[Federal Register Volume 74, Number 39 (Monday, March 2, 2009)]
[Notices]
[Pages 9127-9128]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-4288]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Proposed Renewal Without Change; Comment Request; Anti-Money
Laundering Programs for Various Financial Institutions
AGENCY: Financial Crimes Enforcement Network, Department of the
Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: As part of our continuing effort to reduce paperwork and
respondent burden, we invite comment on a proposed renewal, without
change, to information collections found in existing regulations
requiring money services businesses, mutual funds, operators of credit
card systems, dealers in precious metals, stones, or jewels, and
certain insurance companies to develop and implement written anti-money
laundering programs reasonably designed to prevent those financial
institutions from being used to facilitate money laundering and the
financing of terrorist activities. This request for comments is being
made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-
13, 44 U.S.C. 3506(c)(2)(A).
DATES: Written comments are welcome and must be received on or before
May 1, 2009.
ADDRESSES: Written comments should be submitted to: Financial Crimes
Enforcement Network, P.O. Box 39, Vienna, VA 22183, Attention: Anti-
Money Laundering Program Comments. Comments also may be submitted by
electronic mail to the following Internet address:
regcomments@fincen.gov, again with a caption, in the body of the text,
``Attention: Anti-Money Laundering Program Comments.''
FOR FURTHER INFORMATION CONTACT: Financial Crimes Enforcement Network,
Regulatory Policy and Programs Division at (800) 949-2732, option 6.
SUPPLEMENTARY INFORMATION:
Abstract: The Director of the Financial Crimes Enforcement Network
is the delegated administrator of the Bank Secrecy Act. The Act
authorizes the Director to issue regulations to require all financial
institutions defined as such in the Act to maintain or file certain
reports or records that have been determined to have a high degree of
usefulness in criminal, tax, or 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\
---------------------------------------------------------------------------
\1\ Public Law 91-508, as amended and codified at 12 U.S.C.
1829b, 12 U.S.C. 1951-1959 and 31 U.S.C. 5311-5332. Language
expanding the scope of the Bank Secrecy Act to intelligence or
counter-intelligence activities to protect against international
terrorism was added by section 358 of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA PATRIOT) Act of 2001, Public Law No. 107-56.
---------------------------------------------------------------------------
Regulations implementing section 5318(h)(1) of the Act are found in
part at 31 CFR 103.125, 103.130, 103.135, 103.137, and 103.140. In
general, the regulations require financial institutions, as defined in
31 U.S.C. 5312(a)(2) and 31 CFR 103.11 to establish, document, and
maintain anti-money laundering programs as an aid in protecting and
securing the U.S. financial system.
1. Titles: Anti-money laundering programs for money services
businesses (31 CFR 103.125), Anti-money laundering programs for mutual
funds (31 CFR 103.130), Anti-money laundering programs for operators of
credit card systems (31 CFR 103.135).
Office of Management and Budget Control Number: 1506-0020.
Abstract: Money services businesses, mutual funds, and operators of
credit card systems are required to develop and implement written anti-
money laundering programs. A copy of the written program must be
maintained for five years.
Current Action: There is no change to existing regulations.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Business and other for-profit institutions.
Burden: Estimated Number of Respondents: 203,006.
[[Page 9128]]
31 CFR 103.125 = 200,000.
31 CFR 103.130 = 3,000.
31 CFR 103.135 = 6.
Estimated Number of Responses: 203,006.
31 CFR 103.125 = 200,000.
31 CFR 103.130 = 3,000.
31 CFR 103.135 = 6.
Estimated Number of Hours: 203,006. Estimated at one hour per
respondent.
31 CFR 103.125 = 200,000.
31 CFR 103.130 = 3,000.
31 CFR 103.135 = 6.
2. Title: Anti-money laundering programs for dealers in precious
metals, precious stones, or jewels (31 CFR 103.140).
Office of Management and Budget Control Number: 1505-0030.
Abstract: Dealers in precious metals, stones, or jewels are
required to establish and maintain written anti-money laundering
programs. A copy of the written program must be maintained for five
years.
Current Action: There is no change to existing regulations.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Business and other for-profit institutions.
Burden: Estimated Number of Respondents = 20,000.
Estimated Number of Responses = 20,000.
Estimated Number of Hours = 20,000.
3. Title: Anti-money laundering programs for insurance companies
(31 CFR 103.137).
Office of Management and Budget Control Number: 1506-0035.
Abstract: Insurance companies are required to establish and
maintain written anti-money laundering programs. A copy of the written
program must be maintained for five years.
Current Action: There is no change to existing regulations.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Business and other for-profit institutions.
Burden: Estimated Number of Respondents = 1,200.
Estimated Number of Responses = 1,200.
Estimated Number of Hours = 1,200.
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
control number assigned by the Office of Management and Budget. Records
required to be retained under the Bank Secrecy Act must be retained for
five years. Generally, information collected pursuant to the Bank
Secrecy Act is confidential but may be shared as provided by law with
regulatory and law enforcement authorities.
Request for Comments
Comments submitted in response to this notice will be summarized
and/or included in the request for Office of Management and Budget
approval. All comments will become a matter of public record. Comments
are invited on: (a) Whether the collection of information is necessary
for the proper performance of the functions of the agency, including
whether the information shall have practical utility; (b) the accuracy
of the agency's estimate of the burden of the collection of
information; (c) ways to enhance the quality, utility, and clarity of
the information to be collected: (d) ways to minimize the burden of the
collection of information on respondents, 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 provide information.
Dated: February 19, 2009.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. E9-4288 Filed 2-27-09; 8:45 am]
BILLING CODE 4810-02-P