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Extension of a Grant of Conditional Exception
to the "Travel Rule"
FinCEN has extended for another two years a conditional exception to the strict operation of the "Travel Rule" (31 CFR 103.33(g)). The Travel Rule requires a financial institution to include certain information in transmittal orders relating to transmittals of funds of 3,000 or more. This conditional exception addresses computer programming problems in the banking and securities industries by relaxing the Travel Rule's requirement that a customer's true name and street address be included in a funds transmittal order, so long as complete information about funds transfers can be made available efficiently to law enforcement officials.
The basis for the conditional exception and its extension remain valid. Therefore, a notice was published in the Federal Register on June 18, 2001, extending for two years the grant of conditional exception to the Travel Rule from May 31, 2001 through May 31, 2003.
This June 18, 2001 Federal Register notice also invites written comments as to wether the terms of the conditional exception should be permanently incorporated into the Travel Rule. Written comments on this question must be received by FinCEN on or before December 1, 2001.