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8000 - Miscellaneous Statutes and Regulations
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PART 103—FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND
FOREIGN TRANSACTIONS
Subpart A—Definitions
Sec.
103.11
Meaning of terms.
Subpart B—Reports Required To Be Made
103.15
Determination by the Secretary.
103.16
Reports by insurance companies of suspicious transactions.
103.17
Reports by futures commission merchants and introducing brokers in
commodities of suspicious transactions.
103.18
Reports by banks of suspicious transactions.
103.19
Reports by brokers or dealers in securities of suspicious transactions.
103.20
Reports by money services businesses of suspicious transactions.
103.21
Reports by casinos of suspicious transactions.
103.22
Reports of transactions in currency.
103.23
Reports of transportation of currency or monetary instruments.
103.24
Reports of foreign financial accounts.
103.25
Reports of transactions with foreign financial agencies.
103.26
Reports of certain domestic coin and currency transactions.
103.27
Filing of reports.
103.28
Identification required.
103.29
Purchases of bank checks and drafts, cashier's checks, money orders and
traveler's checks.
103.30
Reports relating to currency in excess of $10,000 received in a trade
or business.
Subpart C—Records Required To Be Maintained
103.31
Determination by the Secretary.
103.32
Records to be made and retained by persons having financial interests
in foreign financial accounts.
103.33
Records to be made and retained by financial institutions.
103.34
Additional records to be made and retained by banks.
103.35
Additional records to be made and retained by brokers or dealers in
securities.
103.36
Additional records to be made and retained by casinos.
103.37
Additional records to be made and retained by currency dealers or
exchangers.
103.38
Nature of records and retention period.
103.39
Person outside the United States.
Subpart D—Special Rules for Money Services
Businesses
103.41
Registration of money services businesses.
Subpart E—General Provisions
103.51
Dollars as including foreign currency.
103.52
Photographic or other reproductions of Government obligations.
103.53
Availability of information.
103.54
Disclosure.
103.55
Exceptions, exemptions, and reports.
103.56
Enforcement.
103.57
Civil penalty.
103.58
Forfeiture of currency or monetary instruments.
103.59
Criminal penalty.
103.60
Enforcement authority with respect to transportation of currency or
monetary instruments.
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103.61
Access to records.
103.62
Rewards for informants.
103.63
Structured transactions.
103.64
Special rules for casinos.
Subpart F—Summons
103.71
General.
103.72
Persons who may issue summons.
103.73
Contents of summons.
103.74
Service of summons.
103.75
Examination of witnesses and records.
103.76
Enforcement of summons.
103.77
Payment of expenses.
Subpart G—Administrative Rulings
Sec.
103.80
Scope.
103.81
Submitting requests.
103.82
Nonconforming requests.
103.83
Oral communications.
103.84
Withdrawing requests.
103.85
Issuing rulings.
103.86
Modifying or rescinding rulings.
103.87
Disclosing information.
Subpart H—Special Information Sharing Procedures To Deter Money
Laundering and Terrorist Activity
Sec.
103.90
Definitions.
103.100
Information sharing between federal law enforcement agencies and
financial institutions.
103.110
Voluntary information sharing among financial institutions.
Appendix
A to subpart H--Notice for purposes of subsection 314(b) of the USA
Patriot Act and 31 CFR 103.110.
Subpart I—Anti-Money Laundering Programs
Sec.
103.120
Anti-money laundering program requirements for financial institutions
regulated by a Federal functional regulator or a self-regulatory
organization, and casinos.
103.121
Customer Identification Programs for banks, savings associations,
credit unions, and certain non-Federally regulated banks.
103.122
Customer identification programs for broker-dealers.
103.123
Customer identificaiton programs for futures commission merchants and
introducing brokers.
103.125
Anti-money laundering programs for money services businesses.
103.130
Anti-money laundering programs for mutual funds.
103.131
Customer identification programs for mutual funds.
103.135
Anti-money laundering programs for operators of credit card system.
103.170
Deferred anti-money laundering programs for certain financial
institutions.
Special Due Diligence for Correspondent Accounts and
Private Banking Accounts
103.175
Definitions.
103.177
Prohibition on correspondent accounts for foriegn shell banks; records
concerning owners of foreign banks and agents for service of legal
process.
