Financial Crimes Enforcement Network; Proposed Collection; Comment Request; Registration of Money Services Business-Accompanied by FinCEN Form 107, Registration of Money Services Business, 64276-64282 [07-5686]

Agencies

• DEPARTMENT OF THE TREASURY
• Department of Treasury

[Federal Register Volume 72, Number 220 (Thursday, November 15, 2007)]
[Notices]
[Pages 64276-64282]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-5686]


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DEPARTMENT OF THE TREASURY


Financial Crimes Enforcement Network; Proposed Collection; 
Comment Request; Registration of Money Services Business--Accompanied 
by FinCEN Form 107, Registration of Money Services Business

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 proposed information 
collection contained in a revised form, Registration of Money Services 
Business, FinCEN Form 107. The form will be used by currency dealers or 
exchangers; check cashers; issuers of traveler's checks, money orders 
or stored value; sellers of traveler's checks, money orders or stored 
value; redeemers of traveler's checks, money orders or stored value; 
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 
January 14, 2008.

ADDRESSES: Written comments should be submitted to: Office of 
Regulatory Policy and Programs Division, Financial Crimes Enforcement 
Network, Department of the Treasury, P.O. Box

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39, Vienna, Virginia 22183, Attention: PRA Comments--MSB Registration-
Form 107. Comments also may be submitted by electronic mail to the 
following Internet address: regcomments@fincen.gov, again with a 
caption, in the body of the text, ``Attention: PRA Comment--MSB 
Registration-Form 107.''
    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 Regulatory helpline at 
(800) 949-2732 and select Option 1.

SUPPLEMENTARY INFORMATION:
    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, 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. Regulations 
implementing Title II of the Bank Secrecy Act (codified at 31 U.S.C. 
5311-5330) appear at 31 CFR Part 103. 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 revised, as explained below. The information 
collected on the revised 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.
    Money services businesses are advised that the draft form that 
appears at the end of this notice is presented only for purposes of 
soliciting public comment on the draft form. They should not use the 
draft form to register, renew, correct a prior report, or re-register 
with Treasury. A final version of the draft form will be made available 
at a later date. In the meantime, money services businesses can use the 
current FinCEN Form 107.
    Current Actions: The current Form 107 and instructions are revised 
as follows: Part I, Item 1, of Form 107 is amended to read ``Indicate 
the type of filing by checking a, b, or d below (Check only one). If 
filing a correction, check ``c'' and either a, b, or d.'' The 
instructions are revised to read, ``Item 1--Check either box a, b, or d 
(only one) for the type of filing. If this report corrects an earlier 
filing, check box ``c'' and either box a, b, or d.'' In Part II, an 
asterisk has been added to items 3, 5, 6, 7, and 9, to indicate that 
these items are mandatory for a registration to be accepted as valid. 
Item 11, e-mail address, has been added to facilitate contacting the 
filer. All other current data elements, check boxes and the remaining 
forms instructions are unchanged.
    Type of Review: Revision of currently approved collection report.
    Affected public: Individuals, business or other for-profit 
institutions, and not-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: 40,000.
    Estimated Total Annual Burden Hours: 40,000 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.

    Dated: November 8, 2007.
William F. Baity,
Deputy Director, Financial Crimes Enforcement Network.
    Attachments: Registration of Money Services Business, FinCEN Form 
107, and instructions.
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[FR Doc. 07-5686 Filed 11-14-07; 8:45 am]
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