82 FR 31686 - Agency Information Collection Activities; Comment Request; Renewal Without Change of Bank Secrecy Act Recordkeeping Requirements

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network

Federal Register Volume 82, Issue 129 (July 7, 2017)

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'') recordkeeping requirements addressed in this notice. FinCEN intends to submit these requirements for approval by the Office of Management and Budget (``OMB'') of a three-year extension of Control Numbers 1506-0050 through 1506-0059. This request for comments is made pursuant to the Paperwork Reduction Act (``PRA'') of 1995. In addition, FinCEN is seeking comment on 31 CFR 1010.430, the nature of records and retention period, which is not subject to the PRA because there is no information collection associated with it.\1\ ---------------------------------------------------------------------------

[Federal Register Volume 82, Number 129 (Friday, July 7, 2017)]
[Notices]
[Pages 31686-31688]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-14257]


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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 Recordkeeping Requirements

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'') 
recordkeeping requirements addressed in this notice. FinCEN intends to 
submit these requirements for approval by the Office of Management and 
Budget (``OMB'') of a three-year extension of Control Numbers 1506-0050 
through 1506-0059. This request for comments is made pursuant to the 
Paperwork Reduction Act (``PRA'') of 1995. In addition, FinCEN is 
seeking comment on 31 CFR 1010.430, the nature of records and retention 
period, which is not subject to the PRA because there is no information 
collection associated with it.\1\
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    \1\ This section applies to all the BSA recordkeeping rules; it 
imposes a 5-year record retention period for all BSA recordkeeping 
rules and includes a brief discussion of how to make the records. 
This paragraph is not subject to the PRA because it only deals with 
the retention time-period.

DATES: Written comments should be received on or before September 5, 
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2017 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-2017-0008 and the specific OMB control number the comment 
applies to.
     Mail: Policy Division, Financial Crimes Enforcement 
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2017-0008 and the specific OMB control number.
    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. et seq., authorizes the Secretary of the Treasury, inter 
alia, to issue regulations requiring records and reports that are 
determined to have a high degree of usefulness in criminal, tax and 
regulatory matters. Title III of the USA PATRIOT Act of 2001, Pub. L. 
107-56, included certain amendments to the anti-money laundering 
provisions of Title II of the BSA, 31 U.S.C. 5311 et seq., which are 
intended to aid in the prevention, detection and prosecution of 
international money laundering and terrorist financing. Regulations 
implementing Title II of the BSA appear at 31 CFR Chapter X. The 
authority of the Secretary of the Treasury to administer Title II of 
the BSA has been delegated to the Director of FinCEN. The information 
collected and retained under the regulation addressed in this notice 
assists 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.
    Title: BSA Recordkeeping Requirements.

[[Page 31687]]