103.181
[Removed]
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103.182
[Removed]
103.183
[Removed]
Law Enforcement Access to Foreign Bank Records
103.185
Summons or subpoena of foreign bank records; Termination of
correspondent relationship.
103.186
Special measures against Burma.
103.187
Special measures against Myanmar Mayflower Bank and Asia Wealth Bank.
103.192
Special measures against VEF Bank.
103.193
Special measures against Banco Delta Asia.
Appendix A to
subpart I of Part 103--Certification regarding correspondent accounts
for foreign banks.
Appendix B to
subpart I of Part 103--Recertification regarding correspondent accounts
for foreign banks.
Appendix A to
Part 103--Administrative Rulings.
Appendix B to
Part 103--Certification for purposes of Section 314(b) of the USA
Patriot Act and 31 CFR 103.110.
Appendix C to
Part 103--Interpretive Rules.
Authority: 12 U.S.C. 1829b and 1951--1959; 31 U.S.C. 5311--5314,
5316--5332; title III, sec. 314, Pub. L. 107--56, 115 Stat. 307.
SOURCE: The provisions of this Part 103 appear at 37 Fed. Reg.
6912, April 5, 1972, except as otherwise noted.
Subpart A—Definitions
§ 103.11 Meaning of terms.
When used in this part and in forms prescribed under this part,
where not otherwise distinctly expressed or manifestly incompatible
with the intent thereof, terms shall have the meanings ascribed in this
section.
(a) Accept. A receiving financial institution, other
than the recipient's financial institution, accepts a transmittal order
by executing the transmittal order. A recipient's financial institution
accepts a transmittal order by paying the recipient, by notifying the
recipient of the receipt of the order or by otherwise becoming
obligated to carry out the order.
(b) At one time. For purposes of
§ 103.23 of this part, a
person who transports, mails, ships or receives; is about to or
attempts to transport, mail or ship; or causes the transportation,
mailing, shipment or receipt of monetary instruments, is deemed to do
so "at one time" if:
(1) That person either alone, in conjunction with or on behalf of
others;
(2) Transports, mails, ships or receives in any manner; is about
to transport, mail or ship in any manner; or causes the transportation,
mailing, shipment or receipt in any manner of;
(3) Monetary instruments;
(4) Into the United States or out of the United States;
(5) Totaling more than $10,000;
(6)(i) On one calendar day or (ii) if for the purpose of evading
the reporting requirements of section 103.23, on one or more days.
(c) Bank. Each agent, agency, branch or office within
the United States of any person doing business in one or more of the
capacities listed below:
(1) A commercial bank or trust company organized under the laws
of any state or of the United States;
(2) A private bank;
(3) A savings and loan association or a building and loan
association organized under the laws of any state or of the United
States;
(4) An insured institution as defined in section 401 of the
National Housing Act;
(5) A savings bank, industrial bank or other thrift institution;
(6) A credit union organized under the law of any state or of the
United States;
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(7) Any other organization except a money services business
chartered under the banking laws of any state and subject to the
supervision of the bank supervisory authorities of a State;
(8) A bank organized under foreign law;
(9) Any national banking association or corporation acting under
the provisions of section 25(a) of the Act of Dec. 23, 1913, as added
by the Act of Dec. 24, 1919, ch. 18, 41 Stat. 378, as amended (12
U.S.C. 611-32).
(d) Beneficiary. The person to be paid by the
beneficiary's bank.
(e) Beneficiary's bank. The bank or foreign bank
identified in a payment order in which an account of the beneficiary is
to be credited pursuant to the order or which otherwise is to make
payment to the beneficiary if the order does not provide for payment to
an account.
(f) Broker or dealer in securities. A broker or dealer
in securities, registered or required to be registered with the
Securities and Exchange Commission under the Securities Exchange Act of
1934, except persons who register pursuant to section 15(b)(11) of the
Securities Exchange Act of 1934.
(g) Common carrier. Any person engaged in the business
of transporting individuals or goods for a fee who holds himself out as
ready to engage in such transportation for hire and who undertakes to
do so indiscriminately for all persons who are prepared to pay the fee
for the particular service offered.
(h) Currency. The coin and paper money of the United
States or of any other country that is designated as legal tender and
that circulates and is customarily used and accepted as a medium of
exchange in the country of issuance. Currency includes U.S. silver
certificates, U.S. notes and Federal Reserve notes. Currency also
includes official foreign bank notes that are customarily used and
accepted as a medium of exchange in a foreign country.
