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Travel Rule Complete Beneficiaries' Addresses

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Question: 
We have received a letter from the Home Loan Bank,which states "in order to comply with Travel Rule, as of May 31,2003, the required information regarding beneficiaries of funds transfers needs to include complete addresses. Is there a change as of May 31, 2003 that I missed? Is the beneficiaries' complete address now a requirement?
Answer: 

There has been a conditional exception to the socalled Travel Rule. The exception was scheduled to expire on May 31, 2003. Under the exception, financial institutions have been permitted, under certain conditions, to exclude from transmittal orders true name and street address information for transmitters, and substitute instead coded information for the true name and address of a customer in a funds transmittal order. The exception was scheduled to expire May 31, 2003, but the ABA and others asked for the exception to be made permanent and FinCEN responded by extending the exception's effective period.

On May 19, 2003, we reported on the BOL Top Stories page that FinCEN has published notice that it is extending, until December 1, 2003, the conditional exception to the Travel Rule that was due to expire on May 31, 2003. The purpose of the extension is to permit FinCEN to perform a study of the alternatives to continuing the conditional exception. 68FR26996 (txt); 68FR26996 (pdf)

First published on BankersOnline.com 06/2/03

First published on 06/02/2003

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