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)
Financial Crimes Enforcement Network
Federal Register Volume 80, Issue 35 (February 23, 2015)
| Page Range | 9505-9506 | |
| FR Document | 2015-03586 |
[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] ----------------------------------------------------------------------- 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. ----------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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). --------------------------------------------------------------------------- \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). --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \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
![Federal Register / Vol. 80, No. 35 / Monday, February 23, 2015 / Notices 9505
Non-Bank Residential Mortgage Lender Notice and request for
ACTION: in the conduct of intelligence or
and Originators. comments. counter-intelligence activities to protect
Estimated Number of Responses: against international terrorism, and to
1,200 Insurance Companies and 31,000 SUMMARY: As part of our continuing implement counter-money laundering
Non-Bank Residential Mortgage Lender effort to reduce paperwork and programs and compliance procedures.1
and Originators. respondent burden, the Financial Regulations implementing Title II of the
Crimes Enforcement Network BSA appear at 31 CFR Chapter X. The
Estimated Number of Hours: 1,200
(‘‘FinCEN’’) invites comment on a
Insurance Companies and 31,000 Non- authority of the Secretary of the
proposed renewal, without change, to
Bank Residential Mortgage Lender and Treasury to administer the BSA has
information collections found in
Originators. been delegated to the Director of
existing regulations requiring money
Total Estimated Burden Hours: FinCEN. The information collected and
services businesses, mutual funds, and
43,000. retained under the regulations
operators of credit card systems to
An agency may not conduct or addressed in this notice assist federal,
develop and implement written anti-
sponsor, and a person is not required to state, and local law enforcement as well
money laundering programs reasonably
respond to, a collection of information as regulatory authorities in the
designed to prevent those financial
unless it displays a valid OMB control institutions from being used to facilitate identification, investigation, and
number. Records required to be retained money laundering and the financing of prosecution of money laundering and
under the BSA must be retained for five terrorist activities. This request for other matters. In accordance with the
years. Generally, information collected comments is being made pursuant to the requirements of the PRA, 44 U.S.C.
pursuant to the BSA is confidential but Paperwork Reduction Act of 1995 3506(c)(2)(A), and its implementing
may be shared as provided by law with (‘‘PRA’’), Public Law 104–13, 44 U.S.C. regulations, the following information is
regulatory and law enforcement 3506(c)(2)(A). presented concerning the recordkeeping
authorities. requirements listed below.
DATES: Written comments are welcome
Request for Comments: Comments and must be received on or before April Title: Anti-money laundering
submitted in response to this notice will 24, 2015. programs for money services businesses
be summarized and/or included in the (31 CFR 1022.210),2 Anti-money
ADDRESSES: Written comments should
request for OMB approval. All laundering programs for mutual funds
be submitted to: Policy Division,
comments will become a matter of (31 CFR 1024.210), and Anti-money
Financial Crimes Enforcement Network,
public record. Comments are invited on: laundering programs for operators of
U.S Department of the Treasury, P.O.
(a) Whether the collection of credit card systems (31 CFR 1028.210).
Box 39, Vienna, VA 22183. Attention:
information is necessary for the proper
PRA Comments—AML Requirements Office of Management and Budget
performance of the functions of the
for money services businesses, mutual (‘‘OMB’’) Control Number: 1506–0020.
agency, including whether the
funds, and operators of credit card Abstract: MSBs, mutual funds, and
information shall have practical utility;
systems. Comments also may be operators of credit card systems are
(b) the accuracy of the agency’s estimate
submitted by electronic mail to the required to develop and implement
of the burden of the collection of
following Internet address: written anti-money laundering
information; (c) ways to enhance the
regcomments@fincen.gov with the programs. FinCEN recognizes a three
quality, utility, and clarity of the
caption in the body of the text, hour burden for the initial development
information to be collected: (d) ways to
‘‘Attention: PRA Comments—AML of an AML program. FinCEN further
minimize the burden of the collection of
Requirements for money services estimates an annual burden of one hour
information on respondents, including
businesses, mutual funds, and operators
through the use of automated collection for maintenance of the program (i.e.,
of credit card systems.’’ All submissions
techniques or other forms of information review and update as necessary). In
received must include the agency name
technology; and (e) estimates of capital view of the limited information
and the specific OMB control number
or start-up costs and costs of operation, providers and sellers of prepaid access
for this notice.
