rule) requiring financial institutions to collect and retain certain information pertaining to transmittals of funds, and Treasury adopted a final rule (the travel rule) requiring financial institutions to include in transmittal orders certain information collected under the joint rule. In response to industry concerns about the application of the joint rule and the travel rule to transmittals of funds involving foreign financial institutions, Treasury and the Board have amended the joint rule to conform certain of the definitions of the parties to transmittals of funds to definitions found in Article 4A of the Uniform Commercial Code (see document published elsewhere in today's Federal Register). This final rule amends the travel rule to reflect the amended definitions in the joint rule, and amends the travel rule to clarify that the exceptions applicable for the joint rule are also applicable for the travel rule. There is one further change to the travel rule that was not a part of the original proposed rule, new paragraph (g)(3). This change responds to a significant compliance issue that the banking industry did not identify until after the comment period: until all banks convert to the expanded Fedwire format, there will not always be enough space to include in a transmittal order all of the information required by the rule. Finally, because solving these problems has taken longer than anticipated, this final travel rule, like the final joint rule, will be effective not on April 1, 1996, as originally planned, but on May 28, 1996.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/1996/04/01/96-7682/amendment-to-the-bank-secrecy-act-regulations-relating-to-orders-for-transmittals-of-funds-by)
---
*AI Analytics · CC0 1.0*