[Reserved]
(j) Deposit account. Deposit accounts include
transaction accounts described in paragraph (hh) of this section,
savings accounts, and other time deposits.
(k) Domestic. When used herein, refers to the doing of
business within the United States, and limits the applicability of the
provision where it appears to the performance by such institutions or
agencies of functions within the United States.
(l) Established customer. A
person with an account with the financial institution, including a loan
account or deposit or other asset account, or a person with respect to
which the financial institution has obtained and maintains on file the
person's name and address, as well as taxpayer identification number
(e.g., social security or employer identification number)
or, if none, alien identification number or passport number and country
of issuance, and to which the financial institution provides financial
services relying on that information.
(m) Execution date. The day on which the receiving
financial institution may properly issue a transmittal order in
execution of the sender's order. The execution date may be determined
by instruction of the sender but cannot be earlier than the day the
order is received, and, unless otherwise determined, is the day the
order is received. If the sender's instruction states a payment date,
the execution date is the payment date or an earlier date on which
execution is reasonably necessary to allow payment to the recipient on
the payment date.
(n) Financial Institution. Each agent, agency, branch,
or office within the United States of any person doing business,
whether or not on a regular basis or as an organized business concern,
in one or more of the capacities listed below:
(1) A bank (except bank credit card systems);
(2) A broker or dealer in securities;
(3) A money services business as defined in paragraph (uu) of
this section;
(4) A telegraph company;
(5)(i) Casino. A casino or gambling casino that: Is
duly licensed or authorized to do business as such in the United
States, whether under the laws of a State or of a Territory or Insular
Possession of the United States, or under the Indian Gaming Regulatory
Act or other federal, state, or tribal law or arrangement affecting
Indian lands (including, without
{{12-30-05 p.8484}}limitation, a
casino operating on the assumption or under the view that no such
authorization is required for casino operation on Indian lands); and
has gross annual gaming revenue in excess of $1 million. The term
includes the principal headquarters and every domestic branch or place
of business of the casino;
(ii) Transaction. (1) Except as provided in paragraph
(ii)(2) of this section, transaction means a purchase, sale, loan,
pledge, gift, transfer, delivery, or other disposition, and with
respect to a financial institution includes a deposit, withdrawal,
transfer between accounts, exchange of currency, loan, extension of
credit, purchase or sale of any stock, bond, certificate of deposit, or
other monetary instrument, security, contract of sale of a commodity
for future delivery, option on any contract of sale of a commodity for
future delivery, option on a commodity, purchase or redemption of any
money order, payment or order for any money remittance or transfer,
purchase or redemption of casino chips or tokens, or other gaming
instruments or any other payment, transfer, or delivery by, through, or
to a financial institution, by whatever means effected.
(iii) Any reference in this part, other than in this paragraph
(n)(5) and in paragraph (n)(6) of this section, to a casino shall also
include a reference to a card club, unless the provision in question
contains specific language varying its application to card clubs or
excluding card clubs from its application.
(2) For purposes of § 103.22, and other provisions of this part
relating solely to the report required by that section, the term
"transaction in currency" shall mean a
{{2-27-04 p.8484.01}}transaction involving the
physical transfer of currency from one person to another. A transaction
which is a transfer of funds by means of bank check, bank draft, wire
transfer, or other written order, and which does not include the
physical transfer of currency, is not a transaction in currency for
this purpose.
(6)(i) Card Club. A card club, gaming club, card room,
gaming room, or similar gaming establishment that is duly licensed or
authorized to do business as such in the United States, whether under
the laws of a State, of a Territory or Insular Possession of the United
States, or of a political subdivision of any of the foregoing, or under
the Indian Gaming Regulatory Act or other federal, state, or tribal law
or arrangement affecting Indian lands (including, without limitation,
an establishment operating on the assumption or under the view that no
such authorization is required for operation on Indian lands for an
establishment of such type), and that has gross annual gaming revenue
in excess of $1,000,000. The term includes the principal headquarters
and every domestic branch or place of business of the establishment.
