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Revision of the 1997 Guidance
“Funds ‘Travel’ Regulations: Questions & Answers”
FinCEN issued a document titled “Funds ‘Travel’ Regulations: Questions & Answers” in 1997 (the “FAQ”). Issued as both an advisory and guidance, the FAQ discussed several common questions regarding the transmittal of funds “Travel Rule” (31 CFR 103.33(g)). The revisions to the FAQ, made necessary by changes over the 13 years since it was originally issued, address the additional information that will be able to be included in the expanded Fedwire message format, developments in FinCEN regulations and guidance, and changes to contact information. The revised FAQ includes a parenthetical at the end of each answer indicating the date each answer was issued or revised.
Note on Recent Regulatory Proposals
The obligations set forth in the travel rule are not affected by the proposed obligations contained in the Cross Border Electronic Transmittals of Funds Notice of Proposed Rulemaking published in the Federal Register on 30 September, 2010. It should be noted, however, that the proposed rule utilizes much of the same payment information as the travel rule, but has a different reporting threshold for banks and money transmitters that would be required to report. While these requirements would be distinct obligations, they would need to be read in concert with other reporting and recordkeeping requirements.