[Federal Register: June 5, 2009 (Volume 74, Number 107)]
[Proposed Rules]
[Page 26996-27000]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr05jn09-19]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
31 CFR Part 103
RIN 1506-AA93
Financial Crimes Enforcement Network; Amendment to the Bank
Secrecy Act Regulations; Defining Mutual Funds as Financial
Institutions
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice of proposed rulemaking and request for comments.
-----------------------------------------------------------------------
SUMMARY: FinCEN is proposing to include mutual funds within the general
definition of ``financial institution'' in rules implementing the Bank
Secrecy Act (``BSA''). The proposal would subject mutual funds to rules
under the BSA on the filing of Currency Transaction Reports (``CTRs'')
and on the creation, retention, and transmittal of records or
information for transmittals of funds.
DATES: Written comments on all aspects of this notice are welcome and
must be received on or before September 3, 2009.
ADDRESSES: Those submitting comments are encouraged to do so via the
Internet. Comments submitted via the Internet may be submitted at
http://www.regulations.gov/search/index.jsp with the caption in the
body of the text, Attention: Comment Request; Defining Mutual Funds as
Financial Institutions. Comments also may be submitted by written mail
to: Financial Crimes Enforcement Network, Department of the Treasury,
P.O. Box 39, Vienna, VA 22183, Attention: Comment Request; Defining
Mutual Funds as Financial Institutions. Please submit comments by one
method only. All comments submitted in response to this notice of
proposed rulemaking will become a
[[Page 26997]]
matter of public record; therefore, you should submit only information
that you wish to make publicly available.
Inspection of comments: Comments may be inspected, between 10 a.m.
and 4 p.m., in the FinCEN reading room in Vienna, VA. Persons wishing
to inspect the comments submitted must request an appointment with the
Disclosure Officer by telephoning (703) 905-5034 (Not a toll free
call). In general, FinCEN makes all comments publicly available by
posting them on http://www.regulations.gov.
FOR FURTHER INFORMATION CONTACT: The FinCEN regulatory helpline at
(800) 949-2732 and select Option 6.
SUPPLEMENTARY INFORMATION:
I. Background
A. Statutory Provisions
The Bank Secrecy Act, Public Law 91-508, codified as amended at 12
U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5314; 5316-5332,
authorizes the Secretary of the Treasury (``Secretary'') to issue
regulations requiring financial institutions to keep records and file
reports that are determined to have a high degree of usefulness in
criminal, tax, and regulatory investigations or proceedings, or in the
conduct of intelligence or counter-intelligence activities, including
analysis, to protect against international terrorism, and to implement
anti-money laundering programs and compliance procedures.\1\
Regulations implementing the BSA appear at 31 CFR Part 103. The
authority of the Secretary to administer the BSA has been delegated to
the Director of FinCEN.
---------------------------------------------------------------------------
\1\ Language expanding the scope of the BSA was added by the
Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (``USA
PATRIOT Act''), Public Law 107-56.
---------------------------------------------------------------------------
The definition of ``financial institution'' in the BSA includes
investment companies.\2\ FinCEN has the authority to issue rules
defining investment companies as financial institutions. The Investment
Company Act of 1940, codified at 15 U.S.C. 80a-1 et seq. (the
``Investment Company Act''), defines ``investment company'' \3\ and
subjects investment companies to regulation by the Securities and
Exchange Commission (``SEC'').
---------------------------------------------------------------------------
\2\ 31 U.S.C. 5312(a)(2)(I).
\3\ See 15 U.S.C. 80a-3.
---------------------------------------------------------------------------
B. Overview of Current Regulatory Provisions
Regulations implementing the BSA currently apply only to investment
companies that are ``open-end companies,'' as the term is defined in
the Investment Company Act. More commonly known as mutual funds, open-
end companies are the predominant type of investment company. Open-end
companies are management companies that offer or have outstanding
securities that are redeemable at net asset value.\4\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 80a-4; 15 U.S.C. 80a-5(a)(1); 15 U.S.C. 80a-
2(a)(32). Face-amount certificate companies and unit investment
trusts are excluded from the definition of ``management company.''
