[Federal Register Volume 77, Number 227 (Monday, November 26, 2012)]
[Notices]
[Pages 70547-70548]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-28521]
[[Page 70547]]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network; Proposed Collection;
Comment Request; Renewal Without Change of the FinCEN Currency
Transaction Reports Currently Approved Electronic Data Fields
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: FinCEN is proposing to renew without change the OMB-approved
list of current data fields within the database that are required to
support the FinCEN Currency Transaction Report (``CTR'') filings by
financial institutions required to file such reports under the Bank
Secrecy Act (``BSA''). This notice does not propose any new regulatory
requirements or changes to the requirements related to currency
transaction reporting. The data fields reflect the filing requirement
for all filers of CTRs under the BSA. The FinCEN CTR is an e-filed
dynamic and interactive report used by all BSA filing institutions to
report designated currency transactions to the Department of the
Treasury. This request for comments covers 31 CFR 1010.311 and
1021.311. 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
January 25, 2013.
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, Virginia 22183, ``Attention: PRA
Comments--CTR Database.'' Comments also may be submitted by electronic
mail to the following Internet address: [email protected],
with the caption, ``Attention: CTR Database'' in the body of the text.
Please submit by one method only.
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 FinCEN Regulatory Helpline at 800-
949-2732, select option 7.
SUPPLEMENTARY INFORMATION:
Title: FinCEN Currency Transaction Report by Financial Institutions
(see 31 CFR 1010.311 and 1021.311.\1\
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\1\ This is a new title for this control number. The previously
approved title was ``Bank Secrecy Act Currency Transaction Report
(BSA-CTR).''
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OMB Number: 1506-0064.\2\
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\2\ The CTR reporting requirements are currently covered under
the following OMB Control numbers: 1506-0004 (Financial Institutions
other than Casinos), and 1506-0005 (Casinos and Card Clubs).
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Form Number: FinCEN 112.
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.\3\ Regulations implementing Title II of the BSA appear at
31 CFR Chapter X. The authority of the Secretary to administer the BSA
has been delegated to the Director of FinCEN.\4\ The Secretary of the
Treasury was granted authority in 1970, with the enactment of 31 U.S.C.
5313, to require financial institutions to report currency transactions
exceeding $10,000.
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\3\ Language expanding the scope of the BSA 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 (the USA PATRIOT Act), Public Law
107-56.
\4\ Treasury Order 180-01 (Sept. 26, 2002).
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The information collected on the ``report'' is required to be
provided pursuant to 31 U.S.C. 5313 as implemented by FinCEN
regulations found at 31 CFR 1010.311 and 1021.311. The information
collected under this requirement is made available to appropriate
agencies and organizations as disclosed in FinCEN's Privacy Act System
of Records Notice relating to BSA Reports.\5\
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\5\ Department of the Treasury bureaus such as FinCEN renew
their System of Records Notices every three years unless there is
cause to amend them more frequently. FinCEN's System of Records
Notice for BSA Reports System was most recently published at 77 FR
60014-60022 (October 1, 2012).
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Current Action: FinCEN is renewing, without change, the OMB-
approved electronic data elements currently supporting the reporting of
currency transactions. All filings (discrete, batch, and computer-to-
computer) will be accessed through the BSA E-Filing system \6\ using
current registration and login procedures.
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\6\ BSA E-Filing is a free service provided by FinCEN. More
information on the filing methods may be accessed at http://bsaefiling.fincen.treas.gov/main.html.
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Type of Review: Renewal without change of the electronic data
elements of the FinCEN CTR that support the electronic filing of a
dynamic CTR.
Affected public: Business or other for-profit and not-for-profit
financial institutions.
Frequency: As required.
Estimated Reporting Burden: Average of 20 minutes per report and 20
minutes recordkeeping per filing. (The reporting burden of the
regulations 31 CFR 1010.311 and 1021.311 is reflected in the burden for
the form.)
Estimated Recordkeeping and Reporting Burden: 40 minutes.
Estimated number of respondents: 82,255 (includes depository
institutions, broker-dealers, future commission merchants, introducing
brokers in commodities, money services businesses, and mutual funds).
Estimated Total Annual Responses: 14,111,600.\7\
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\7\ Numbers are based on actual 2012 filings as reported to the
IRS Enterprise Computing Center-Detroit (EEC-D) as of 09/30/2012.
This number reflects the total projected number of filings for both
the legacy CTR and CTRC and the FinCEN CTR.
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Estimated Total Annual Reporting and Recordkeeping Burden:
9,407,733 hours.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Records required to be
retained under the BSA must be retained for five years.
Request for Comments:
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB 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.
[[Page 70548]]
Dated: November 16, 2012.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2012-28521 Filed 11-23-12; 8:45 am]
BILLING CODE 4810-02-P