[Federal Register: January 30, 2008 (Volume 73, Number 20)]
[Notices]
[Page 5628-5631]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30ja08-137]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network; Agency Information
Collection Activities; Comment Request of the Proposed Renewal Without
Change of the Report of Foreign Bank and Financial Accounts and Other
Recordkeeping and Reporting Requirements of the Bank Secrecy Act
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), 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,
invites all interested parties to comment on its continuing collection
of information requirements in 31 CFR 103.22-103.29, 103.32-103.38,
103.64, 103.81-103.87, and Form TD F 90-22.1, Report of Foreign Bank
and Financial Accounts. This request for comments is made pursuant to
the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35).
DATES: Written comments should be received on or before March 31, 2008
to be assured of consideration.
ADDRESSES: Direct all written comments to: Regulatory Policy and
Programs Division, Financial Crimes Enforcement Network, U.S.
Department of the Treasury, P.O. Box 39, Vienna, VA 22183, Attention:
PRA Comments--31 CFR part 103. Comments also may be submitted by
electronic mail to the following Internet address:
``regcomments@fincen.gov'' with the caption in the body of the text,
``Attention: PRA Comments--31 CFR part 103.''
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: Financial Crimes Enforcement Network,
Regulatory Policy and Programs Division at (800) 949-2732. A searchable
guide to the Code of Federal Regulations can be found on the Internet
at: http://www.access.gpo.gov/nara/cfr A copy of Form TD F 90-22.1 may be obtained by calling the above number or accessed on-line at http://.
http://www.fincen.gov/forms/f9022-1_fbar.pdf.
SUPPLEMENTARY INFORMATION: Abstract: The information collected and
retained under the regulations addressed in this notice and the
information collected on Form TD F 90-22.1 (as well as other Bank
Secrecy Act reporting and recordkeeping requirements that are not the
subject of this notice) assist federal, state and local law enforcement
in the identification, investigation, and prosecution of individuals
involved in money laundering, the financing of terrorism, tax evasion,
narcotics trafficking, organized crime, fraud, embezzlement and other
crimes. The information also assists in tax collection and examination
and other regulatory matters.\1\
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\1\ The information collections addressed in this notice are
currently covered by one OMB Control Number-1506-0009. FinCEN
intends to ask OMB to assign specific control numbers to the various
information collections so that the administration of the
information collections will be simpler in the future.
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1. Title: Reports of transactions in currency (31 CFR 103.22(b)(1),
103.27(a), 103.27(d) and 103.28).
OMB Number: 1506-0009.
Abstract: Financial institutions must report transactions in
currency that exceed $10,000 (31 CFR 103.22(b)(1)).\2\ Before
concluding any transaction with respect to which a report must be filed
under section 103.22(b)(1), a financial institution must verify and
record the name and address of the individual presenting the
transaction and must record certain information about any person on
whose behalf the transaction is conducted (31 CFR 103.28). Records of
reports must be maintained for 5 years (31 CFR 103.27(a)).
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\2\ As explained below, 31 CFR 103.22(b)(2) requires casinos
(and card clubs) to report these transactions.
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Current Action: There is no change to the existing regulations.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
Burden: The burden for the reporting requirement in the regulations
is reflected in the burden for FinCEN Form 104. The estimated number of
respondents is 19,000. The estimated annual number of responses is
15,000,000, with a reporting average of 19 minutes per response and a
recordkeeping average of 5 minutes per response. The estimated total
for the annual burden hours is 6,000,000.
2. Title: Reports of transactions in currency (31 CFR 103.22(b)(2),
103.27(a), 102.27(d), and 103.28).
OMB Number: 1506-0009.
Abstract: Casinos (and card clubs) must report transactions in
currency that exceed $10,000 in one business day (31 CFR 103.22(b)(2)).
Before concluding any transaction with respect to which a report must
be filed under section 103.22(b)(1), a casino must verify and record
the name and address of the individual presenting the transaction and
must record certain information about any person on whose behalf the
transaction is conducted (31 CFR 103.28). Records of reports must be
maintained for 5 years (31 CFR 103.27(a)).
Current Action: There is no change to the existing regulations.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Businesses or for-profit institutions.
Burden: The burden for the reporting requirement in the regulations
is reflected in the burden for FinCEN Form 103. The estimated number of
respondents is 715. The estimated number of responses is 418,866, with
a reporting average of 19 minutes per response and a recordkeeping
average of 5 minutes per response. The estimated total for the annual
burden hours is 167,546.
3. Title: Transactions of exempt person (31 CFR 103.22(d),
103.27(a) and 103.27(d)).
OMB Number: 1506-0009.
Abstract: Banks and other depository institutions (``banks'') may
exempt from reporting under 31 CFR 103.22(b)(1) currency transactions
exceeding $10,000
[[Page 5629]]
by certain customers referred to as eligible persons (31 CFR
103.22(d)). Banks exempt these customers by filing a form designating
them as exempt persons and maintaining certain records necessary to
document the basis for the exemption and compliance with the exemption
procedures of section 103.22(d). For two categories of eligible
persons--non-listed businesses and payroll customers--the exemption
must be renewed every two years by certifying the application of the
bank's suspicious activity reporting program to those customers and
recording any changes in control of those customers on a newly filed
designation form. Records must be maintained for five years.
