80 FR 42610 - Proposed Renewal; Comment Request; Anti-Money Laundering Programs for Precious Metals, Precious Stones, or Jewels

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network

Federal Register Volume 80, Issue 137 (July 17, 2015)

As part of our continuing effort to reduce paperwork and respondent burden, we invite comment on a proposed renewal, without change, to information collections found in existing regulations requiring dealers in precious metals, stones, or jewels, to develop and implement written anti-money laundering programs reasonably designed to prevent financial institutions from being used to facilitate money laundering and the financing of terrorist activities. 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).

[Federal Register Volume 80, Number 137 (Friday, July 17, 2015)]
[Notices]
[Pages 42610-42611]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-17627]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Renewal; Comment Request; Anti-Money Laundering Programs 
for Precious Metals, Precious Stones, or Jewels

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: As part of our continuing effort to reduce paperwork and 
respondent burden, we invite comment on a proposed renewal, without 
change, to information collections found in existing regulations 
requiring dealers in precious metals, stones, or jewels, to develop and 
implement written anti-money laundering programs reasonably designed to 
prevent financial institutions from being used to facilitate money 
laundering and the financing of terrorist activities. 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 
September 15, 2015.

ADDRESSES: Written comments should be submitted to: Financial Crimes 
Enforcement Network, P.O. Box 39, Vienna, VA 22183, Attention: Anti-
Money Laundering Program Comments. Comments also may be submitted by 
electronic mail to the following Internet address: 
[email protected], again with a caption, in the body of the text, 
``Attention: Anti-Money Laundering Program Comments.''
    Inspection of comments. 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: FinCEN Resource Center at 1-800-767-
2825 or 1-703-905-3591 (not a toll free number) and select option 3 for 
regulatory questions. Email inquiries can be sent to [email protected].

SUPPLEMENTARY INFORMATION:
    Abstract: FinCEN exercises regulatory functions primarily under the 
Currency and Financial Transactions Reporting Act of 1970, as amended 
by the USA PATRIOT Act of 2001 and other legislation. This legislative 
framework is commonly referred to as the ``Bank Secrecy Act'' 
(``BSA'').\1\ The Secretary of the Treasury has delegated to the 
Director of FinCEN the authority to implement, administer, and enforce 
compliance with the BSA and associated regulations.\2\ Pursuant to this 
authority, FinCEN may issue regulations requiring financial 
institutions to keep records and file reports that ``have a high degree 
of usefulness in criminal, tax, or regulatory investigations or 
proceedings, or in the conduct of intelligence or counterintelligence 
activities, including analysis, to protect against international 
terrorism.\3\ Additionally, FinCEN is authorized to impose regulations 
to maintain procedures to ensure compliance with the BSA and FinCEN's 
implementing regulations, or to guard against money laundering, which 
includes imposing anti-money laundering (``AML'') program requirements 
on financial institutions.\4\
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    \1\ The BSA is codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, 
31 U.S.C. 5311-5314 and 5316-5332 and notes thereto, with 
implementing regulations at 31 CFR Chapter X. See 31 CFR 
1010.100(e).
    \2\ Treasury Order 180-01 (Jul. 1, 2014).
    \3\ 31 U.S.C. 5311.
    \4\ 31 U.S.C. 5318(a) and (h).
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    Regulations implementing section 5318(h)(1) of the Act are found in 
part at 31 CFR 1027.210. In general, the regulations require financial 
institutions, as defined in 31 U.S.C. 5312(a)(2) and 31 CFR 1010.100 to 
establish, document, and maintain anti-money laundering programs as an 
aid in protecting and securing the U.S. financial system.
    1. Title: Anti-money laundering programs for dealers in precious 
metals, precious stones, or jewels (31 CFR 1027.210).
    OMB Control Number: 1505-0030.
    Abstract: Dealers in precious metals, precious stones, or jewels 
are required to establish and maintain written anti-money laundering 
programs. A copy of the written program must be maintained for five 
years.
    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 = 20,000.
Estimated Number of Responses = 20,000.
Estimated Number of Hours = 20,000

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

[[Page 42611]]

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: July 13, 2015.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2015-17627 Filed 7-16-15; 8:45 am]
 BILLING CODE 4810-02-P