15 U.S.C. 80a-4(3).
---------------------------------------------------------------------------
On April 29, 2002, FinCEN issued a rule under section 352 of the
USA PATRIOT Act prescribing minimum standards for the development of
anti-money laundering programs by mutual funds.\5\ On May 9, 2003,
FinCEN issued jointly with the SEC a rule under section 326 of the USA
PATRIOT Act requiring mutual funds to implement customer identification
programs.\6\ On May 4, 2006, FinCEN issued a rule requiring mutual
funds to report suspicious transactions.\7\ On August 9, 2007, FinCEN
completed the anti-money laundering rules required with respect to
certain financial institutions, including mutual funds, under section
312 of the USA PATRIOT Act.\8\ These rules require mutual funds to
establish due diligence programs for correspondent and private banking
accounts.
---------------------------------------------------------------------------
\5\ Anti-Money Laundering Programs for Mutual Funds, 67 FR 21117
(April 29, 2002).
\6\ Customer Identification Programs for Mutual Funds, 68 FR
25131 (May 9, 2003).
\7\ Amendment to the Bank Secrecy Act Regulations--Requirement
That Mutual Funds Report Suspicious Activity, 71 FR 26213 (May 4,
2006).
\8\ Anti-Money Laundering Programs; Special Due Diligence
Programs for Certain Foreign Accounts, 71 FR 496 (January 4, 2006);
Anti-Money Laundering Programs; Special Due Diligence Programs for
Certain Foreign Accounts, 72 FR 44768 (August 9, 2007).
---------------------------------------------------------------------------
Although FinCEN has issued individual rules that apply to mutual
funds, FinCEN has not included mutual funds within the definition of
``financial institution'' at 31 CFR 103.11(n). The definition of
``financial institution'' at 31 CFR 103.11(n) is less inclusive than
the definition in the BSA itself.\9\ The regulatory definition
determines the scope of rules that require the filing of CTRs and the
creation, retention, and transmittal of records or information on
transmittals of funds and other specified transactions.\10\
---------------------------------------------------------------------------
\9\ See 31 U.S.C. 5312(a)(2).
\10\ See 31 CFR 103.22; 31 CFR 103.28; 31 CFR 103.29; 31 CFR
103.33; and 31 CFR 103.38. Defining a business as a financial
institution also could make the business ineligible for exemption
from the requirement to file CTRs. See 31 CFR 103.22(d)(5)(viii).
---------------------------------------------------------------------------
II. Section-by-Section Analysis
A. Sections 103.11(n)(10) and 103.11(ccc)--Mutual Funds Move From
Filing Form 8300 to the Currency Transaction Report
The proposed amendment would add mutual funds to the regulatory
definition of ``financial institution'' at 31 CFR 103.11(n)(10). FinCEN
is also proposing to add a general definition of a ``mutual fund'' at
31 CFR 103.11(ccc). The definition of ``mutual fund'' would cover only
those entities registered or required to register with the SEC.
Specifically, ``mutual fund'' would be defined as:
An ``investment company'' (as the term is defined in section 3
of the Investment Company Act (15 U.S.C. 80a-3)) that is an ``open-
end company'' (as that term is defined in section 5 of the
Investment Company Act (15 U.S.C. 80a-5)) registered or required to
register with the Securities and Exchange Commission under section 8
of the Investment Company Act (15 U.S.C. 80a-8).
Mutual funds currently file reports on Form 8300 for the receipt of
more than $10,000 in currency.\11\ The requirement applies to currency
received in one transaction or two or more related transactions.\12\
The proposed amendment would replace this requirement with a
requirement to file CTRs under 31 CFR 103.22.\13\ A mutual fund would
file a CTR for a transaction involving a transfer of more than $10,000
in currency by, through, or to the mutual fund.\14\ The CTR filing
[[Page 26998]]
obligation covers incoming, outgoing, and exchange transactions in
currency. The definition of ``currency'' for purposes of the CTR rule
is different from and less inclusive than the definition of
``currency'' in the rule for Form 8300; therefore, mutual funds would
only be required to file CTRs on cash transactions. The threshold in 31
CFR 103.22 applies to transactions conducted during a single business
day.\15\ Under the CTR rule, a financial institution must treat
multiple transactions as a single transaction if the financial
institution has knowledge that the transactions are conducted by or on
behalf of the same person.\16\
---------------------------------------------------------------------------
\11\ 31 CFR 103.30(a)(1)(i). In addition to coin and currency of
the United States or of any other country, ``currency'' includes
cashier's checks, bank drafts, traveler's checks, and money orders
in face amounts of $10,000 or less, if the instruments are received
in a ``designated reporting transaction.'' 31 CFR
103.30(c)(1)(ii)(A). A ``designated reporting transaction'' is
defined as the retail sale of a consumer durable, collectible, or
travel or entertainment activity. 31 CFR 103.30(c)(2). In addition,
a mutual fund would need to treat the instruments as currency if the
mutual fund knows that a customer is using the instruments to avoid
the reporting of a transaction on Form 8300. 31 CFR
103.30(c)(1)(ii)(B).
