83 FR 42558 - Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Anti-Money Laundering Programs for Money Services Businesses, Mutual Funds, and Operators of Credit Card Systems
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network Federal Register Volume 83, Issue 163 (August 22, 2018)
Financial Crimes Enforcement Network
Federal Register Volume 83, Issue 163 (August 22, 2018)
| Page Range | 42558-42559 | |
| FR Document | 2018-18078 |
[Federal Register Volume 83, Number 163 (Wednesday, August 22, 2018)] [Notices] [Pages 42558-42559] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-18078] [[Page 42558]] ----------------------------------------------------------------------- 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 Money Services Businesses, Mutual Funds, and Operators of Credit Card Systems 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 money services businesses (``MSBs''), 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 (``PRA'') 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 October 22, 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-2018-0010 and the Office of Management and Budget (``OMB'') control number 1506-0020. Mail: Policy Division, Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN- 2018-0010 and OMB control number 1506-0020. 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. et seq., 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\ Title III of the USA Patriot Act of 2001, Public Law 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. --------------------------------------------------------------------------- \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 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 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 and its implementing regulations, the following information is presented concerning the information collection below. Title: Anti-Money Laundering Programs for MSBs (31 CFR 1022.210),\2\ Mutual Funds (31 CFR 1024.210), and Operators of Credit Card Systems (31 CFR 1028.210). --------------------------------------------------------------------------- \2\ The term 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). --------------------------------------------------------------------------- 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). A copy of the written program must be maintained for five years. In view of the additional information providers and sellers of prepaid access (a type of MSB) are required to collect and maintain to verify identity under their AML program regulations, and the degree of automation available to them, FinCEN estimates an additional annual maintenance burden of two minutes for each prepaid card issued for this MSB subset.\3\ --------------------------------------------------------------------------- \3\ In addition to maintaining an AML program, 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. See 31 CFR 1022.210(d)(iv). --------------------------------------------------------------------------- Current Action: Renewal without change to existing regulations. Type of Review: Renewal without change of a currently approved information collection. Affected Public: Businesses and other for-profit institutions. Burden: Estimated Number of Respondents: 327,106 broken out as follows: MSBs: 31 CFR 1022.210 = 324,100 Mutual Funds: 31 CFR 1024.210 = 3,000 Operators of Credit Card Systems: 31 CFR 1028.120 = 6 Estimated Annual Responses: 2,910,406 broken out as follows: MSBs (AML Programs): 31 CFR 1022.210 = 324,100 MSBs (Prepaid Cards--Customer Identity Verification): 31 CFR 1022.210(d)(iv) = 2,583,300 \4\ --------------------------------------------------------------------------- \4\ See supra note 3. --------------------------------------------------------------------------- Mutual Funds (AML Program): 31 CFR 1024.210 = 3,000 Operators of Credit Card Systems (AML Program): 31 CFR 1028.210 = 6 AML Program-Related Hourly Burdens, Estimated at One Hour per Respondent: MSBs (AML Programs): 31 CFR 1022.210 = 324,100 Mutual Funds: 31 CFR 1024.210 = 3,000 Operators of Credit Card Systems: 31 CFR 1028.210 = 6 Prepaid Card-Related Hourly Burden: MSBs (Prepaid Cards--Customer Identity Verification): 31 CFR 1022.210(d)(iv) = 86,110.