[Federal Register Volume 79, Number 103 (Thursday, May 29, 2014)]
[Notices]
[Pages 30928-30930]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-12502]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Comment Request;
Renewal Without Change of Bank Secrecy Act Recordkeeping Requirements
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S.
Department of the Treasury.
ACTION: Notice and request for comments.
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SUMMARY: FinCEN, a bureau of the U.S. Department of the Treasury
(``Treasury''), invites all interested parties to comment on its
proposed renewal without change of the Bank Secrecy Act (``BSA'')
recordkeeping requirements addressed in this notice. FinCEN intends to
submit these requirements for approval by the Office of Management and
Budget (``OMB'') of a three-year extension of Control Numbers 1506-0050
through 1506-0059. This request for comments is made pursuant to the
Paperwork Reduction Act (``PRA'') of 1995, Public Law 104-13, 44 U.S.C.
3506(c)(2)(A). In addition, FinCEN is seeking comment on 31 CFR
1010.430, (a provision in FinCEN's regulations which establishes a
general five-year recordkeeping) the nature of records and retention
period, and which is not subject to the PRA because there is no
information collection associated with it.
DATES: Written comments should be received on or before July 28, 2014
to be assured of consideration.
ADDRESSES: Written comments should be submitted to: Policy Division,
Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183.
Attention: PRA Comments--BSA Recordkeeping Requirements, OMB Control
Numbers 1506-0050 through 1506-0059. Comments also may be submitted by
electronic mail to the following Internet address:
[email protected] with the caption in the body of the text,
``Attention: PRA Comments--BSA Recordkeeping Requirements, OMB Control
Numbers 1506-0050 through 1506-0059.''
Instructions. It is preferable for comments to be submitted by
electronic mail. Please submit comments by one method only. All
submissions received must include the agency name and the specific OMB
control number or BSA Recordkeeping Requirements for this notice.
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 Resource Center at 800-767-
2825.
SUPPLEMENTARY INFORMATION: The BSA, Titles I and II of Public Law 91-
508, as amended, codified at 12 U.S.C. 1829(b), 12 U.S.C. 1951-1959,
and 31 U.S.C. et seq., authorizes the Secretary of the Treasury, inter
alia, to issue regulations requiring records and reports that are
determined to have a high degree of
[[Page 30929]]
usefulness in criminal, tax and regulatory matters. Title III of the
USA PATRIOT Act of 2001, Public Law 107-56, included certain amendments
to the anti-money laundering provisions of Title II of the BSA, 31
U.S.C. 5311 et seq., which are intended to aid in the prevention,
detection and prosecution of international money laundering and
terrorist financing. Regulations implementing Title II of the BSA
appear at 31 CFR Chapter X. The authority of the Secretary of the
Treasury to administer Title II of the BSA has been delegated to the
Director of FinCEN. The information collected and retained under the
regulation addressed in this notice assist Federal, state, and local
law enforcement as well as regulatory authorities in the
identification, investigation, and prosecution of money laundering and
other matters. In accordance with the requirements of the PRA, 44
U.S.C. 3506(c)(2)(A), and its implementing regulations, the following
information is presented concerning the recordkeeping requirements
listed below.
Title: BSA Recordkeeping Requirements.
OMB Numbers: 1506-0050 through 1506-0059.
Abstract: In accordance with 31 CFR 1010.430, covered financial
institutions are required to maintain records of certain financial
transactions for a period of five years. Covered financial institutions
may satisfy these requirements by using their internal records
management system.
Current Action: Renewal without change to the existing regulations.
Type of Review: Extension of currently approved recordkeeping
requirements.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
1. Title: Administrative Rulings (31 CFR 1010.711-717).
OMB Number: 1506-0050.
Current action: This is a renewal without change of a currently
approved PRA burden.
Summary of proposed action: FinCEN proposes renewing the PRA burden
currently included in OMB Control Number 1506-0050. The sections under
this control number are: (a) How to submit a ruling request (1010.711),
(b) how non-conforming requests are handled (1010.712), (c) how oral
communications are treated (1010.713), (d) how rulings are issued
(1010.715), (e) how rulings are modified or rescinded (1010.716), and
(f) how information in connection with a ruling may be disclosed
(1010.717). Effective September 2009, all redacted administrative
rulings are published on the FinCEN Web site and may be reviewed at
http://www.fincen.gov/statutes_regs/rulings/.
Burden: The estimated number of responses (request for a ruling) is
60 annually, with a burden of 1 hour per submission, for a total annual
burden of 60 hours.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Frequency: N/A.
2. Title: Special Rules for Casinos (31 CFR 1021.210(b), 31 CFR
1021.100(a)-(e), and 31 CFR 1010.430).
OMB Number: 1506-0051.
Current Action: This is a renewal without change of a currently
approved PRA burden.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Businesses or other for-profit institutions.
Burden: The estimated number of recordkeepers is 925. The estimated
annual recordkeeping burden per recordkeeper is 100 hours, for a total
estimated annual recordkeeping burden of 92,500 hours.
3. Title: Nature of Records and Retention Period (31 CFR
1010.430).\1\
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\1\ This section applies to all the BSA recordkeeping rules; it
imposes a 5-year record retention period for all BSA recordkeeping
rules and includes a brief discussion of how to make the records.
This paragraph is not subject to the PRA because there is no
information collection associated with it.
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OMB Number: None Assigned, see footnote 1.
Current Action: This is a renewal without change of a BSA required
action.
Type of Review: Extension without change of a BSA required action.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Burden: The burden for this regulation is reflected in the
reporting and recordkeeping provisions of 31 CFR Chapter X.
