Could someone please post a link to 31 CFR 103.100? My usual CFR links don't have anything posted yet and I need to look at the actual law. Thanks!

Lucky with what???

Louvera - you can get 103.100 by going to FinCEN's site (I went through Treas.gov) and then go to publications on the right side of the pull down menues and go to the Federal Register issuances.

As far as the discussion of ACH, "transmittal of funds" excludes transfers governed by the EFT Act as well as
any other funds transfers that are made through an automated clearinghouse, an automated teller machine, or a point-of-sale system. 31 CFR 103.11(jj)

Federal Register Try this.

Thank you very much!

I am in the same boat as Kara S, I don't know anything about these FinCen letters. How are they being obtained? By email or fax or snail mail? Are all banks suppose to be in on this or are they picking and choosing who they want to collect information from?

My bank is in San Antonio, Texas and we have not received any of these requests. Should I be initiating a phone call or something to check on this? It sounds like most of the group has been contacted. Am I right?

Luisa Garcia

Well, I should thank everyone for the help they have given. I have since found out that my institution HAS been receiving the emails, however, I do have to come up with some sort of procedures as to how it is done. The good thing is that I didn't have to worry about everything that I have missed.

I would go to www.fincen.gov The website has the form that needed to be filled out for a bank contact.

Where in the FinCEN site? I can't find it.

Section 103.100 of the BSA regs is on the BOL Alphabet Soup section at this location:

http://www.bankersonline.com/regs/103/103-100.html

This is the link to FinCEN. I am catching up on today's posts. Been to busy to log on. This may or may not have been stated, but I understand the regulatory agencies are not real happy about these 314(a) requests either and there is a meeting with FinCEN tomorrow that will include, I believe, the ABA.

First, thanks to MaryBeth for the link to the reg. Per the reg:

In reply to:

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(iii) Designation of contact person. Upon receiving an information request under this section, a financial institution shall designate one person to be the point of contact at the institution regarding the request and to receive similar requests for information from FinCEN in the future. When requested by FinCEN, a financial institution shall provide FinCEN with the name, title, mailing address, e-mail address, telephone number, and facsimile number of such person, in such manner as FinCEN may prescribe. A financial institution that has provided FinCEN with contact information must promptly notify FinCEN of any changes to such information.

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I interpret this to mean that FinCen will be the one to initiate the first contact. I did not read anywhere that each financial institution was required to independently submit this information. I am inclined to stay quiet until they contact us. From what I have read it sounds like a headache and that there are a lot of kinks to be worked out.

I've been told that if an institution has filed a notice of intent to share information with other insitutions under 314(b) and has designated a contact person and provided an email address for that purpose, that FinCEN will send the 314(a) requests via email to that person. If you haven't filed such a notice -- and have not received your first information request from FinCEN asking for a contact person to be designated, hold tight. My concern, however, would be that someone HAS received a communication from FinCEN and was just a little quick on the Delete key.

I need some clarification on these FinCen requests.....are all banks being bombarded with these or just those who have completed the information sharing certificate?

We haven't filed a information sharing certificate and I got e-mail from FinCEN. I am signed up on the OCC's BankNet though and they could easily have gotten info on me from them?

We didn't complete the sharing certificate, and we received the messages. They went to the person designated as our FBI Control List contact. And, needless to say, he isn't happy.

I vote for an amendment to Reg. S to allow us reimbursement. At least we'd get some compensation...

I was not directly contacted by FinCEN either, but I saw the following in the ABA's weekly AML newsletter that I receive. FinCEN was to contact the current recipient of the control list. That was me, but the e-mails went to our bank presidents instead. I notified FinCEN directly.
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On October 21, 2002, FinCEN plans to conduct a second system test of the notification process required under Section 314(a) of the USA PATRIOT Act. [The first test was on October 1, 2002.] FinCEN is attempting to verify that it has the most current point of contact information for each financial institution.

Financial institutions will be requested to acknowledge receipt of the test via email or fax and to verify the point of contact and other unique information specific to the financial institution (complete mailing address, phone number, etc.). The email and fax numbers to be used for replying are:

Email: sys314a@fincen.treas.gov

Fax: 703-905-3660

My COO was sitting on the emails (he's the FBI control list contact). Now, he forwards them to me with a note on each one, "I'm not monitoring these!"

Andy, thanks for the info on the meeting today. Hopefully we'll hear some results from that. I discussed this our regulator yesterday, and they were concerned about the time and resources needed to comply as well.

No one's been able to answer this question yet apparently, but if we're selling cashier's checks only to our customers, are we still required to check the payees on those checks?

Kara,
"I do not believe that anyone at my financial institution received anything from FinCen"
Sorry, I was joking when I said consider yourself lucky as we've been swamped with them the past few days!

From what I have seen the posts here, the answer is Yes, you do need to check the payee on those cashiers checks on your $3000 log.

Well, now that I am organizing/documenting our research effors, I noticed that response is required in seven business days. I had missed that earlier. Which definition of business days are we using? Monday - Friday except for federal holidays?

Don't apologize, but thanks! I hadn't been on the post in awhile and couldn't remember what I had written! I have since then found that the bank has been getting them. I've actually been taking other compliance work home because with these FinCEN issues I have no time for anything else. No overtime here either.

As some of you say: RANT AND RAVE WARNINGS!!!!!
I received 3 of these things on the 12th and and 4 on the 13th! Plus all the ones I came into after returning from vacation on Monday. This is stupid! Are we suppose to get nothing else done but work on this mess? One on the 12th was dated November 4th...I emailed them back that I didn't expect I could comply with the 7 days if they couldn't even get them to me timely!

I am MAD!

That is an excellent question, since the term "business day" is not defined in the definitional section for the rules relating to Section 314 of the PATRIOT Act.
Section 103.90

I would be inclined to view it as M-F, excluding federal holidays. Don't count the day of receipt. Start counting the next day.