80 FR 9505 - Proposed Information Collection; Comment Request; Renewal Without Change of Anti-Money Laundering Programs for Money Services Businesses, Mutual Funds, and Operators of Credit Cards Systems

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network

Federal Register Volume 80, Issue 35 (February 23, 2015)

As part of our continuing effort to reduce paperwork and respondent burden, the Financial Crimes Enforcement Network (``FinCEN'') invites comment on a proposed renewal, without change, to information collections found in existing regulations requiring money services businesses, mutual funds, and operators of credit card systems to develop and implement written anti-money laundering programs reasonably designed to prevent those 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 (``PRA''), Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).

[Federal Register Volume 80, Number 35 (Monday, February 23, 2015)]
[Notices]
[Pages 9505-9506]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-03586]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Information Collection; Comment Request; Renewal Without 
Change of Anti-Money Laundering Programs for Money Services Businesses, 
Mutual Funds, and Operators of Credit Cards Systems

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Notice and request for comments.

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SUMMARY: As part of our continuing effort to reduce paperwork and 
respondent burden, the Financial Crimes Enforcement Network 
(``FinCEN'') invites comment on a proposed renewal, without change, to 
information collections found in existing regulations requiring money 
services businesses, mutual funds, and operators of credit card systems 
to develop and implement written anti-money laundering programs 
reasonably designed to prevent those 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 (``PRA''), Public Law 104-13, 44 U.S.C. 
3506(c)(2)(A).

DATES: Written comments are welcome and must be received on or before 
April 24, 2015.

ADDRESSES: Written comments should be submitted to: Policy Division, 
Financial Crimes Enforcement Network, U.S Department of the Treasury, 
P.O. Box 39, Vienna, VA 22183. Attention: PRA Comments--AML 
Requirements for money services businesses, mutual funds, and operators 
of credit card systems. 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--AML 
Requirements for money services businesses, mutual funds, and operators 
of credit card systems.'' All submissions received must include the 
agency name and the specific OMB control number 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 or email [email protected].

SUPPLEMENTARY INFORMATION: The Bank Secrecy Act (``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 regulations 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: Anti-money laundering programs for money services businesses 
(31 CFR 1022.210),\2\ Anti-money laundering programs for mutual funds 
(31 CFR 1024.210), and Anti-money laundering programs for operators of 
credit card systems (31 CFR 1028.210).
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    \2\ The term money services business (``MSB'') includes dealer 
in foreign exchange, check casher, issuer or seller of traveler's 
checks or money orders, provider of prepaid access, money 
transmitter, U.S. Postal Service, and seller of prepaid access. See 
31 CFR 1010.100(ff).
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    Office of Management and Budget (``OMB'') Control Number: 1506-
0020.
    Abstract: MSBs, mutual funds, and operators of credit card systems 
are required to develop and implement written anti-money laundering 
programs. FinCEN recognizes a three hour burden for the initial 
development of an AML program. FinCEN further estimates an annual 
burden of one hour for maintenance of the program (i.e., review and 
update as necessary). In view of the limited information providers and 
sellers of prepaid access (a type of MSB) are required to maintain, and 
the degree of automation available to them, FinCEN estimates an annual 
maintenance burden of two minutes for each prepaid card issued for this 
MSB subset.\3\ A copy of the written

[[Page 9506]]

program must be maintained for five years.
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    \3\ Providers and sellers of prepaid access are required to 
collect and maintain the customer's name, date of birth, address, 
and identification number for five years. This collection is 
automated. FinCEN estimates that approximately 2,583,300 prepaid 
cards are issued annually.
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    Current Action: Renewal without change to the existing regulations.
    Affected Public: Businesses and other for-profit institutions.
    Burden: Estimated Number of Respondents: 327,206.

31 CFR 1022.210 = 324,100.
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.

    Estimated Number of Responses: 2,838,406.

31 CFR 1022.210 = 2,835,400.
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.

    Estimated at one hour per respondent.

31 CFR 1022.210 = 252,100.\4\
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    \4\ FinCEN estimates that it will take each MSB that is not a 
prepaid provider one hour to respond to this information collection, 
for a total of 252,100 hours. FinCEN estimates that it will take 
each MSB that is a prepaid provider two minutes per prepaid card 
issued, for a total of 86,100 hours. Combined, the estimated hourly 
burden for MSBs is 338,210.
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31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.

    Estimated Number of Hours: 255,106.
    Estimated at two minutes per prepaid card issued.

31 CFR 1022.210 = 86,110.\5\
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    \5\ Ibid.

    Estimated Total Number of hours: 341,216
    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 OMB. 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 13, 2015.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2015-03586 Filed 2-20-15; 8:45 am]
BILLING CODE 4810-02-P