The term ``casino,'' as used in this Part shall include a reference
to ``card club'' to the extent provided in paragraph (n)(5)(iii) of
this section;
(ii) For purposes of this paragraph (n)(6), gross annual
gaming revenue means the gross revenue derived from or generated
by customer gaming activity (whether in the form of per-game or
per-table fees, however computed, rentals, or otherwise) and received
by an establishment, during either the establishment's previous
business year or its current business year. A card club that is a
financial institution for purposes of this Part solely because its
gross annual revenue exceeds $1,000,000 during its current business
year, shall not be considered a financial institution for purposes of
this Part prior to the time in its current business year when its gross
annual revenue exceeds $1,000,000.
(7) A person subject to supervision by any state or federal bank
supervisory authority.
(8) A futures commission merchant;
(9) An introducing broker in
(o) Foreign bank. A bank organized under foreign law,
or an agency, branch or office located outside the United States of a
bank. The term does not include an agent, agency, branch or office
within the United States of a bank organized under foreign law.
(p) Foreign financial agency. A person acting outside
the United States for a person (except for a country, a monetary or
financial authority acting as a monetary or financial authority, or an
international financial institution of which the United States
Government is a member) as a financial institution, bailee, depository
trustee, or agent, or acting in a similar way related to money, credit,
securities, gold, or a transaction in money, credit, securities, or
gold.
(q) Funds transfer. The series of transactions,
beginning with the originator's payment order, made for the purpose of
making payment to the beneficiary of the order. The term includes any
payment order issued by the originator's bank or an intermediary bank
intended to carry out the originator's payment order. A funds transfer
is completed by acceptance by the beneficiary's bank of a payment order
for the benefit of the beneficiary of the originator's payment order.
Funds transfers governed by the Electronic Fund Transfer Act of 1978
(Title XX, Pub. L. 95--630, 92 Stat. 3728,
15 U.S.C. 1693, et
seq.), as well as any other funds transfers that are made through
an automated clearinghouse, an automated teller machine, or a
point-of-sale system, are excluded from this definition.
(r) Intermediary bank. A receiving bank other than the
originator's bank or the beneficiary's bank.
(s) Intermediary financial institution. A receiving
financial institution, other than the transmittor's financial
institution or the recipient's financial institution. The term
intermediary financial institution includes an intermediary bank.
(t) Investment security. An instrument which:
(1) Is issued in bearer or registered form;
(2) Is of a type commonly dealt in upon securities exchanges or
markets or commonly recognized in any area in which it is issued or
dealt in as a medium for investment;
(3) Is either one of a class or series or by its terms is
divisible into a class or series of instruments; and
{{2-27-04 p.8484.02}}
(4) Evidences a share, participation or other interest in
property or in an enterprise or evidences an obligation of the issuer.
(u) Monetary instruments. (1) Monetary instruments
include:
(i) Currency;
(ii) Traveler's checks in any form;
(iii) All negotiable instruments (including personal checks,
business checks, official bank checks, cashier's checks, third-party
checks, promissory notes (as that term is defined in the Uniform
Commercial Code), and money orders that are either in bearer form,
endorsed without restriction, made out to a fictitious payee (for the
purposes of section
103.23), or otherwise in such form that title thereto passes
upon delivery;
(iv) Incomplete instruments (including personal checks, business
checks, official bank checks, cashier's checks, third-party checks,
promissory notes (as that term is defined in the Uniform Commercial
Code), and money orders signed but with the payee's name omitted; and
(v) Securities or stock in bearer form or otherwise in such form
that title thereto passes upon delivery.
(2) Monetary instruments do not include warehouse receipts or
bills of lading.
(v) Originator. The sender of the first payment order
in a funds transfer.
(w) Originator's bank. The receiving bank to which the
payment order of the originator is issued if the originator is not a
bank or foreign bank, or the originator if the originator is a bank or
foreign bank.
(x) Payment date. The day on which the amount of the
transmittal order is payable to the recipient by the recipient's
financial institution. The payment date may be determined by
instruction of the sender, but cannot be earlier than the day the order
is received by the recipient's financial institution and, unless
otherwise prescribed by instruction, is the date the order is received
by the recipient's financial institution.
