[Federal Register Volume 74, Number 48 (Friday, March 13, 2009)]
[Notices]
[Pages 10993-10994]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-5528]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network; Proposed Renewal Without
Change; Comment Request; Customer Identification Programs for Various
Financial Institutions
AGENCY: Financial Crimes Enforcement Network, Department of the
Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: As part of its continuing effort to reduce paperwork and
respondent burden, the Financial Crimes Enforcement Network invites
comment on a proposed renewal, without change, to information
collections found in regulations requiring futures commission
merchants, introducing brokers, banks, savings associations, credit
unions, certain non-federally regulated banks, mutual funds, and
broker-dealers, to develop and implement customer identification
programs reasonably designed to prevent those financial institutions
from being used to facilitate money laundering and the financing of
terrorist activities. This request for comment 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 12, 2009.
ADDRESSES: Written comments should be submitted to: Regulatory Policy
and Programs Division, Financial Crimes Enforcement Network, Department
of the Treasury, P.O. Box 39, Vienna, VA 22183, Attention: Customer
Identification 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: Customer Identification Program Comments.''
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).
FOR FURTHER INFORMATION CONTACT: The Regulatory Policy and Programs
Division at 800-949-2732 option 6.
SUPPLEMENTARY INFORMATION:
Abstract: The statute generally referred to as the ``Bank Secrecy
Act,'' Titles I and II of Public Law 91-508, as amended, codified at 12
U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5332, authorizes
the Secretary of the Treasury, inter alia, to require financial
institutions to keep records and file reports that are determined to
have a high degree of usefulness in criminal, tax, and regulatory
matters, or in the conduct of intelligence or counter-intelligence
activities, to protect against international terrorism, and to
implement counter-money laundering programs and compliance
procedures.\1\ Regulations implementing Title II of the Bank Secrecy
Act appear at 31 CFR Part 103. The authority of the Secretary of the
Treasury to administer the Bank Secrecy Act has been delegated to the
Director of the Financial Crimes Enforcement Network.
---------------------------------------------------------------------------
\1\ 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 Act of 2001, Public Law No. 107-56.
---------------------------------------------------------------------------
Section 5318(l) of the Bank Secrecy Act authorizes the Secretary to
issue regulations prescribing customer identification programs for
financial institutions. The regulations must require that, at a
minimum, financial institutions implement reasonable procedures for (1)
verifying the identity of any person seeking to open an account, to the
extent reasonable and practicable; (2) maintaining records of the
information used to verify the person's identity, including name,
address, and other identifying information; and (3) determining whether
the person appears on any lists of known or suspected terrorists or
terrorist organizations provided to the financial institution by any
government agency. The regulations are to take into consideration the
various types of accounts maintained by various types of financial
institutions, the various methods of opening accounts, and the various
types of identifying information available. Regulations implementing
section 5318(l) are found at 31 CFR 103.121, 103.122, 103.123, and
103.131.
1. Title: Customer identification programs for banks, savings
associations, credit unions, and certain non-federally regulated banks.
(31 CFR 103.121).
Office of Management and Budget Control Number: 1506-0026.
Abstract: Banks, savings associations, credit unions, and certain
non-federally regulated banks are required to develop and maintain
customer identification programs and provide their customers with
notice of the programs. (See FR 68, 25090, May 9, 2003).
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 and
non-profit institutions.
Burden: Estimated Number of Respondents 22,060.
Estimated average annual recordkeeping burden per respondent: 10
hours.
Estimated average annual disclosure burden per respondent: 1 hour
Estimated Total Annual Respondent Burden: 242,660 hours.
[[Page 10994]]
2. Title: Customer identification program for broker-dealers (31
CFR 103.122).
Office of Management and Budget Control Number: 1506-0034.
Abstract: Broker-dealers are required to establish and maintain
customer identification programs and provide their customers with
notice of the programs. (See FR 68, 25113, May 9, 2003.)
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 5,448.
Estimated Average Annual Burden Per Respondent: The estimated
average burden associated with the notice requirement is two minutes
per respondent.
Estimated Number of Hours: 630,896.
3. Title: Customer identification programs for futures commission
merchants and introducing brokers (31 CFR 103.123)
Office of Management and Budget Control Number: 1506-0022.
Abstract: Futures commission merchants and introducing brokers are
required to develop and maintain customer identification programs and
provide their customers with notice of the programs. (See FR 68, 25149,
May 9, 2003.)
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: 1856.
Estimated Average Annual Burden Per Respondent: The estimated
average burden associated with the notice requirement is two minutes
per respondent.
Estimated Number of Hours: 20,471.
4. Title: Customer identification programs for mutual funds (31 CFR
103.131).
Office of Management and Budget Control Number: 1505-0033.
Abstract: Mutual funds are required to establish and maintain
customer identification programs and provide their customers with
notice of the programs. (See FR 68, 25131, May 9, 2003.)
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: 2,296.
Estimated Average Annual Burden Per Respondent: The estimated
average burden associated with the notice requirement is 2 minutes per
respondent.
Estimated Number of Hours: 266,700.
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: March 9, 2009.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. E9-5528 Filed 3-12-09; 8:45 am]
BILLING CODE 4810-02-P