\12\ 31 CFR 103.30(a). The rule defines ``related transactions''
to include transactions conducted between a payer or its agent and
the recipient of the currency in a 24-hour period. 31 CFR
103.30(c)(12)(ii). Transactions conducted during a period of more
than 24 hours are related if the recipient knows or has reason to
know that each transaction is one of a series of connected
transactions. 31 CFR 103.30(c)(12)(ii). In addition, the rule
includes provisions on the treatment of multiple deposits or
installment payments relating to a single transaction. See 31 CFR
103.30(b).
\13\ 31 CFR 103.30(a)(1)(ii) (the requirement to file a Form
8300 does not apply to transactions reported under 31 CFR 103.22).
\14\ See 31 CFR 103.22(b)(1) and 31 CFR 103.11(h) (currency is
defined as the coin and paper of the United States or of any other
country that is designated as legal tender and that circulates and
is customarily used as a medium of exchange in a foreign country).
\15\ See 31 CFR 103.22(c)(2).
\16\ 31 CFR 103.22(c)(2). The obligation to file a CTR is
conditioned on knowledge that the transactions are conducted by or
on behalf of the same person and result in either cash in or cash
out totaling more than $10,000 during any one business day.
---------------------------------------------------------------------------
Because mutual funds would no longer be required to file Form
8300s, mutual funds would be freed from having to report applicable
transactions involving certain negotiable instruments.\17\ Although
FinCEN recognizes that there may be some threat of financial criminals
using negotiable instruments such as money orders to move illicit funds
into mutual funds, the volume of Form 8300s filed is relatively low
when compared to the overall volume of transactions.\18\ Because mutual
funds rarely receive from or disburse to shareholders significant
amounts of currency, FinCEN believes they are not as likely as
depository institutions to be used during the initial ``placement''
stage of the money laundering process.\19\
---------------------------------------------------------------------------
\17\ In determining whether to file a Form 8300, a mutual fund
may need to treat instruments as currency if the mutual fund knows
that a customer is using the instruments to avoid the reporting of a
transaction on Form 8300, in which case the mutual fund also may
need to file a suspicious activity report (``SAR''). See 31 CFR
103.30(c)(1)(ii)(B) and 31 CFR 103.15(a)(2).
\18\ A review of BSA data revealed that while hundreds of
millions of transactions involving mutual funds were conducted in
calendar years 2004, 2005, 2006, and 2007, fewer than 19,500 Form
8300s were filed by mutual funds over the same period.
\19\ Anti-Money Laundering Programs for Mutual Funds, 67 FR
21117, 21118 (April 29, 2002).
---------------------------------------------------------------------------
FinCEN requests comment on whether mutual funds are less likely to
be used during the initial placement stage of money laundering than a
depository institution and therefore present a lower risk for money
laundering. Furthermore, since mutual funds are subject to SAR
reporting requirements, the ability to report suspicious transactions
on Form 8300 is redundant.\20\ FinCEN requests comment on whether the
filing of CTRs as opposed to Form 8300s is more appropriate when
considering the anti-money laundering program requirement and the
information technology changes that mutual funds may be required to
make.
---------------------------------------------------------------------------
\20\ A mutual fund could report a suspicious transaction
voluntarily by checking box 1(b) in the Form 8300. A mutual fund is
required to file a SAR reporting the transaction, however, if the
transaction exceeds the threshold set forth in the rule requiring
mutual funds to report suspicious transactions. See 31 CFR
103.15(a)(2).
