Amendment to the Bank Secrecy Act Regulations – Definition of “Monetary Instrument”

Docket ID: FINCEN-2011-0003
Agency: Financial Crimes Enforcement Network (FINCEN)
Parent Agency: Department of the Treasury (TREAS)

FinCEN proposes to amend the regulations issued under 31 U.S.C. 5316, namely the definition of "monetary instrument" at 31 CFR 1010.100(dd) and the international transport of currency and monetary instrument reporting requirement at 31 CFR 1010.340, to include tangible prepaid access devices. The current regulations require that a form be filed reporting the international transportation, mail, or shipment of currency or other monetary instruments in an aggregate amount that exceeds $10,000. The term "monetary instrument" is defined in the BSA to include currency and a variety of bearer negotiable instruments, securities, and similar items, but does not specifically include any types of prepaid access devices. Nevertheless, FinCEN has regulatory authority to expand the definition of monetary instruments to include items deemed to be "similar materials" to coins and currency of a foreign country, travelers' checks, bearer negotiable instruments, bearer investment securities, bearer securities, and stock on which title is passed on delivery.

RIN: 1506-AB13
Impacts and Effects: International
CFR Citation: 31 CFR 1010.340
Priority: Other Significant
UA and Regulatory Plan Information open glossary dialog  
Publication Period: Fall 2015
Agenda Stage of Rulemaking: Proposed Rule
Major Rule: No
Legal Authorities: 31 U.S.C. 5316
Legal Deadlines: None
Government Levels Affected: No
Federalism Implications: No
Unfunded Mandates: No
Requires Regulatory Flexibility Analysis: No
Small Entities Affected: No
International Impacts: Yes
Energy Effects: No
Included in Regulatory Plan: No
ActionDateFR Citation
NPRM10/17/201176 FR 64049
NPRM Comment Period End12/16/2011
Supplemental NPRM09/00/2016
Docket Details open glossary dialog  
Related RINs: None
Related Dockets: None
Organization: FinCEN
Keyword(s): Monetary instrument, currency and monetary instrument report, CMIR, prepaid access devices
Type: Rulemaking

Primary Documents

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Comment Period Closed
Dec 16, 2011 11:59 PM ET
Posted: 04/18/2012
ID: FINCEN-2011-0003-0016
Comment Period Closed
Dec 16, 2011 11:59 PM ET
Proposed Rule
Posted: 10/17/2011
ID: FINCEN-2011-0003-0001

Supporting Documents

No documents available.


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Comments Received*
Regulatory Timeline
Pre Rule
Current Stage
Proposed Rule
Current Stage
Final Rule
Current Stage
Agency Contact
Susan Lang
202 354-6034
P.O. Box 39
Vienna, VA 22183
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