(y) Payment order. An instruction of a sender to a
receiving bank, transmitted orally, electronically, or in writing, to
pay, or to cause another bank or foreign bank to pay, a fixed or
determinable amount of money to a beneficiary if:
(1) The instruction does not state a condition to payment to the
beneficiary other than time of payment;
(2) The receiving bank is to be reimbursed by debiting an account
of, or otherwise receiving payment from, the sender; and
(3) The instruction is transmitted by the sender directly to the
receiving bank or to an agent, funds transfer system, or communication
system for transmittal to the receiving bank.
(z) Person. An individual, a corporation, a
partnership, a trust or estate, a joint stock company, an association,
a syndicate, joint venture, or other unincorporated organization
or
{{8-31-01 p.8485}}group, an Indian
Tribe (as that term is defined in the Indian Gaming Regulatory Act),
and all entities cognizable as legal personalities.
(aa) Receiving bank. The bank or foreign bank to which
the sender's instruction is addressed.
(bb) Receiving financial institution. The financial
institution or foreign financial agency to which the sender's
instruction is addressed. The term receiving financial institution
includes a receiving bank.
(cc) Recipient. The person to be paid by the
recipient's financial institution. The term recipient includes a
beneficiary, except where the recipient's financial institution is a
financial institution other than a bank.
(dd) Recipient's financial institution. The financial
institution or foreign financial agency identified in a transmittal
order in which an account of the recipient is to be credited pursuant
to the transmittal order or which otherwise is to make payment to the
recipient if the order does not provide for payment to an account. The
term recipient's financial institution includes a beneficiary's bank,
except where the beneficiary is a recipient's financial institution.
(ee) Secretary. The Secretary of the Treasury or any
person duly authorized by the Secretary to perform the function
mentioned.
(ff) Sender. The person giving the instruction to the
receiving financial institution.
(gg) Structure (structuring). For purposes of
section 103.53, a person
structures a transaction if that person, acting alone, or in
conjunction with, or on behalf of, other persons, conducts or attempts
to conduct one or more transactions in currency, in any amount, at one
or more financial institutions, on one or more days, in any manner, for
the purpose of evading the reporting requirements under section 103.22
of this part. "In any manner" includes, but is not limited to,
the breaking down of a single sum of currency exceeding $10,000 into
smaller sums, including sums at or below $10,000, or the conduct of a
transaction, or series of currency transactions, including transactions
at or below $10,000. The transaction or transactions need not exceed
the $10,000 reporting threshold at any single financial institution on
any single day in order to constitute structuring within the meaning of
this definition.
(hh) Transaction account. Transaction accounts include
those accounts described in 12 U.S.C.
§ 461(b)(1)(C), money market accounts and similar accounts
that take deposits and are subject to withdrawal by check or other
negotiable order.
(ii) Transaction.
(1) Except as provided in paragraph (ii)(2) of this section,
transaction means a purchase, sale, loan, pledge, gift, transfer,
delivery, or other disposition, and with respect to a financial
institution includes a deposit, withdrawal, transfer between accounts,
exchange of currency, loan, extension of credit, purchase or sale of
any stock, bond, certificate of deposit, or other monetary instrument
of investment security, purchase or redemption of any money order,
payment or order for any money remittance or transfer, or any other
payment, transfer, or delivery by, through, or to a financial
institution, by whatever means effected.
(2) For purposes of section 103.22, and other provisions of this
part relating solely to the report required by that section, the term
"transaction in currency" shall mean a transaction involving the
physical transfer of currency from one person to another. A transaction
which is a transfer of funds by means of bank check, bank draft, wire
transfer, or other written order, and which does not include the
physical transfer of currency, is not a transaction in currency for
this purpose.
(jj) Transmittal of funds. A series of transactions
beginning with the transmittor's transmittal order, made for the
purpose of making payment to the recipient of the order. The term
includes any transmittal order issued by the transmittor's financial
institution or an intermediary financial institution intended to carry
out the transmittor's transmittal order. The term transmittal of funds
includes a funds transfer. A transmittal of funds is completed by
acceptance by the recipient's financial institution of a transmittal
order for the benefit of the recipient of the transmittor's transmittal
order. Funds transfers governed by the Electronic Fund Transfer Act of
1978 (Title XX, Pub. L. 95--630, 92 Stat. 3728,
15 U.S.C.
{{8-31-01 p.8486}}1693,
et seq.), as well as any other funds transfers that are made
through an automated clearinghouse, an automated teller machine, or a
point-of-sale system, are excluded from this definition.