maintenance and purchase of services to (a type of MSB) are required to
Inspection of comments. Comments
provide information. may be inspected, between 10 a.m. and maintain, and the degree of automation
Dated: February 13, 2015. 4 p.m., in the FinCEN reading room in available to them, FinCEN estimates an
Jennifer Shasky Calvery, Vienna, VA. Persons wishing to inspect annual maintenance burden of two
the comments submitted must request minutes for each prepaid card issued for
Director, Financial Crimes Enforcement
Network. an appointment with the Disclosure this MSB subset.3 A copy of the written
[FR Doc. 2015–03580 Filed 2–20–15; 8:45 am] Officer by telephoning (703) 905–5034
1 Language expanding the scope of the BSA to
BILLING CODE 4810–02–P (not a toll free call).
intelligence or counter-intelligence activities to
FOR FURTHER INFORMATION CONTACT: The protect against international terrorism was added by
FinCEN Resource Center at 800–767– Section 358 of the Uniting and Strengthening
DEPARTMENT OF THE TREASURY 2825 or email frc@fincen.gov. America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001,
SUPPLEMENTARY INFORMATION: The Bank Public Law 107–56.
Financial Crimes Enforcement Network
Secrecy Act (‘‘BSA’’), Titles I and II of 2 The term money services business (‘‘MSB’’)
Proposed Information Collection; Public Law 91–508, as amended, includes dealer in foreign exchange, check casher,
codified at 12 U.S.C. 1829(b), 12 issuer or seller of traveler’s checks or money orders,
Rmajette on DSK2VPTVN1PROD with NOTICES
Comment Request; Renewal Without provider of prepaid access, money transmitter, U.S.
Change of Anti-Money Laundering U.S.C.1951–1959, and 31 U.S.C. 5311– Postal Service, and seller of prepaid access. See 31
Programs for Money Services 5332, authorizes the Secretary of the CFR 1010.100(ff).
Businesses, Mutual Funds, and Treasury, among other things, to require 3 Providers and sellers of prepaid access are
financial institutions to keep records required to collect and maintain the customer’s
Operators of Credit Cards Systems name, date of birth, address, and identification
and file reports that are determined to number for five years. This collection is automated.
AGENCY:Financial Crimes Enforcement have a high degree of usefulness in FinCEN estimates that approximately 2,583,300
Network, Treasury. criminal, tax and regulatory matters, or prepaid cards are issued annually.
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![9506 Federal Register / Vol. 80, No. 35 / Monday, February 23, 2015 / Notices
program must be maintained for five technology; and (e) estimates of capital Department of the Treasury, P.O. Box
years. or start-up costs and costs of operation, 39, Vienna, Virginia 22183, ‘‘Attention:
Current Action: Renewal without maintenance and purchase of services to PRA Comments—SAR Requirements-
change to the existing regulations. provide information. Securities and Futures Industries.’’
Affected Public: Businesses and other Dated: February 13, 2015. Comments also may be submitted by
for-profit institutions. electronic mail to the following Internet
Jennifer Shasky Calvery,
Burden: Estimated Number of address: regcomments@fincen.gov, again
Respondents: 327,206. Director, Financial Crimes Enforcement
with a caption, in the body of the text,
Network.
31 CFR 1022.210 = 324,100. ‘‘Attention: PRA Comments—SAR
[FR Doc. 2015–03586 Filed 2–20–15; 8:45 am]
31 CFR 1024.210 = 3,000. Requirements-Securities and Futures
BILLING CODE 4810–02–P
31 CFR 1028.210 = 6. Industry.’’
Estimated Number of Responses: Inspection of comments. Comments
2,838,406. may be inspected, between 10 a.m. and
DEPARTMENT OF THE TREASURY 4 p.m., in the FinCEN reading room in
31 CFR 1022.210 = 2,835,400.
Vienna, VA. Persons wishing to inspect
31 CFR 1024.210 = 3,000. Financial Crimes Enforcement Network
31 CFR 1028.210 = 6. the comments submitted must request
Proposed Information Collection; an appointment with the Disclosure
Estimated at one hour per respondent. Comment Request; Renewal of Officer by telephoning (703) 905–5034
Suspicious Activity Reporting (not a toll free call).
31 CFR 1022.210 = 252,100.4
Requirements by Brokers or Dealers in FOR FURTHER INFORMATION CONTACT: The
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6. Securities and Futures Commission FinCEN Resource Center at 800–767–
Merchants and Introducing Brokers in 2825 or email frc@fincen.gov.
Estimated Number of Hours: 255,106.