4. Title: Additional Records to be made and retained by Currency
Dealers or Exchangers (31 CFR 1022.410 and 31 CFR 1010.430).
OMB Number: 1506-0052.
Current Action: This is a renewal without change of a currently
approved PRA burden.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Businesses or other for-profit institutions.
Burden: The estimated number of recordkeepers is 2,300. The
estimated annual recordkeeping burden per recordkeeper is 16 hours, for
a total estimated annual recordkeeping burden of 368,000 hours.
5. Title: Additional Records to be made and retained by Brokers or
Dealers in Securities (31 CFR 1023.410 and 31 CFR 1010.410).
OMB Number: 1506-0053.
Current Action: This is a renewal without change of a currently
approved PRA burden.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Businesses or other for-profit institutions.
Burden: The estimated number of recordkeepers is 8,300. The
estimated annual recordkeeping burden per recordkeeper is 100 hours,
for a total estimated annual recordkeeping burden of 830,000 hours.
6. Title: Additional Records to be made and retained by Casinos (31
CFR 1021.410 (except 31 CFR 1021.410(b)(10)) and 31 CFR 1010.430).
OMB Number: 1506-0054.
Current Action: This is a renewal without change of a currently
approved PRA burden.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Businesses or other for-profit institutions.
Burden: Total burden of 102,374 hours.
The burden for the action will be as follows:
31 CFR 1021.410(a) & (b)(1)-(8). The estimated number of
recordkeepers is 912. The estimated annual recordkeeping burden per
recordkeeper is 100 hours, for a total estimated annual recordkeeping
burden of 91,200.
31 CFR 1021.410(b)(9). The estimated number of recordkeepers is
912. The estimated annual recordkeeping burden per recordkeeper is 7.5
hours, for a total estimated annual recordkeeping burden of 6,840
hours.
31 CFR 1021.410(b)(11). The estimated number of recordkeepers is
62. The estimated number of transactions is 215,000 annually and the
total estimated annual recordkeeping burden is 686 hours.
31 CFR 1021.410(c). The estimated number of respondents is 912. The
estimated annual recordkeeping burden per recordkeeper is 4 hours, for
a total estimated annual recordkeeping burden of 3,648 hours.
[[Page 30930]]
7. Title: Reports of Transactions with Foreign Financial Agencies
(31 CFR 1010.360).\2\
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\2\ Treasury may, by regulation, require specified financial
institutions to report transactions by persons with designated
foreign financial agencies.
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OMB Number: 1506-0055.
Current Action: This is a renewal without change of a currently
approved PRA burden.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Burden: The estimated number of respondents per year is 1. The
estimated number of responses is 1 with a reporting burden of 1 hour
per respondent for a total annual burden of 1 hour.\3\
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\3\ Should FinCEN issue regulations under this authority, it
will provide a burden estimate specific to those regulations.
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8. Title: Reports of Certain Domestic Coin and Currency
Transactions (31 CFR 1010.370 and 31 CFR 1010.410(d)).
OMB Number: 1506-0056.
Current Action: This is a renewal without change of a currently
approved PRA burden.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Burden: The estimated number of respondents per year is 3,200. The
estimated number of responses is 17,000, with a reporting burden of 19
minutes per response and a recordkeeping burden of 5 minutes per
response. Total estimated burden 6,800 hours.\4\
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\4\ Although the burden is stated as an annual burden in
accordance with the PRA, the estimated annual burden is not intended
to indicate any geographic targeting order that may be in effect
throughout a year or in each year.
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9. Title: Purchases of Bank Checks and Drafts, Cashier's Checks,
Money Orders, and Traveler's Checks (31 CFR 1010.415, and 31 CFR
1010.430).
OMB Number: 1506-0057.
Current Action: This is a renewal without change of a currently
approved PRA burden.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Burden: The estimated number of recordkeepers is 60,900. The
average burden per record-keeper is 7.5 hours, for a total estimated
annual recordkeeping burden of 456,750 hours.
10. Title: Records to be made and retained by Financial
Institutions (31 CFR 1010.410 (except 1010.410(d)) and 31 CFR
1010.430).
OMB Number: 1506-0058.
Current Action: This is a renewal without change of a currently
approved PRA burden.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Burden: Total of 2,139,000 hours.
The burden for this action will be as follows:
31 CFR 1010.410(a)-(c). The estimated number of recordkeepers is
22,900. The estimated annual recordkeeping burden per recordkeeper is
50 hours, for a total estimated annual recordkeeping burden of
1,145,000 hours.
31 CFR 1010.410(e)-(f). The estimated number of recordkeepers is
35,500. The estimated annual recordkeeping burden per recordkeeper is
16 hours, for a total estimated annual recordkeeping burden of 568,000.
31 CFR 1010.410(g). The estimated number of recordkeepers is
35,500. The estimated annual recordkeeping burden per recordkeeper is
12 hours, for a total estimated annual recordkeeping burden of 426,000.
11. Title: Additional Records to be made and retained by Banks (31
CFR 1020.410 and 31 CFR 1010.430).
OMB Number: 1506-0059.
Current Action: This is a renewal without change of a currently
approved PRA burden.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Burden: The estimated number of recordkeepers is 22,900. The
estimated annual recordkeeping burden per recordkeeper is 100 hours for
a total annual recordkeeping burden of 2,290,000 hours.
The following paragraph applies to the recordkeeping requirements
addressed in this notice. 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. Generally, information collected pursuant to the BSA 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 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.
Dated: May 22, 2014.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2014-12502 Filed 5-28-14; 8:45 am]
BILLING CODE 4810-02-P