(kk) Transmittal order. The term transmittal order
includes a payment order and is an instruction of a sender to a
receiving financial institution, transmitted orally, electronically, or
in writing, to pay, or to cause another financial institution or
foreign financial agency to pay, a fixed or determinable amount of
money to a recipient if:
(1) The instruction does not state a condition to payment to the
recipient other than time of payment;
(2) The receiving financial institution is to be reimbursed by
debiting an account of, or otherwise receiving payment from, the
sender; and
(3) The instruction is transmitted by the sender directly to the
receiving financial institution or to an agent or communication system
for transmittal to the receiving financial institution.
(ll) Transmittor. The sender
of the first transmittal order in a transmittal of funds. The term
transmittor includes an originator, except where the transmittor's
financial institution is a financial institution or foreign financial
agency other than a bank or foreign bank.
(mm) Transmittor's financial institution. The receiving
financial institution to which the transmittal order of the transmittor
is issued if the transmittor is not a financial institution or foreign
financial agency, or the transmittor if the transmittor is a financial
institution. The term transmittor's financial institution includes an
originator's bank, except where the originator is a transmittor's
financial institution other than a bank or foreign bank.
(nn) United States. The States of the United States,
the District of Columbia, the Indian lands (as that term is defined in
the Indian Gaming Regulatory Act), and the Territories and Insular
Possessions of the United States.
(oo) Business day. Business day, as used in this part
with respect to banks, means that day, as normally communicated to its
depository customers, on which a bank routinely posts a particular
transaction to its customer's account.
(pp) Postal Service. The United States Postal Service.
(qq) FinCEN. FinCEN means the Financial Crimes
Enforcement Network, an office within the Office of the Under Secretary
(Enforcement) of the Department of the Treasury.
(rr) Indian Gaming Regulatory Act. The Indian Gaming
Regulatory Act of 1988, codified at 25 U.S.C. 2701--2721 and 18 U.S.C.
1166--68.
(ss) State. The States of the United States and,
wherever necessary to carry out the provisions of this part, the
District of Columbia.
(tt) Territories and Insular Possessions. The
Commonwealth of Puerto Rico, the United States Virgin Islands, Guam,
the Commonwealth of the Northern Mariana Islands, and all other
territories and possessions of the United States other than the Indian
lands and the District of Columbia.
(uu) Money services business. Each agent, agency,
branch, or office within the United States of any person doing
business, whether or not on a regular basis or as an organized business
concern, in one or more of the capacities listed in paragraphs (uu)(1)
through (uu)(6) of this section. Notwithstanding the preceding
sentence, the term "money services business" shall not include a
bank, nor shall it include a person registered with, and regulated or
examined by, the Securities and Exchange Commission or the Commodity
Futures Trading Commission.
(1) Currency dealer or exchanger. A currency dealer or
exchanger (other than a person who does not exchange currency in an
amount greater than $1,000 in currency or monetary or other instruments
for any person on any day in one or more transactions).
(2) Check casher. A person engaged in the business of
a check casher (other than a person who does not cash checks in an
amount greater than $1,000 in currency or monetary or other instruments
for any person on any day in one or more transactions).
(3) Issuer of traveler's checks, money orders, or stored
value. An issuer of traveler's checks, money orders, or, stored
value (other than a person who does not issue such checks
{{6-30-06 p.8486.01}}or money orders
or stored value in an amount greater than $1,000 in currency or
monetary or other instruments to any person on any day in one or more
transactions).
(4) Seller or redeemer of traveler's checks, money orders,
or stored value. A seller or redeemer of traveler's checks, money
orders, or stored value (other than a person who does not sell such
checks or money orders or stored value in an amount greater than $1,000
in currency or monetary or other instruments to or redeem such
instruments for an amount greater than $1,000 in currency or monetary
or other instruments from, any person on any day in one or more
transactions).
(5) Money transmitter--(i) In general. Money
transmitter:
(A) Any person, whether or not licensed or required to be
licensed, who engages as a business in accepting currency, or funds
denominated in currency, and transmits the currency or funds, or the
value of the currency or funds, by any means through a financial agency
or institution, a Federal Reserve Bank or other facility of one or more
Federal Reserve Banks, the Board of Governors of the Federal Reserve
System, or both, or an electronic funds transfer network; or
(B) Any other person engaged as a business in the transfer of
funds.
