83 FR 34298 - Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Anti-Money Laundering Programs for Insurance Companies and Non-Bank Residential Mortgage Lenders and Originators
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network Federal Register Volume 83, Issue 139 (July 19, 2018)
Financial Crimes Enforcement Network
Federal Register Volume 83, Issue 139 (July 19, 2018)
| Page Range | 34298-34299 | |
| FR Document | 2018-15401 |
[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)] [Notices] [Pages 34298-34299] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-15401] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Anti-Money Laundering Programs for Insurance Companies and Non-Bank Residential Mortgage Lenders and Originators AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S. Department of the Treasury. ACTION: Notice and request for comments. ----------------------------------------------------------------------- SUMMARY: FinCEN invites comment on the renewal of information collections in existing regulations requiring [[Page 34299]] insurance companies and non-bank residential mortgage lenders and originators 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 (``PRA'') of 1995. DATES: Written comments are welcome and must be received on or before September 17, 2018. 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-2018-0004 and OMB control number 1506-0035. Mail: Policy Division, Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN- 2018-0004 and OMB control number 1506-0035. Please submit comments by one method only. Comments will also be incorporated to FinCEN's retrospective regulatory review process, as mandated by E.O. 12866 and 13563. 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 frc@fincen.gov. 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\ --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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 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: Anti-money laundering programs for insurance companies, 31 CFR 1025.210 and non-bank residential mortgage lenders and originators, 31 CFR 1029.210. Office of Management and Budget (``OMB'') Control Number: 1506- 0035. Abstract: Insurance companies and non-bank residential mortgage lenders and originators 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: Renewal without change of current regulations. Type of Review: Renewal of a currently approved information collection. Affected Public: Businesses and other for-profit institutions. Estimated Number of Respondents: 1,200 Insurance Companies and 31,000 Non-Bank Residential Mortgage Lender and Originators. Estimated Number of Responses: 1,200 Insurance Companies and 31,000 Non-Bank Residential Mortgage Lender and Originators. Estimated Number of Hours: 1,200 Insurance Companies and 31,000 Non-Bank Residential Mortgage Lender and Originators.\2\ --------------------------------------------------------------------------- \2\ This is a renewal without change of a current program. The annual update to a financial institutions' AML program is one (1) hour. --------------------------------------------------------------------------- Total Estimated Burden Hours: 32,200. 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 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. 2018-15401 Filed 7-18-18; 8:45 am] BILLING CODE 4810-02-P
![34298 Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices
research agenda that will be developed incorporated to FinCEN’s retrospective Estimated Burden: The administrative
through this forum will help PHMSA regulatory review process, as mandated burden of 1 hour is assigned to maintain
align its research program with the by E.O. 12866 and 13563. All comments the requirement in force. The burden for
needs of its pipeline safety mission and submitted in response to this notice will actual reporting is reflected in OMB
make use of the best available become a matter of public record. Control number 1506–0065.
knowledge and expertise, as well as Therefore, you should submit only An agency may not conduct or
considering the perspectives of information that you wish to make sponsor, and a person is not required to
stakeholders. publicly available. respond to, a collection of information
Issued in Washington, DC on July 11, 2018, FOR FURTHER INFORMATION CONTACT: The unless the collection of information
under authority delegated in 49 CFR 1.97. FinCEN Resource Center at 800–767– displays a valid OMB control number.
Alan K. Mayberry, 2825 or electronically at frc@fincen.gov. Records required to be retained under
Associate Administrator for Pipeline Safety. SUPPLEMENTARY INFORMATION: The BSA, the BSA must be retained for five years.
[FR Doc. 2018–15418 Filed 7–18–18; 8:45 am] Titles I and II of Public Law 91–508, as Generally, information collected
amended, codified at 12 U.S.C. 1829(b), pursuant to the BSA is confidential, but
BILLING CODE 4910–60–P
12 U.S.C. 1951–1959, and 31 U.S.C. may be shared as provided by law with
5311–5332, authorizes the Secretary of regulatory and law enforcement
the Treasury, among other things, to authorities.
DEPARTMENT OF THE TREASURY Request for Comments: Comments
require financial institutions to keep
Financial Crimes Enforcement Network records and file reports that are submitted in response to this notice will
determined to have a high degree of be summarized and/or included in the
Proposed Information Collection; usefulness in criminal, tax and request for OMB approval. All
Comment Request; Renewal Without regulatory matters, or in the conduct of comments will become a matter of
Change of Bank Secrecy Act intelligence or counter-intelligence public record. Comments are invited on:
Regulations Requiring Money Services activities to protect against international (a) Whether the collection of
Businesses To Report Suspicious terrorism, and to implement counter- information is necessary for the proper
Activity money laundering programs and performance of the functions of the
compliance procedures.1 Regulations agency, including whether the
AGENCY: Financial Crimes Enforcement information shall have practical utility;
implementing Title II of the BSA appear
Network (‘‘FinCEN’’), U.S. Department (b) the accuracy of the agency’s estimate
at 31 CFR Chapter X. The authority of
of the Treasury. of the burden of the collection of
the Secretary of the Treasury to
ACTION: Notice and request for administer the BSA has been delegated information; (c) ways to enhance the
comments. to the Director of FinCEN. The quality, utility, and clarity of the
SUMMARY: FinCEN, a bureau of the U.S. information collected and retained information to be collected; (d) ways to
Department of the Treasury under the regulation addressed in this minimize the burden of the collection of
(‘‘Treasury’’), invites all interested notice assist Federal, state, and local information on respondents, including
parties to comment on its proposed law enforcement as well as regulatory through the use of automated collection
renewal without change of the Bank authorities in the identification, techniques or other forms of information
Secrecy Act (‘‘BSA’’) Suspicious investigation, and prosecution of money technology; and (e) estimates of capital
Activity Reporting requirements for laundering and other matters. In or start-up costs and costs of operation,
money services businesses (‘‘MSBs’’). accordance with the requirements of the maintenance and purchase of services to
FinCEN intends to submit this PRA, 44 U.S.C. 3506(c)(2)(A), and its provide information.