Current Action: There is no change to the existing regulations.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
Burden: The burden for the reporting requirement in the regulations
is reflected in the burden for FinCEN Form 110. The estimated number of
respondents is 19,000. The estimated number of responses is 85,000 with
a combined reporting and recordkeeping average of 70 minutes per
response. The estimated total for annual burden hours is 99,166.
4. Title: Reports of transportation of currency or monetary
instruments (31 CFR 103.23 and 103.27).
OMB Number: 1506-0009.
Abstract: A person must file a report with Treasury if the person
knowingly transports currency or monetary instruments of more than
$10,000 at one time into or out of the United States, or receives
currency or monetary instruments of more than $10,000 at one time
transported into the United States from or through a place outside the
United States (31 CFR 103.23 and 103.27).
Current Action: There is no change to the existing regulations.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Individuals, businesses or for-profit
institutions, and non-profit institutions.
Burden: The burden for the reporting requirement in the regulations
is reflected in the burden for FinCEN Form 105. The estimated number of
responses is 280,000, with a reporting average of 11 minutes per
response. The estimated total for the annual burden hours is 51,333.
5. Title: Reports of foreign financial accounts (31 CFR 103.24,
103.27(d), 103.32) and Form TD F 90-22.1, Report of Foreign Bank and
Financial Accounts.
OMB Number: 1506-0009.
Form Number: TD F 90-22.1.
Abstract: Every person having a financial interest in, or signature
authority over, a foreign account over $10,000 must file a report of
the account (31 CFR 103.24, 103.27(d)) and must maintain records that
contain the name in which the account is maintained, the number of the
account, the name and address of the foreign bank, and the type of
account and maximum value of the account (31 CFR 103.32).
Current Action: There is no change to the existing regulations or
the form.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Individuals, businesses or other for-profit
institutions, and non-profit institutions.
Burden: The burden for the reporting requirement in the regulations
is reflected in the burden for Form TD F 90-22.1. The estimated number
of respondents is 205,000. The estimated number of responses is
205,000, with a reporting average of 10 minutes per response and a
recordkeeping average of 5 minutes per response. The estimated total
annual burden hours are 51,250.
6. Title: Reports of transactions with foreign financial agencies
(31 CFR 103.25).
OMB Number: 1506-0009.
Abstract: Treasury may, by regulation, require specified financial
institutions to report transactions by persons with designated foreign
financial agencies.
Current Action: There is no change to the existing regulation.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Businesses or 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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7. Title: Reports of certain domestic coin and currency
transactions (31 CFR 103.26 and 103.33(d)).
OMB Number: 1506-0009.
Abstract: Upon a finding that additional reporting or recordkeeping
is necessary to carry out the purposes, or prevent the evasion, of the
Bank Secrecy Act, Treasury may issue an order requiring financial
institutions or groups of financial institutions in certain geographic
locations to report certain transactions in prescribed amounts for a
limited period of time (31 CFR 103.26). Financial institutions subject
to a geographic targeting order must maintain records for such period
of time as the order requires but not more than 5 years (31 CFR
103.33(d)).
Current Action: There is no change to the existing regulation.
Type of Review: Extension of currently approved information
collection.
Affected Public: Businesses or 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. The total estimated annual burden is 6,800 hours.\4\
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\4\ Although the burden is stated as an annual burden in
accordance with the Paperwork Reduction Act, the estimated annual
burden is not intended to indicate that there is a geographic
targeting order in effect throughout a year or in each year.
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8. Title: Purchases of bank checks and drafts, cashier's checks,
money orders and traveler's checks (31 CFR 103.29 and 31 CFR 103.38).
OMB Number: 1506-0009.
Abstract: Financial institutions must maintain records of certain
information related to the sale of bank checks and drafts, cashier's
checks, money orders, or traveler's checks when the sale involves
currency between $3,000-$10,000. The records must be maintained for a
period of five years and made available to Treasury upon request.
Current Action: There is no change to the existing regulation.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
Burden: The estimated number of recordkeepers is 60,900. The
average burden per recordkeeper is 7.5 hours, for a total estimated
annual recordkeeping burden of 456,750 hours.
9. Title: Records to be made and retained by financial institutions
(31 CFR 103.33 and 103.38).
OMB Number: 1506-0009.
Abstract: Each financial institution must retain an original or
copy of records related to extensions of credit in
[[Page 5630]]
excess of $10,000 (other than those secured by real property), and
records related to transfers of funds, currency, other monetary
instruments, checks, investment securities, or credit of more than
$10,000 to or from the United States (31 CFR 103.33(a)-(c)). Banks and
non-bank financial institutions must also maintain records related to,
and include certain information as part of funds transfers or
transmittals of funds involving more than $3,000 (31 CFR 103.33(e)-(f),
and 103.33(g)). The required records must be maintained for five years
(31 CFR 103.38).
