Use of Large-Value Funds Transfers for Money Laundering
March 31, 1997
Circular No. 10936

Rescission of Policy Statement

To All Depository Institutions and Bank Holding Companies in the Second Federal Reserve District:

Circular No. 10618, dated January 14, 1993, contains a policy statement by the Board of Governors of the Federal Reserve, recommending that banks obtain and keep certain records with respect to the sender and recipient of large-value payment orders.

The Federal Financial Institutions Examination Council (FFIEC) has announced the rescission of that policy statement, because it duplicates a recent amendment to Bank Secrecy Act regulations (published in the Federal Register of April 1, 1996).

A copy of the FFIEC notice published in the Federal Register of March 10, 1997 is available as a (pdf) file. Questions on this matter may be directed to Scott Freeman of this Bank's Fraud Deterrence Advisory Unit.