requirement for approval by the Office implementing regulations, the following Jamal El-Hindi,
of Management and Budget (‘‘OMB’’) of information is presented concerning the
Deputy Director, Financial Crimes
a three-year renewal of Control Number recordkeeping requirements listed Enforcement Network.
1506–0015. This request for comments below.
[FR Doc. 2018–15400 Filed 7–18–18; 8:45 am]
is made pursuant to the Paperwork 1. Title: Suspicious Activity Report by
BILLING CODE 4810–02–P
Reduction Act (‘‘PRA’’) of 1995, Public Money Services Businesses.
Law 104–13, 44 U.S.C. 3506(c)(2)(A). OMB Number: 1506–0015.
Abstract: In accordance with 31 CFR
DATES: Written comments should be 1022.320, covered financial institutions DEPARTMENT OF THE TREASURY
received on or before September 17, are required to report suspicious activity
2018 to be assured of consideration. Financial Crimes Enforcement Network
and maintain the records for a period of
ADDRESSES: Comments may be five years. Covered financial institutions Agency Information Collection
submitted by any of the following may satisfy these requirements by using Activities; Proposed Renewal;
methods: their internal records management
• Federal E-rulemaking Portal: http:// Comment Request; Renewal Without
system. Change of Anti-Money Laundering
www.regulations.gov. Follow the Current Action: Renewal without
instructions for submitting comments. Programs for Insurance Companies
change to the existing regulations. and Non-Bank Residential Mortgage
Refer to Docket Number FINCEN–2018– Type of Review: Renewal of currently
0006 and the specific OMB control Lenders and Originators
approved reporting requirement.
number 1506–0015. Affected Public: Businesses and other AGENCY: Financial Crimes Enforcement
• Mail: Policy Division, Financial
sradovich on DSK3GMQ082PROD with NOTICES
for-profit institutions. Network (‘‘FinCEN’’), U.S. Department
Crimes Enforcement Network, P.O. Box of the Treasury.
39, Vienna, VA 22183. Refer to Docket 1 Language expanding the scope of the Bank
ACTION: Notice and request for
Number FINCEN–2018–0006 and the Secrecy Act to intelligence or counter-intelligence
comments.
specific OMB control number 1506– activities to protect against international terrorism
was added by Section 358 of the Uniting and
0015. Strengthening America by Providing Appropriate
SUMMARY: FinCEN invites comment on
Please submit comments by one Tools Required to Intercept and Obstruct Terrorism the renewal of information collections
method only. Comments will also be Act of 2001, Public Law 107–56. in existing regulations requiring
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![Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices 34299
insurance companies and non-bank been delegated to the Director of comments will become a matter of
residential mortgage lenders and FinCEN. public record. Comments are invited on:
originators to develop and implement The information collected and (a) Whether the collection of
written anti-money laundering programs retained under the regulations information is necessary for the proper
reasonably designed to prevent those addressed in this notice assists Federal, performance of the functions of the
financial institutions from being used to state, and local law enforcement as well agency, including whether the
facilitate money laundering and the as regulatory authorities in the information shall have practical utility;
financing of terrorist activities. This identification, investigation, and (b) the accuracy of the agency’s estimate
request for comments is being made prosecution of money laundering and of the burden of the collection of
pursuant to the Paperwork Reduction other matters. In accordance with the information; (c) ways to enhance the
Act (‘‘PRA’’) of 1995. requirements of the PRA, 44 U.S.C. quality, utility, and clarity of the
DATES: Written comments are welcome 3506(c)(2)(A), and its implementing information to be collected; (d) ways to
and must be received on or before regulations, the following information is minimize the burden of the collection of
September 17, 2018. presented concerning the recordkeeping information on respondents, including
ADDRESSES: Comments may be requirements listed below. through the use of automated collection
submitted by any of the following Title: Anti-money laundering techniques or other forms of information
methods: programs for insurance companies, 31 technology; and (e) estimates of capital
• Federal E-rulemaking Portal: http:// CFR 1025.210 and non-bank residential or start-up costs and costs of operation,
www.regulations.gov. Follow the mortgage lenders and originators, 31 maintenance and purchase of services to
instructions for submitting comments. CFR 1029.210. provide information.
