[Federal Register Volume 83, Number 28 (Friday, February 9, 2018)]
[Notices]
[Pages 5828-5829]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-02584]
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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 Currency Transaction
Reporting Requirements Regulations
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'')
regulations requiring Currency Transaction Reporting (``CTR'') for
certain financial institutions, i.e., depository institutions, money
services businesses, brokers or dealers in securities, mutual funds,
futures commission merchants, and introducing brokers in commodities.
FinCEN intends to submit this requirement for approval by the Office of
Management and Budget (``OMB'') for a three-year extension of Control
Number 1506-0004. This request for comments is made pursuant to the
Paperwork Reduction Act (``PRA'') of 1995.
DATES: Written comments should be received on or before April 10, 2018
to be assured of consideration.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal E-rulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments. Refer to Docket Number
FINCEN-2017-0012 and the OMB control number affected.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2017-0012 and the OMB control number affected.
Please submit comments by one method only. All comments submitted
in response to this notice will become a matter of public record.
Therefore, you should submit only information that you wish to make
publicly available.
FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at 800-767-
2825 or electronically at [email protected].
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. 5311-5332, authorizes the Secretary of the Treasury, among
other things, 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 BSA appear at 31 CFR Chapter X. The authority of the
Secretary of the Treasury to administer 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.
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\1\ 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, Public Law 107-56.
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Title: Currency Transaction Reports.
OMB Number: 1506-0004.
Abstract: In accordance with 31 CFR 1010.310, 1020.310, 1022.310,
1023.310, 1024.310, 1026.310, covered financial institutions are
required to report certain transactions in currency and maintain the
records 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 regulatory
requirement.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Burden: The administrative burden of 1 hour is assigned to maintain
the requirement in force. The burden for actual reporting is reflected
in OMB Control number 1506-0064.
[[Page 5829]]
The following paragraph applies to the reporting and 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: February 5, 2018.
Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2018-02584 Filed 2-8-18; 8:45 am]
BILLING CODE 4810-02-P