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This subpart of Regulation S
(12 CFR part 219, subpart B) is issued by the Board under the
authority of section 21(b) of the Federal Deposit Insurance Act (12
U.S.C. 1829b), as amended by the Annunzio-Wylie Anti-Money Laundering
Act of 1992 (Pub. L. 102-550, Title XV; 106 Stat. 3672, 4044), which
authorizes the Board and the Secretary of the Treasury jointly to
prescribe recordkeeping and reporting requirements for domestic wire
transfers by insured depository institutions; and which also requires
the Board and the Treasury jointly to prescribe recordkeeping and
reporting requirements for international wire transfers by insured
depository institutions and by nonbank financial institutions. The
definitions and recordkeeping and reporting requirements referenced in
this subpart are promulgated and administered jointly by the Board and
the Treasury and are codified in 31 CFR 103.11 and 103.33(e) and (f).
This subpart does not apply to a particular person or class of persons
or a particular transaction or class of transactions to the extent
that the Treasury has determined that 31 CFR 103.33(e) or (f) do not
apply to that person, transaction, or class of persons or
transactions. These recordkeeping and reporting requirements will
assist in the prosecution of money laundering activities and are
determined to have a high degree of usefulness in criminal, tax or
regulatory investigations or proceedings.
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