---------------------------------------------------------------------------
B. Section 103.33--The Travel Rule and Related Recordkeeping
Requirements
In addition, the proposed amendment would subject mutual funds to
requirements regarding the creation and retention of records for
transmittals of funds, and the requirement to transmit information on
these transactions to other financial institutions in the payment
chain.\21\ These requirements are often referred to as the ``Travel
Rule.''
---------------------------------------------------------------------------
\21\ See 31 CFR 103.33(f) and (g). Financial institutions must
retain records for a period of five years. 31 CFR 103.38(d).
---------------------------------------------------------------------------
The Travel Rule applies to transmittals of funds in amounts that
equal or exceed $3,000. A ``transmittal of funds'' includes funds
transfers processed by banks, as well as similar payments where one or
more of the financial institutions processing the payment--the
transmittor's financial institution, an intermediary financial
institution, or the recipient's financial institution--is not a
bank.\22\ Such payments processed by mutual funds would be
``transmittals of funds.'' If the mutual fund is processing a payment
sent by or to its customer, then the mutual fund would be either the
``transmittor's financial institution'' or the ``recipient's financial
institution.''
---------------------------------------------------------------------------
\22\ Rules under the BSA define a ``transmittal of funds'' and
the persons or institutions involved in a ``transmittal of funds.''
See 31 CFR 103.11(d), (e), (q), (r), (s), (v), (w), (cc), (dd),
(jj), (kk), (ll), and (mm).
---------------------------------------------------------------------------
The Travel Rule requires the transmittor's financial institution to
obtain and retain name, address, and other information on the
transmittor and the transaction.\23\ The Travel Rule also requires the
recipient's financial institution--and in certain instances, the
transmittor's financial institution--to obtain or retain identifying
information on the recipient.\24\ The Travel Rule requires that certain
information obtained or retained by the transmittor's financial
institution ``travel'' with the transmittal order through the payment
chain.\25\
---------------------------------------------------------------------------
\23\ See 31 CFR 103.33(f)(1)(i) and (f)(2).
\24\ See 31 CFR 103.33(f)(3) (information that the recipient's
financial institution must obtain or retain).
\25\ See 31 CFR 103.33(g) (information that must ``travel'' with
the transmittal order); 31 CFR 103.11(kk) (defining ``transmittal
order'').
---------------------------------------------------------------------------
The proposed amendment would include mutual funds within an
existing exception designed to exclude from coverage of these
requirements funds transfers or transmittal of funds in which certain
categories of financial institution are the transmitter, originator,
recipient, or beneficiary.\26\ The proposed inclusion of mutual funds
within the exceptions is intended to provide mutual funds with
treatment similar to that of banks, brokers or dealers in securities,
futures commission merchants, and introducing brokers in commodities.
Finally, the proposed amendment would subject mutual funds to
requirements on the creation and retention of records for extensions of
credit and cross-border transfers of currency, monetary instruments,
checks, investment securities, and credit.\27\ These requirements apply
to transactions in amounts exceeding $10,000.
---------------------------------------------------------------------------
\26\ See 31 CFR 103.33(e)(6)(i) and 31 CFR 103.33(f)(6)(i).
\27\ See 31 CFR 103.33(a)-(c). Financial institutions must
retain these records for a period of five years. 31 CFR 103.38(d).
---------------------------------------------------------------------------
Mutual funds are already subject to the record retention
requirements of the rules promulgated under the Investment Company Act
of 1940 and mutual fund transfer agents are subject to recordkeeping
requirements under the Securities Exchange Act of 1934.\28\ FinCEN
believes that the requirements of 31 CFR 103.33 and 31 CFR 103.38 would
have a de minimus impact on mutual funds and their transfer agents.\29\
Furthermore, rules under the BSA on the establishment of customer
identification programs by mutual funds and on the reporting by mutual
funds of suspicious transactions impose requirements to create and
retain records.\30\
---------------------------------------------------------------------------
\28\ See, e.g., 15 U.S.C. 80a-30 (mutual funds); 15 U.S.C.
78q(a)(3) (transfer agents).