\5\ --------------------------------------------------------------------------- \5\ 2,583,300 prepaid cards multiplied by 2 minutes per card and converted to hours equals 86,100 hours. Estimated Total Number of Burden Hours: 413,216.\6\ --------------------------------------------------------------------------- \6\ (324,100 + 300 + 6 + 86,110 = 413,216). --------------------------------------------------------------------------- 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 [[Page 42559]] 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. 2018-18078 Filed 8-21-18; 8:45 am] BILLING CODE 4810-02-P
![Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices 42559
the BSA must be retained for five years. September 19, 2018, at 2:00 p.m. Eastern comments on all forms used by tax-
Generally, information collected Time via teleconference. The public is exempt organizations:
pursuant to the BSA is confidential but invited to make oral comments or
Forms
may be shared as provided by law with submit written statements for
regulatory and law enforcement consideration. Due to limited • 990, 990(BR), 990 EZ SCH B (BR),
authorities. conference lines, notification of intent 990–EZ SCH L (LP), 990–EZ, 990–PF,
Request for Comments: Comments to participate must be made with 990–SCH B, 990–C, 990–EZ, 990–EZ
submitted in response to this notice will Matthew O’Sullivan. For more (BR), 990–N, OR 990–EZ (SCH A), 990–
be summarized and/or included in the information please contact Matthew EZ (SCH C), 990–EZ (SCH E), 990–EZ
request for OMB approval. All O’Sullivan at 1–888–912–1227 or (510) (SCH G), 990–EZ (SCH L), 990–EZ (SCH
comments will become a matter of 907–5274, or write TAP Office, 1301 N), 990–EZ (SCH N–1), 990–EZ (SCH
public record. Comments are invited on: Clay Street, Oakland, CA 94612–5217 or O), 990–EZ(SCH O)(BR), 990–PF. 990–
(a) Whether the collection of contact us at the website: http:// PF (BR), 990–SCH A (BR), 990–SCH D,
information is necessary for the proper www.improveirs.org. The agenda will 990–SCH D (BR), 990–SCH F, 990–SCH
performance of the functions of the include various IRS issues. F–1, 990–SCH H, 990–SCH I, 990–SCH
agency, including whether the The agenda will include a discussion I (BR), 990–SCH I–1, 990–SCH J, 990–
information shall have practical utility; on various special topics with IRS SCH J (BR), 990–SCH J–1, 990–SCH J–
(b) the accuracy of the agency’s estimate processes. 2, 990–SCH K, 990–SCH M, 990–SCH R,
of the burden of the collection of 990–SCH R (BR), 990–SCH R–1, 990–T,
Dated: August 15, 2018. 990–T SCH M, 990–T (BR), 990–W,
information; (c) ways to enhance the
Antoinette Ross, 1023, 990–(BR), 990–I, 1024, 1028,
quality, utility, and clarity of the
information to be collected; (d) ways to Acting Director, Taxpayer Advocacy Panel. 1028–BR, 5578, 5884 C, 8038, 8038 B,
minimize the burden of the collection of [FR Doc. 2018–18134 Filed 8–21–18; 8:45 am] 8038 CP, 8030 G, 8038 GC, 8038 R, 8038
information on respondents, including BILLING CODE 4830–01–P T, 8038 TC, 8282, 8328, 8453–E.O.,
through the use of automated collection 8453–X, 8718, 8868, 8868–(BR), 8870,
techniques or other forms of information 8871, 8872, 8879–E.O., 8886–T, 8899
technology; and (e) estimates of capital DEPARTMENT OF THE TREASURY and all attachments to these forms (see
or start-up costs and costs of operation, the Appendix A to this notice). With
Internal Revenue Service this notice, the IRS is also announcing
maintenance and purchase of services to
provide information. Proposed Collection; Comment significant changes to (1) the manner in
Request for Forms 990, 990 EZ SCH B which tax forms used by tax-exempt
Jamal El-Hindi, organizations will be approved under
Deputy Director, Financial Crimes (BR), (BR), 990–EZ SCH L (LP), 990–EZ,
990–PF, 990–SCH B, 990–C, 990–EZ, the PRA and (2) its method of estimating
Enforcement Network. the paperwork burden imposed on all
[FR Doc. 2018–18078 Filed 8–21–18; 8:45 am] 990–EZ (BR), 990–N, OR 990–EZ (SCH
A), 990–EZ (SCH C), 990–EZ (SCH E), tax-exempt organizations.