(ii) Facts and circumstances; Limitation. Whether a
person "engages as a business" in the activities described in
paragraph (uu)(5)(i) of this section is a matter of facts and
circumstances. Generally, the acceptance and transmission of funds as
an integral part of the execution and settlement of a transaction other
than the funds transmission itself (for example, in connection with a
bona fide sale of securities or other property), will not cause a
person to be a money transmitter within the meaning of paragraph
(uu)(5)(i) of this section.
(6) United States Postal Service. The United States
Postal Service, except with respect to the sale of postage or
philatelic products.
(vv) Stored value. Funds or monetary value represented
in digital electronics format (whether or not specially encrypted) and
stored or capable of storage on electronic media in such a way as to be
retrievable and transferable electronically.
(ww) Security. Security means any instrument or interest
described in section 3(a)(10) of the Securities Exchange Act of 1934,
15 U.S.C. 78c(a)(10).
(xx) Commodity. Any good, article, service, right, or
interest described in section 1a(4) of the Commodity Exchange Act
("CEA"), 7 U.S.C. 1a(4).
(yy) Contract of sale. Any sale, agreement of sale, or
agreement to sell as described in section 1a(7) of the CEA, 7 U.S.C.
1a(7).
(zz) Futures commission merchant. Any person registered
or required to be registered as a futures commission merchant with the
Commodity Futures Trading Commission ("CFTC") under the CEA,
except persons who register pursuant to section 4f(a)(2) of the CEA, 7
U.S.C. 6f(a)(2).
(aaa) Introducing broker-commodities. Any person
registered or required to be registered as an introducing broker with
the CFTC under the CEA, except persons who register pursuant to section
4f(a)(2) of the CEA, 7 U.S.C. 6f(a)(2).
(bbb) Option on a commodity. Any agreement, contract, or
transaction described in section 1a(26) of the CEA, 7 U.S.C. 1a(26).
[Codified to 31 C.F.R. § 103.11]
[Section 103.11 amended at 38 Fed. Reg. 2175, January 22,
1973, effective January 17, 1973; 41 Fed. Reg. 27832, July 7, 1976,
effective June 30, 1976; 50 Fed. Reg. 5068, February 6, 1985, effective
May 7, 1985; 50 Fed. Reg. 27824, July 8, 1985, effective August 7,
1985; 50 Fed. Reg. 42692, October 22, 1985, effective November 21,
1985; 50 Fed. Reg. 47390, November 18, 1985; 52 Fed. Reg. 11441, April
8, 1987, effective May 8, 1987, except the amendment to section
103.11(e) which is effective July 7, 1987; 52 Fed. Reg. 12641--12659,
April 17, 1987; 53 Fed. Reg. 777, January 13, 1988, effective April 12,
1988; 53 Fed. Reg. 4138, February 12, 1988, effective October 27, 1986;
53 Fed. Reg. 5080, February 19, 1988; 54 Fed. Reg. 3027, January 23,
1989, effective February 22, 1989; 54 Fed. Reg. 28418, July 6, 1989,
effective August 7, 1989; 55 Fed. Reg. 20143, May 15, 1990, effective
August 13, 1990; 58 Fed. Reg. 13546, March 12, 1993,
effective
{{6-30-06 p.8486.02}}December 1,
1994; 59 Fed. Reg. 9088, February 25, 1994, effective December 1, 1994;
60 Fed. Reg. 228, January 3, 1995, effective April 1, 1996; 60 Fed.
Reg. 44144, August 24, 1995, effective May 28, 1996; 61 Fed. Reg. 4331,
February 5, 1996, effective April 1, 1996; 61 Fed. Reg. 7056, February
23, 1996, effective August 1, 1996; 61 Fed. Reg. 14385, April 1, 1996,
effective May 28, 1996; 63 Fed. Reg. 1923, January 13, 1998, effective
August 1, 1998; 64 Fed. Reg. 45450, August 20, 1999, effective
September 20, 1999; 67 Fed. Reg. 44056, July 1, 2002, effective July
31, 2002; 67 Fed. Reg. 60729, September 26, 2002, effective October 28,
2002; 68 Fed. Reg. 65398, November 20, 2003, effective December 22,
2003; 69 Fed. Reg. 4237, January 29, 2004, effective December 22,
2003]
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