Current Action: There is no change to the existing regulation.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
Burden: 31 CFR 103.33(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 103.33(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 103.33(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.
10. Title: Additional records to be made and retained by banks (31
CFR 103.34 and 103.38).
OMB Number: 1506-0009.
Abstract: A bank must retain an original or copy of certain
documents, as specified in section 103.34. The required records must be
maintained for five years.
Current Action: There is no change to the existing regulation.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Businesses or 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.
11. Title: Additional records to be made and retained by brokers or
dealers in securities (31 CFR 103.35 and 103.38).
OMB Number: 1506-0009.
Abstract: A broker or dealer in securities must retain an original
or copy of certain documents, as specified in section 103.35. The
required records must be maintained for five years (31 CFR 103.38).
Current Action: There is no change to the existing regulation.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Business and 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 83,000 hours.
12. Title: Additional records to be made and retained by casinos
(31 CFR 103.36 and 103.38).
OMB Number: 1506-0009.
Abstract: Casinos (and card clubs) must make and retain a record of
the name, permanent address and taxpayer identification number of each
person who deposits funds with the casino, opens an account at the
casino, or to whom the casino extends a line of credit (and maintain a
list, available to the Secretary upon request, of the names and
addresses of persons who do not furnish a taxpayer identification
number), and must retain the original or a copy of certain documents,
as specified in section 103.36 (31 CFR 103.36(a)&(b)(1)-(8)). Casinos
must also maintain a list of transactions with customers involving
certain instruments (31 CFR 103.36(b)(9)). Card clubs must maintain
records of currency transactions by customers and records of activity
at cages (31 CFR 103.36(b)(11)). Casinos that input, store, or retain
required records on computer disk, tape or other machine readable media
must maintain the records on such media (31 CFR 103.36(c)). Required
records must be maintained for five years. (31 CFR 103.38).
Current Action: There is no change to the existing regulation.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Business and other for-profit institutions.
Burden: 31 CFR 103.36(a)&(b)(1)-(8). The estimated number of
recordkeepers is 480. The estimated annual recordkeeping burden per
recordkeeper is 100 hours, for a total estimated annual recordkeeping
burden of 48,000.
31 CFR 103.36(b)(9). The estimated number of recordkeepers is 480.
The estimated annual recordkeeping burden per recordkeeper is 7.5
hours, for a total estimated annual recordkeeping burden of 3,600
hours.
31 CFR 103.36(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 103.36(c). The estimated number of respondents is 480. The
estimated annual recordkeeping burden per recordkeeper is 4 hours, for
a total estimated annual recordkeeping burden of 1,920 hours.
13. Title: Additional records to be made and retained by currency
dealers or exchangers (31 CFR 103.37 and 103.38).
OMB Number: 1506-0009.
Abstract: A currency dealer or exchanger must make and maintain a
record of the taxpayer identification number of certain persons for
whom a transaction account is opened or a line of credit is extended,
and must maintain a list containing the names, addresses, and account
or credit line numbers of those persons from whom it has been unable to
secure such information. A currency dealer or exchanger must retain the
original or a copy of certain documents, as specified in section
103.37. The required records must be maintained for five years (31 CFR
103.38).
Current Action: There is no change to the existing regulation.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Business and 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.
14. Title: Nature of records and retention period (31 CFR 103.38).
OMB Number: 1506-0009.
Abstract: Records required to be retained by a financial
institution under 31 CFR part 103 must be retained for 5 years, except
for records or reports required under section 103.26 which shall be
retained for the period of time specified in the targeting order
imposing the recordkeeping or reporting requirement to which the
particular retention period relates.
Current Action: There is no change to the existing regulation.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
[[Page 5631]]
Burden: The burden for this regulation is reflected in the
reporting and recordkeeping provisions of 31 CFR part 103.
15. Title: Special rules for casinos (31 CFR 103.64, 103.36(b)(10),
and 103.38).
OMB Number: 1506-0009.
Abstract: This section provides special rules for casinos,
including the requirement that casinos maintain a written compliance
program.
Current Action: There is no change to the existing regulation.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Business and other for-profit institutions.
Burden: The estimated number of recordkeepers is 480. The estimated
annual recordkeeping burden per recordkeeper is 100, for a total
estimated annual recordkeeping burden of 48,000 hours.
16. Title: Administrative rulings (31 CFR 103.81-87).
OMB Number: 1506-0009.
Abstract: These sections address administrative rulings under the
Bank Secrecy Act. They explain how to submit a ruling request (103.81),
how non-conforming requests are handled (103.82), how oral
communications are treated (103.83), how rulings are issued (103.85),
how rulings are modified or rescinded (103.86), and how information in
connection with a ruling may be disclosed (103.87).
Current Action: There is no change to the existing regulation.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Individuals, businesses or for-profit
institutions, and non-profit institutions.
Burden: The estimated number of responses is 60 annually, with a
burden of 1 hour per submission, for a total annual burden of 60 hours.
The following paragraph applies to all the collections of
information 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 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 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: January 22, 2008.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. E8-1563 Filed 1-29-08; 8:45 am]
BILLING CODE 4810-02-P