83 FR 34299 - Proposed Collection; Comment Request; Renewal Without Change of the Registration of Money Services Business, Regulation and FinCEN Form 107

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network

Federal Register Volume 83, Issue 139 (July 19, 2018)

Page Range		34299-34300
FR Document		2018-15399

As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a renewal without change to a currently approved information collection contained in 31 CFR 1022.380 and the Registration of Money Services Business report, FinCEN Form 107. The form will be used by currency dealers or exchangers; check cashers; issuers of traveler's checks, money orders or prepaid access; sellers of traveler's checks, money orders or prepaid access; redeemers of traveler's checks, money orders or prepaid access; and money transmitters to register with the Department of the Treasury as required by statute. 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 83 Issue 139 (Thursday, July 19, 2018)

[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Pages 34299-34300]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-15399]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Collection; Comment Request; Renewal Without Change of 
the Registration of Money Services Business, Regulation and FinCEN Form 
107

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

ACTION: Notice and request for comments.

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SUMMARY: As part of its continuing effort to reduce paperwork and 
respondent burden, FinCEN invites comment on a renewal without change 
to a currently approved information collection contained in 31 CFR 
1022.380 and the Registration of Money Services Business report, FinCEN 
Form 107. The form will be used by currency dealers or exchangers; 
check cashers; issuers of traveler's checks, money orders or prepaid 
access; sellers of traveler's checks, money orders or prepaid access; 
redeemers of traveler's checks, money orders or prepaid access; and 
money transmitters to register with the Department of the Treasury as 
required by statute. 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 17, 2018 to be assured of consideration.

[[Page 34300]]


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-2018-0005 and the specific OMB control number 1506-0013.
     Mail: Policy Division, Financial Crimes Enforcement 
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2018-0005 and the specific OMB control number 1506-0013.
    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 [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\
---------------------------------------------------------------------------

    \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: Registration of Money Services Business.
    OMB Number: 1506-0013.
    Form Number: FinCEN Form 107.
    Abstract: The statute generally referred to as the ``Bank Secrecy 
Act,'' Titles I and II of Public Law 91-508, as amended, codified at 12 
U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5330, authorizes 
the Secretary of the Treasury, among other things, to issue regulations 
requiring records and reports that are determined to have a high degree 
of usefulness in criminal, tax, and regulatory matters. Regulations 
implementing Title II of the Bank Secrecy Act (codified at 31 U.S.C. 
5311-5330) appear at 31 CFR Chapter X. The authority of the Secretary 
to administer the Bank Secrecy Act has been delegated to the Director 
of FinCEN.
    Under 31 U.S.C. 5330 and its implementing regulations, money 
services businesses must register with the Department of the Treasury, 
maintain a list of their agents, and renew their registration every two 
years. Currently, money services businesses register by filing FinCEN 
Form 107, which is being renewed without change. The information 
collected on the form is required to comply with 31 U.S.C. 5330 and its 
implementing regulations. The information will be used to assist 
supervisory and law enforcement agencies in the enforcement of 
criminal, tax, and regulatory laws and to prevent money services 
businesses from being used by those engaging in money laundering. The 
collection of information is mandatory.
    Current Actions: The current Form 107 and instructions are being 
renewed without change.
    Type of Review: Renewal of currently approved collection report.
    Affected public: Business or other for-profit institutions.
    Frequency: As required.
    Estimated Burden: Reporting average of 30 minutes per response; 
recordkeeping average of 30 minutes per response.
    Estimated number of respondents: 42,000.
    Estimated Total Annual Burden Hours: 42,000 hours.
    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 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 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. 2018-15399 Filed 7-18-18; 8:45 am]
 BILLING CODE 4810-02-P

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.

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34300 Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices

ADDRESSES: Comments may be presented concerning the recordkeeping as provided by law with regulatory and
submitted by any of the following requirements listed below. law enforcement authorities.
methods: Title: Registration of Money Services Request for Comments: Comments
• Federal E-rulemaking Portal: http:// Business. submitted in response to this notice will
www.regulations.gov. Follow the OMB Number: 1506–0013. be summarized and/or included in the
instructions for submitting comments. Form Number: FinCEN Form 107. request for OMB approval. All
Refer to Docket Number FINCEN–2018– Abstract: The statute generally comments will become a matter of
0005 and the specific OMB control referred to as the ‘‘Bank Secrecy Act,’’ public record. Comments are invited on:
number 1506–0013. Titles I and II of Public Law 91–508, as (a) Whether the collection of
• Mail: Policy Division, Financial amended, codified at 12 U.S.C. 1829b, information is necessary for the proper
Crimes Enforcement Network, P.O. Box 12 U.S.C. 1951–1959, and 31 U.S.C. performance of the functions of the
39, Vienna, VA 22183. Refer to Docket 5311–5330, authorizes the Secretary of agency, including whether the
Number FINCEN–2018–0005 and the the Treasury, among other things, to information shall have practical utility;
specific OMB control number 1506– issue regulations requiring records and (b) the accuracy of the agency’s estimate
0013. reports that are determined to have a of the burden of the collection of
Please submit comments by one high degree of usefulness in criminal, information; (c) ways to enhance the
method only. Comments will also be tax, and regulatory matters. Regulations quality, utility, and clarity of the
incorporated to FinCEN’s retrospective implementing Title II of the Bank information to be collected; (d) ways to
regulatory review process, as mandated Secrecy Act (codified at 31 U.S.C. 5311– minimize the burden of the collection of
by E.O. 12866 and 13563. All comments 5330) appear at 31 CFR Chapter X. The information on respondents, including
submitted in response to this notice will authority of the Secretary to administer through the use of automated collection
become a matter of public record. the Bank Secrecy Act has been techniques or other forms of information
Therefore, you should submit only delegated to the Director of FinCEN. technology; and (e) estimates of capital
information that you wish to make Under 31 U.S.C. 5330 and its or start-up costs and costs of operation,
publicly available. implementing regulations, money maintenance and purchase of services to
services businesses must register with provide information.
FOR FURTHER INFORMATION CONTACT: The
the Department of the Treasury,
FinCEN Resource Center at 800–767– Jamal El-Hindi,
maintain a list of their agents, and
2825 or electronically at frc@fincen.gov. Deputy Director, Financial Crimes
renew their registration every two years.
SUPPLEMENTARY INFORMATION: The Bank Enforcement Network.
Currently, money services businesses
Secrecy Act (‘‘BSA’’), Titles I and II of register by filing FinCEN Form 107, [FR Doc. 2018–15399 Filed 7–18–18; 8:45 am]
Public Law 91–508, as amended, which is being renewed without change. BILLING CODE 4810–02–P
codified at 12 U.S.C. 1829(b), 12 U.S.C. The information collected on the form is
1951–1959, and 31 U.S.C. 5311–5332, required to comply with 31 U.S.C. 5330
authorizes the Secretary of the Treasury, and its implementing regulations. The DEPARTMENT OF THE TREASURY
among other things, to require financial information will be used to assist
institutions to keep records and file Financial Crimes Enforcement Network
supervisory and law enforcement
reports that are determined to have a agencies in the enforcement of criminal, Proposed Information Collection;
high degree of usefulness in criminal, tax, and regulatory laws and to prevent Comment Request; Renewal Without
tax, and regulatory matters, or in the money services businesses from being Change of Bank Secrecy Act
conduct of intelligence or counter- used by those engaging in money Suspicious Activity Reporting Non-
intelligence activities to protect against laundering. The collection of Bank Requirement for Residential
international terrorism, and to information is mandatory. Mortgage Lenders and Originators
implement counter-money laundering Current Actions: The current Form
programs and compliance procedures.1 107 and instructions are being renewed AGENCY: Financial Crimes Enforcement
Regulations implementing Title II of without change. Network (‘‘FinCEN’’), U.S. Department
the BSA appear at 31 CFR Chapter X. Type of Review: Renewal of currently of the Treasury.
The authority of the Secretary of the approved collection report. ACTION: Notice and request for
Treasury to administer the BSA has Affected public: Business or other for- comments.
been delegated to the Director of profit institutions.
FinCEN. Frequency: As required. SUMMARY: FinCEN, a bureau of the U.S.
The information collected and Estimated Burden: Reporting average Department of the Treasury
retained under the regulations of 30 minutes per response; (‘‘Treasury’’), invites all interested
addressed in this notice assists Federal, recordkeeping average of 30 minutes per parties to comment on its proposed
state, and local law enforcement as well response. renewal without change of the Bank
as regulatory authorities in the Estimated number of respondents: Secrecy Act (‘‘BSA’’) Suspicious
identification, investigation, and 42,000. Activity Reporting regulatory
prosecution of money laundering and Estimated Total Annual Burden requirements for residential mortgage
other matters. In accordance with the Hours: 42,000 hours. lenders and originators. FinCEN intends
requirements of the PRA, 44 U.S.C. An agency may not conduct or to submit this requirement for approval
3506(c)(2)(A), and its implementing sponsor, and a person is not required to by the Office of Management and
respond to, a collection of information Budget (‘‘OMB’’) of a three-year renewal
sradovich on DSK3GMQ082PROD with NOTICES

regulations, the following information is
unless the collection of information of Control Number 1506–0061. This
1 Language expanding the scope of the BSA to displays a valid OMB control number. request for comments is made pursuant
intelligence or counter-intelligence activities to Records required to be retained under to the Paperwork Reduction Act
protect against international terrorism was added by the Bank Secrecy Act must be retained (‘‘PRA’’) of 1995.
Section 358 of the Uniting and Strengthening
America by Providing Appropriate Tools Required
for five years. Generally, information DATES: Written comments should be
to Intercept and Obstruct Terrorism Act of 2001, collected pursuant to the Bank Secrecy received on or before September 17,
Public Law 107–56. Act is confidential, but may be shared 2018 to be assured of consideration.

VerDate Sep<11>2014 17:34 Jul 18, 2018 Jkt 244001 PO 00000 Frm 00203 Fmt 4703 Sfmt 4703 E:\FR\FM\19JYN1.SGM 19JYN1

Document Created: 2018-07-19 01:35:00
Document Modified: 2018-07-19 01:35:00

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 to be assured of consideration.
Contact		The FinCEN Resource Center at 800-767- 2825 or electronically at [email protected]
FR Citation		83 FR 34299

83 FR 34299 - Proposed Collection; Comment Request; Renewal Without Change of the Registration of Money Services Business, Regulation and FinCEN Form 107

DEPARTMENT OF THE TREASURYFinancial Crimes Enforcement Network

Federal Register Volume 83, Issue 139 (July 19, 2018)

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network