Proposed Renewal Without Change; Comment Request; Anti-Money Laundering Programs for Various Financial Institutions, 9127-9128 [E9-4288]

Agencies

• DEPARTMENT OF THE TREASURY
• Financial Crimes Enforcement Network

[Federal Register Volume 74, Number 39 (Monday, March 2, 2009)]
[Notices]
[Pages 9127-9128]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-4288]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Renewal Without Change; Comment Request; Anti-Money 
Laundering Programs for Various Financial Institutions

AGENCY: Financial Crimes Enforcement Network, Department of the 
Treasury.

ACTION: Notice and request for comments.

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SUMMARY: As part of our continuing effort to reduce paperwork and 
respondent burden, we invite comment on a proposed renewal, without 
change, to information collections found in existing regulations 
requiring money services businesses, mutual funds, operators of credit 
card systems, dealers in precious metals, stones, or jewels, and 
certain insurance companies 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 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 
May 1, 2009.

ADDRESSES: Written comments should be submitted to: Financial Crimes 
Enforcement Network, P.O. Box 39, Vienna, VA 22183, Attention: Anti-
Money Laundering Program Comments. 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: Anti-Money Laundering Program Comments.''

FOR FURTHER INFORMATION CONTACT: Financial Crimes Enforcement Network, 
Regulatory Policy and Programs Division at (800) 949-2732, option 6.

SUPPLEMENTARY INFORMATION:
    Abstract: The Director of the Financial Crimes Enforcement Network 
is the delegated administrator of the Bank Secrecy Act. The Act 
authorizes the Director to issue regulations to require all financial 
institutions defined as such in the Act to maintain or file certain 
reports or records that have been determined to have a high degree of 
usefulness in criminal, tax, or regulatory investigations or 
proceedings, or in the conduct of intelligence or counter-intelligence 
activities, including analysis, to protect against international 
terrorism, and to implement anti-money laundering programs and 
compliance procedures.\1\
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    \1\ Public Law 91-508, as amended and codified at 12 U.S.C. 
1829b, 12 U.S.C. 1951-1959 and 31 U.S.C. 5311-5332. Language 
expanding the scope of the Bank Secrecy Act 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 (USA PATRIOT) Act of 2001, Public Law No. 107-56.
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    Regulations implementing section 5318(h)(1) of the Act are found in 
part at 31 CFR 103.125, 103.130, 103.135, 103.137, and 103.140. In 
general, the regulations require financial institutions, as defined in 
31 U.S.C. 5312(a)(2) and 31 CFR 103.11 to establish, document, and 
maintain anti-money laundering programs as an aid in protecting and 
securing the U.S. financial system.
    1. Titles: Anti-money laundering programs for money services 
businesses (31 CFR 103.125), Anti-money laundering programs for mutual 
funds (31 CFR 103.130), Anti-money laundering programs for operators of 
credit card systems (31 CFR 103.135).
    Office of Management and Budget Control Number: 1506-0020.
    Abstract: Money services businesses, mutual funds, and operators of 
credit card systems are required to develop and implement written anti-
money laundering programs. A copy of the written program must be 
maintained for five years.
    Current Action: There is no change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Business and other for-profit institutions.
    Burden: Estimated Number of Respondents: 203,006.

[[Page 9128]]

    31 CFR 103.125 = 200,000.
    31 CFR 103.130 = 3,000.
    31 CFR 103.135 = 6.
    Estimated Number of Responses: 203,006.
    31 CFR 103.125 = 200,000.
    31 CFR 103.130 = 3,000.
    31 CFR 103.135 = 6.
    Estimated Number of Hours: 203,006. Estimated at one hour per 
respondent.
    31 CFR 103.125 = 200,000.
    31 CFR 103.130 = 3,000.
    31 CFR 103.135 = 6.
    2. Title: Anti-money laundering programs for dealers in precious 
metals, precious stones, or jewels (31 CFR 103.140).
    Office of Management and Budget Control Number: 1505-0030.
    Abstract: Dealers in precious metals, stones, or jewels 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: There is no change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Business and other for-profit institutions.
    Burden: Estimated Number of Respondents = 20,000.
    Estimated Number of Responses = 20,000.
    Estimated Number of Hours = 20,000.
    3. Title: Anti-money laundering programs for insurance companies 
(31 CFR 103.137).
    Office of Management and Budget Control Number: 1506-0035.
    Abstract: Insurance companies 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: There is no change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Business and other for-profit institutions.
    Burden: Estimated Number of Respondents = 1,200.
    Estimated Number of Responses = 1,200.
    Estimated Number of Hours = 1,200.
    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 
control number assigned by the Office of Management and Budget. 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 Office of Management and Budget 
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: February 19, 2009.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. E9-4288 Filed 2-27-09; 8:45 am]
BILLING CODE 4810-02-P