\29\ Mutual fund transfer agents are not subject to the Travel
Rule or related recordkeeping requirements. Nevertheless, FinCEN has
noted the role of transfer agents in performing BSA compliance
functions. See e.g., 71 FR 26213, (May 4, 2006) (adopting release
for mutual fund SAR rule), 68 FR 25131, (May 9, 2003) (adopting
release for mutual fund Customer Identification Program rule). Many
mutual funds contractually delegate their BSA compliance functions,
including recordkeeping, to transfer agents, although the mutual
fund remains responsible under the BSA for ensuring compliance.
\30\ See 31 CFR 103.131 (mutual funds must obtain and record
identifying information for persons opening new accounts, and verify
the identity of persons opening new accounts); 31 CFR 103.15(c)
(mutual funds must maintain records of documentation that supports
the filing of a SAR).
---------------------------------------------------------------------------
[[Page 26999]]
IV. Request for Comment
All comments submitted in response to this notice will become a
matter of public record. FinCEN welcomes written comment on all aspects
of this notice, and FinCEN especially encourages comments on the
following issues:
The anticipated time and monetary savings that could
result from replacing the requirement to file reports on Form 8300 with
a requirement to file CTRs.
The nature, volume, content, and value of any potentially
lost information to law enforcement, tax, regulatory, and counter-
terrorism investigations or activities that could result from the
filing of CTRs, rather than Form 8300s, by mutual funds.
The anticipated impact of subjecting mutual funds to rules
under the BSA that require the creation, retention, and transmittal of
records or information for transmittals of funds and other specified
transactions.
V. Proposed Location in Chapter X
As per its November 7, 2008 notice of proposed rulemaking
pertaining to a restructuring of its regulations in a new chapter in
the Code of Federal Regulations,\31\ FinCEN is separately proposing to
remove Part 103 of Chapter I of Title 31, Code of Federal Regulations,
and add Parts 1000 to 1099 (Chapter X). As such and if finalized, the
proposed changes herein would be reorganized according to the changes
proposed in that rulemaking. The planned reorganization would have no
substantive effect on the proposed regulatory changes herein. The
proposed regulatory changes herein would be renumbered according to the
structure established via the finalization of the Chapter X rule.
---------------------------------------------------------------------------
\31\ Transfer and Reorganization of Bank Secrecy Act
Regulations, 73 FR 66414 (November 7, 2008).
---------------------------------------------------------------------------
VI. Regulatory Flexibility Analysis
Pursuant to the Regulatory Flexibility Act (``RFA'') (5 U.S.C. 601
et seq.), FinCEN certifies that the proposed rule in this notice would
not have a significant economic impact on a substantial number of small
entities. The economic impact of the proposed rule on small entities
should not be significant. Mutual funds, regardless of their size, are
already required to comply with most of the existing BSA rules required
of financial institutions. While all mutual funds are captured under
this rulemaking, the estimated burden associated with defining mutual
funds as financial institutions is minimal. FinCEN believes that mutual
funds rarely receive from or disburse to shareholders significant
amounts of currency. New recordkeeping obligations, if not already
being performed by mutual funds in accordance with other law or as a
matter of prudent business practice, are likely to be commensurate with
the size of the fund. FinCEN seeks comment on whether the proposed rule
would have a significant economic impact on a substantial number of
small entities.
VII. Executive Order 12866
It has been determined that the proposed rule is not a
``significant regulatory action'' for purposes of Executive Order
12866. Accordingly, a regulatory impact analysis is not required.
VIII. Paperwork Reduction Act
The collection of information contained in the proposed rule is
being submitted to the Office of Management and Budget for review in
accordance with the Paperwork Reduction Act of 1995 (44 U.S.C.
3507(d)). Comments on the collection of information should be sent to
the Desk Officer for the Department of the Treasury, Office of
Information and Regulatory Affairs, Office of Management and Budget,
Paperwork Reduction Project (1506), Washington, DC 20503 (or by e-mail
to oira_submission@omb.eop.gov), with a copy to FinCEN by mail or by
Internet submission at the addresses previously specified. In
accordance with the requirements of the Paperwork Reduction Act of
1995, 44 U.S.C. 3506(c)(2)(A), and its implementing regulations, 5 CFR
part 1320, the following information concerning the collection of
information as required by 31 CFR 103.22 and 31 CFR 103.33 is presented
to assist those persons wishing to comment on the information
collection. The collection of information in the proposed rule is in 31
CFR 103.22 and 31 CFR 103.33.