Refer to Docket Number FINCEN–2018– Office of Management and Budget
(‘‘OMB’’) Control Number: 1506–0035. Jamal El-Hindi,
0004 and OMB control number 1506– Deputy Director, Financial Crimes
0035. Abstract: Insurance companies and
non-bank residential mortgage lenders Enforcement Network.
• Mail: Policy Division, Financial [FR Doc. 2018–15401 Filed 7–18–18; 8:45 am]
Crimes Enforcement Network, P.O. Box and originators are required to establish
39, Vienna, VA 22183. Refer to Docket and maintain written anti-money BILLING CODE 4810–02–P
Number FINCEN–2018–0004 and OMB laundering programs. A copy of the
control number 1506–0035. written program must be maintained for
five years. DEPARTMENT OF THE TREASURY
Please submit comments by one
method only. Comments will also be Current Action: Renewal without
Financial Crimes Enforcement Network
incorporated to FinCEN’s retrospective change of current regulations.
regulatory review process, as mandated Type of Review: Renewal of a Proposed Collection; Comment
by E.O. 12866 and 13563. All comments currently approved information Request; Renewal Without Change of
submitted in response to this notice will collection. the Registration of Money Services
become a matter of public record. Affected Public: Businesses and other Business, Regulation and FinCEN
Therefore, you should submit only for-profit institutions. Form 107
information that you wish to make Estimated Number of Respondents:
publicly available. 1,200 Insurance Companies and 31,000 AGENCY:Financial Crimes Enforcement
Non-Bank Residential Mortgage Lender Network (‘‘FinCEN’’), Treasury.
FOR FURTHER INFORMATION CONTACT: The
and Originators.
FinCEN Resource Center at 800–767– Estimated Number of Responses: Notice and request for
ACTION:
2825 or electronically at frc@fincen.gov. 1,200 Insurance Companies and 31,000 comments.
SUPPLEMENTARY INFORMATION: The Bank Non-Bank Residential Mortgage Lender
Secrecy Act (‘‘BSA’’), Titles I and II of and Originators. SUMMARY: As part of its continuing effort
Public Law 91–508, as amended, Estimated Number of Hours: 1,200 to reduce paperwork and respondent
codified at 12 U.S.C. 1829(b), 12 Insurance Companies and 31,000 Non- burden, FinCEN invites comment on a
U.S.C.1951–1959, and 31 U.S.C. 5311– Bank Residential Mortgage Lender and renewal without change to a currently
5332, authorizes the Secretary of the Originators.2 approved information collection
Treasury, among other things, to require Total Estimated Burden Hours: contained in 31 CFR 1022.380 and the
financial institutions to keep records 32,200. Registration of Money Services Business
and file reports that are determined to An agency may not conduct or report, FinCEN Form 107. The form will
have a high degree of usefulness in sponsor, and a person is not required to be used by currency dealers or
criminal, tax, and regulatory matters, or respond to, a collection of information exchangers; check cashers; issuers of
in the conduct of intelligence or unless it displays a valid OMB control traveler’s checks, money orders or
counter-intelligence activities to protect number. Records required to be retained prepaid access; sellers of traveler’s
against international terrorism, and to under the BSA must be retained for five checks, money orders or prepaid access;
implement counter-money laundering years. Generally, information collected redeemers of traveler’s checks, money
programs and compliance procedures.1 pursuant to the BSA is confidential but orders or prepaid access; and money
Regulations implementing Title II of may be shared as provided by law with transmitters to register with the
the BSA appear at 31 CFR Chapter X. regulatory and law enforcement Department of the Treasury as required
The authority of the Secretary of the authorities. by statute. This request for comments is
sradovich on DSK3GMQ082PROD with NOTICES
Treasury to administer the BSA has Request for Comments: Comments being made pursuant to the Paperwork
submitted in response to this notice will Reduction Act of 1995, Public Law 104–
1 Language expanding the scope of the BSA to
be summarized and/or included in the 13, 44 U.S.C. 3506(c)(2)(A).
intelligence or counter-intelligence activities to
protect against international terrorism was added by request for OMB approval. All
DATES: Written comments are welcome
Section 358 of the Uniting and Strengthening
America by Providing Appropriate Tools Required 2 This
is a renewal without change of a current
and must be received on or before
to Intercept and Obstruct Terrorism Act of 2001, program. The annual update to a financial September 17, 2018 to be assured of
Public Law 107–56. institutions’ AML program is one (1) hour. consideration.
VerDate Sep<11>2014 17:34 Jul 18, 2018 Jkt 244001 PO 00000 Frm 00202 Fmt 4703 Sfmt 4703 E:\FR\FM\19JYN1.SGM 19JYN1](https://thefederalregister.org/doc/83_FR_34437/page/2.svg)
Document Created: 2018-07-19 01:34:35
Document Modified: 2018-07-19 01:34:35
| 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 September 17, 2018. | |
| Contact | The FinCEN Resource Center at 800-767- 2825 or electronically at [email protected] | |
| FR Citation | 83 FR 34298 |
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