    OMB Numbers: 1506-0050 through 1506-0059.
    Abstract: In accordance with 31 CFR 1010.430, covered financial 
institutions are required to maintain records of certain financial 
transactions 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 recordkeeping 
requirements.
    Affected Public: Businesses or other for-profit institutions, and 
non-profit institutions.
    1. Title: Administrative Rulings (31 CFR 1010.711-717).
    OMB Number: 1506-0050.
    Current action: This is a renewal without change of a currently 
approved PRA burden.
    Summary of proposed action: FinCEN proposes renewing the PRA burden 
currently included in OMB Control Number 1506-0050. The sections under 
this control number are: (a) How to submit a ruling request (1010.711), 
(b) how non-conforming requests are handled (1010.712), (c) how oral 
communications are treated (1010.713), (d) how rulings are issued 
(1010.715), (e) how rulings are modified or rescinded (1010.716), and 
(f) how information in connection with a ruling may be disclosed 
(1010.717). Effective September 2009, all administrative rulings 
intended to have precedential value are published on the FinCEN Web 
site and may be reviewed at https://www.fincen.gov/resources/statutes-regulations/administrative-rulings.
    Burden: The estimated number of responses (i.e., request for a 
ruling) is 60 annually, with a burden of 1 hour per submission, for a 
total annual burden of 60 hours.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or other for-profit institutions, and 
non-profit institutions.
    Frequency: N/A.
    2. Title: Special Rules for Casinos (31 CFR 1021.210(b), 31 CFR 
1021.100(a)-(e), and 31 CFR 1010.430).
    OMB Number: 1506-0051.
    Current Action: This is a renewal without change of a currently 
approved PRA burden.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or other for-profit institutions.
    Burden: The estimated number of recordkeepers is 1341. The 
estimated annual recordkeeping burden per recordkeeper is 100 hours, 
for a total estimated annual recordkeeping burden of 134,100 hours.
    3. Title: Additional Records to be made and retained by Currency 
Dealers or Exchangers (31 CFR 1022.410 and 31 CFR 1010.430).
    OMB Number: 1506-0052.
    Current Action: This is a renewal without change of a currently 
approved PRA burden.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or 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.
    4. Title: Additional Records to be made and retained by Brokers or 
Dealers in Securities (31 CFR 1023.410 and 31 CFR 1010.410).
    OMB Number: 1506-0053.
    Current Action: This is a renewal without change of a currently 
approved PRA burden.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or 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 830,000 hours.
    5. Title: Additional Records to be made and retained by Casinos (31 
CFR 1021.410 (except 31 CFR 1021.410(b)(10)) and 31 CFR 1010.430).
    OMB Number: 1506-0054.
    Current Action: This is a renewal without change of a currently 
approved PRA burden.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or other for-profit institutions.
    Burden: Total burden of 119,604 hours.
    The burden for the action will be as follows:
    31 CFR 1021.410(a) & (b)(1)-(8). The estimated number of 
recordkeepers is 912. The estimated annual recordkeeping burden per 
recordkeeper is 100 hours, for a total estimated annual recordkeeping 
burden of 91,200.
    31 CFR 1021.410(b)(9). The estimated number of recordkeepers is 
912. The estimated annual recordkeeping burden per recordkeeper is 7.5 
hours, for a total estimated annual recordkeeping burden of 6,840 
hours.
    31 CFR 1021.410(b)(11). The estimated number of recordkeepers is 
350. The estimated number of transactions is 215,000 annually with a 
burden per transaction of 5 minutes for a total estimated annual 
recordkeeping burden of 17,916 hours.
    31 CFR 1021.410(c). The estimated number of respondents is 912. The 
estimated annual recordkeeping burden per recordkeeper is 4 hours, for 
a total estimated annual recordkeeping burden of 3,648 hours.
    6. Title: Reports of Transactions with Foreign Financial Agencies 
(31 CFR 1010.360).\2\
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    \2\ Treasury may, by regulation, require specified financial 
institutions to report transactions by persons with designated 
foreign financial agencies.
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    OMB Number: 1506-0055.
    Current Action: This is a renewal without change of a currently 
approved PRA burden.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or other for-profit institutions, and 
non-profit institutions.
    Burden: The estimated number of respondents per year is 20. The 
estimated number of responses is 20 with a reporting burden of 5 hours 
per respondent for a total annual burden of 100 hours.
    7. Title: Reports of Certain Domestic Coin and Currency 
Transactions (31 CFR 1010.370 and 31 CFR 1010.410(d)).
    OMB Number: 1506-0056.
    Current Action: This is a renewal without change of a currently 
approved PRA burden.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or other 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. Total estimated burden 6,800 hours.\3\
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    \3\ Although the burden is stated as an annual burden in 
accordance with the PRA, 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 1010.415, and 31 CFR 
1010.430).
    OMB Number: 1506-0057.

[[Page 31688]]

    Current Action: This is a renewal without change of a currently 
approved PRA burden.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or other 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 1010.410 (except 1010.410(d)) and 31 CFR 1010.430).
    OMB Number: 1506-0058.
    Current Action: This is a renewal without change of a currently 
approved PRA burden.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or other for-profit institutions, and 
non-profit institutions.
    Burden: Total of 2,139,000 hours.
    The burden for this action will be as follows:
    31 CFR 1010.410(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 1010.410(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 1010.410(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 1020.410 and 31 CFR 1010.430).
    OMB Number: 1506-0059.
    Current Action: This is a renewal without change of a currently 
approved PRA burden.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or other 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.
    The following paragraph applies to the 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.

Jamal El Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2017-14257 Filed 7-6-17; 8:45 am]
 BILLING CODE 4810-02-P