BILLING CODE 4810–02–P
990–EZ (SCH G), 990–EZ (SCH L), 990– Related Internal Revenue Service and
EZ (SCH N), 990–EZ (SCH N–1), 990–EZ The Department of Treasury Guidance
DEPARTMENT OF THE TREASURY (SCH O), 990–EZ(SCH O)(BR), 990–PF. EE–111–80 (TD 8019—Final) Public
990–PF (BR), 990–SCH A (BR), 990– Inspection of Exempt Organization
Internal Revenue Service SCH D, 990–SCH D (BR), 990–SCH F, Return
990–SCH F–1, 990–SCH H, 990–SCH I, TD 8033 (TEMP) Tax Exempt Entity
Open Meeting of the Taxpayer 990–SCH I (BR), 990–SCH I–1, 990– Leasing (REG–209274–85)
Advocacy Panel Special Projects SCH J, 990–SCH J (BR), 990–SCH J–1, Revenue Procedure 98–19, Exceptions
Committee; Correction 990–SCH J–2, 990–SCH K, 990–SCH M, to the notice and reporting
AGENCY: Internal Revenue Service (IRS), 990–SCH R, 990–SCH R (BR), 990–SCH requirements of section 6033(e)(1) and
Treasury. R–1, 990–T, 990–T SCH M, 990–T (BR), the tax imposed by section 6033(e)(2)
990–W, 1023, 990–(BR), 990–I, 1024, REG–246256–96 (Final TD 8978) Excise
ACTION: Notice of meeting; correction. 1028, 1028–BR, 5578, 5884 C, 8038, Taxes on Excess Benefit Transactions
SUMMARY: In the Federal Register notice 8038 B, 8038 CP, 8030 G, 8038 GC, T.D. 8861, Private Foundation
that was originally published on August 8038 R, 8038 T 8038 TC, 8328, 8718, Disclosure Rules
9, 2018, (Volume 83, Number 154, Page 8282, 8453–E.O., 8453–X, 8868, 8868– Notice 2006–109—Interim Guidance
39511) the meeting date has been (BR), 8870, 8871, 8872, 8879–E.O., Regarding Supporting Organizations
corrected. The date of the meeting is: 8886–T, 8899 and Donor Advised Funds
Wednesday, September 12, 2018 and Disclosure by taxable party to the tax-
AGENCY: Internal Revenue Service (IRS), exempt entity
Wednesday, September 19, 2018. Treasury. Reinstatement and Retroactive
DATES: The meeting will be held
ACTION: Notice and request for Reinstatement for Reasonable Cause
Wednesday, September 19, 2018.
comments. (Rev. Proc. 2014–11) and Transitional
FOR FURTHER INFORMATION CONTACT: Relief for Small Organizations (Notice
Matthew O’Sullivan at 1–888–912–1227 The Internal Revenue Service, as part 2011–43) under IRC § 6033(j)
or (510) 907–5274. of its continuing effort to reduce TD 8086—Election for $10 Million
amozie on DSK3GDR082PROD with NOTICES1
SUPPLEMENTARY INFORMATION: Notice is paperwork and respondent burden, Limitation on Exempt Small Issues of
hereby given pursuant to Section invites the general public and other Industrial Development Bonds;
10(a)(2) of the Federal Advisory Federal agencies to take this Supplemental Capital Expenditure
Committee Act, 5 U.S.C. App. (1988) opportunity to comment on proposed Statements (LR–185–84 Final)
that a meeting of the Taxpayer and continuing information collections, Arbitrage Restrictions and Guidance on
Advocacy Panel Special Projects as required by the Paperwork Reduction Issue Price Definition for Tax Exempt
Committee will be held Wednesday, Act of 1995 (PRA). This notice requests Bonds
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Document Created: 2018-08-22 00:39:18
Document Modified: 2018-08-22 00:39:18
| 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 October 22, 2018. | |
| Contact | The FinCEN Resource Center at 800-767- 2825 or electronically at [email protected]n.gov. | |
| FR Citation | 83 FR 42558 |
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