Commodities. SUPPLEMENTARY INFORMATION: The Bank
Estimated at two minutes per prepaid
card issued. Secrecy Act (‘‘BSA’’), Titles I and II of
AGENCY: Financial Crimes Enforcement Public Law 91–508, as amended,
31 CFR 1022.210 = 86,110.5 Network (‘‘FinCEN’’), Treasury. codified at 12 U.S.C. 1829(b), 12 U.S.C.
Estimated Total Number of hours: ACTION: Notice and request for 1951–1959, and 31 U.S.C. 5311–5332,
341,216 comments. authorizes the Secretary of the Treasury,
An agency may not conduct or among other things, to require financial
sponsor, and a person is not required to SUMMARY: FinCEN invites comment on
the renewal of an information collection institutions to keep records and file
respond to, a collection of information reports that are determined to have a
unless it displays a valid control requirement for the recordkeeping and
reporting of suspicious activities by high degree of usefulness in criminal,
number assigned by OMB. Records tax, and regulatory matters, or in the
required to be retained under the BSA brokers or dealers in securities and
futures commission merchants (FCMs) conduct of intelligence or counter-
must be retained for five years. intelligence activities to protect against
Generally, information collected and introducing brokers in commodities
international terrorism, and to
pursuant to the BSA is confidential but (IBs).1 The Bank Secrecy Act Suspicious
implement counter-money laundering
may be shared as provided by law with Activity Report, (‘‘BSAR’’) 2 will be used
programs and compliance procedures.3
regulatory and law enforcement by these entities to report suspicious Regulations implementing Title II of
authorities. activity to FinCEN. This request for the BSA appear at 31 CFR Chapter X.
comments also covers 31 CFR 1023.320, The Secretary of the Treasury was
Request for Comments relating to reports by brokers or dealers granted authority in 1992, with the
Comments submitted in response to in securities of suspicious transactions, enactment of 31 U.S.C. 5318(g), to
this notice will be summarized and/or and 31 CFR 1026.320, reports by futures require financial institutions to report
included in the request for OMB commission merchants and introducing suspicious transactions. The authority
approval. All comments will become a brokers in commodities of suspicious of the Secretary of the Treasury to
matter of public record. Comments are transactions. This request for comments administer the BSA has been delegated
invited on: (a) Whether the collection of is being made pursuant to the to the Director of FinCEN. The final
information is necessary for the proper Paperwork Reduction Act (‘‘PRA’’) of Broker-Dealer SAR rule can be found at
performance of the functions of the 1995, Public Law 104–13, 44 U.S.C. 31 CFR 1023.320. The final FCM–IB
agency, including whether the 3506(c)(2)(A). SAR rule can be found at 31 CFR
information shall have practical utility; DATES: Written comments are welcome 1026.320.
(b) the accuracy of the agency’s estimate and must be received on or before April The information collected is required
of the burden of the collection of 24, 2015. to be provided pursuant to 31 U.S.C.
information; (c) ways to enhance the ADDRESSES: Written comments should 5318(g), 31 CFR 1023.320 and 31 CFR
quality, utility, and clarity of the be submitted to: Policy Division, 1026.320. This information will be
information to be collected; (d) ways to Financial Crimes Enforcement Network, made available, in accordance with
minimize the burden of the collection of strict safeguards, to appropriate criminal
information on respondents, including 1 The federal functional regulator for the law enforcement and regulatory
through the use of automated collection securities industry is the U.S. Securities and personnel, and to the registered
Exchange Commission (‘‘SEC’’) and, for the futures
techniques or other forms of information industry, it is the Commodity Futures Trading
securities and futures associations and
national exchanges (so-called self-
Rmajette on DSK2VPTVN1PROD with NOTICES
Commission (‘‘CFTC’’).
4 FinCEN estimates that it will take each MSB that 2 The BSAR was approved by the Office of
is not a prepaid provider one hour to respond to Management and Budget (‘‘OMB’’) under control 3 Language expanding the scope of the BSA to
this information collection, for a total of 252,100 number 1506–0065. The BSAR is a single report intelligence or counter-intelligence activities to
hours. FinCEN estimates that it will take each MSB that replaced previous individual SAR forms for protect against international terrorism was added by
that is a prepaid provider two minutes per prepaid depository institutions, casinos, money services Section 358 of the Uniting and Strengthening
card issued, for a total of 86,100 hours. Combined, businesses, securities brokers or dealers, mutual America by Providing Appropriate Tools Required
the estimated hourly burden for MSBs is 338,210. funds, futures commission merchants, introducing to Intercept and Obstruct Terrorism Act of 2001,
5 Ibid. brokers in commodities, and insurance companies, Public Law 107–56.
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Document Created: 2015-12-18 13:28:49
Document Modified: 2015-12-18 13:28:49
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comments. | |
| Dates | Written comments are welcome and must be received on or before April 24, 2015. | |
| Contact | The FinCEN Resource Center at 800-767- 2825 or email [email protected] | |
| FR Citation | 80 FR 9505 |
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