Description of Affected Financial Institutions: Mutual funds as
defined in 31 CFR 103.11(ccc).
Estimated Number of Affected Financial Institutions: 8,029.\32\
---------------------------------------------------------------------------
\32\ See Investment Company Institute (ICI) 2008 Investment
Company Fact Book, at 110 (2008), available at: http://
www.icifactbook.org/pdf/2008_factbook.pdf (number of mutual funds
in the U.S. in 2007).
---------------------------------------------------------------------------
Estimated Average Annual Burden Hours per Affected Financial
Institution: The estimated average burden associated with the
collection of information in this notice is one hour recordkeeping per
response per affected financial institution.\33\
---------------------------------------------------------------------------
\33\ The single hour is based on an estimate of 45 minutes to
complete the CTR form and 15 minutes for recordkeeping and
archiving.
---------------------------------------------------------------------------
Estimated Total Annual Burden: 8,029 hours.\34\
---------------------------------------------------------------------------
\34\ While it is not industry practice for mutual funds to
accept cash, there is no restriction on mutual funds that prohibits
mutual funds from accepting cash. Therefore, for purposes of
estimating the annual burden the filing of CTRs will have on mutual
funds, FinCEN estimates that each mutual fund will file one CTR per
year.
---------------------------------------------------------------------------
FinCEN specifically invites comment on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the mission of FinCEN, including whether the information will have
practical utility; (b) the accuracy of FinCEN's estimate of the burden
of the proposed collection of information; (c) ways to enhance the
quality, utility, and clarity of the information required to be
maintained; (d) ways to minimize the burden of the required collection
of information, including through the use of automated collection
techniques or other forms of information technology; and (e) estimates
of capital or start-up costs and costs of operation, maintenance, and
purchase of services to maintain the information.
Under the Paperwork Reduction Act, an agency may not conduct or
sponsor, and a person is not required to respond to, a collection of
information unless it displays a valid OMB control number.
List of Subjects in 31 CFR Part 103
Administrative practice and procedure, Banks and banking, Brokers,
Currency, Investigations, Penalties, Reporting and recordkeeping
requirements, Securities, Terrorism.
Amendment
For the reasons set forth above in the preamble, 31 CFR part 103 is
proposed to be amended as follows:
PART 103--FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND
FOREIGN TRANSACTIONS
1. The authority citation for part 103 continues to read as
follows:
Authority: 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314
and 5316-5332; title III, secs. 311, 312, 313, 314, 319, 326, 352,
Public Law 107-56, 115 Stat. 307.
Subpart A--Definitions
2. Amend Sec. 103.11 by revising paragraph (n)(9) and by adding
paragraphs (n)(10) and (ccc) to read as follows:
[[Page 27000]]
Sec. 103.11 Meaning of terms.
* * * * *
(n) * * *
(9) An introducing broker in commodities;
(10) A mutual fund.
* * * * *
(ccc) Mutual fund means an ``investment company'' (as the term is
defined in section 3 of the Investment Company Act (15 U.S.C. 80a-3))
that is an ``open-end company'' (as that term is defined in section 5
of the Investment Company Act (15 U.S.C. 80a-5)) registered or required
to register with the Securities and Exchange Commission under section 8
of the Investment Company Act (15 U.S.C. 80a-8).
Subpart C--Records Required To Be Maintained
3. Amend Sec. 103.33 by revising paragraphs (e)(6)(i)(I) and
(f)(6)(i)(I) and by adding paragraphs (e)(6)(i)(J) and (f)(6)(i)(J) to
read as follows:
Sec. 103.33 Records to be made and retained by financial
institutions.
* * * * *
(e) * * *
(6) * * *
(i) * * *
(I) A Federal, State or local government agency or instrumentality;
or
(J) A mutual fund; and
* * * * *
(f) * * *
(6) * * *
(i) * * *
(I) A Federal, State or local government agency or instrumentality;
or
(J) A mutual fund; and
* * * * *
Dated: June 1, 2009.
William F. Baity,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. E9-13136 Filed 6-4-09; 8:45 am]
BILLING CODE 4810-02-P