Proposed Information Collection; Comment Request; Renewal Without Change of Anti-Money Laundering Programs for Money Services Businesses, Mutual Funds, and Operators of Credit Cards Systems, 9505-9506 [2015-03586]
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Federal Register / Vol. 80, No. 35 / Monday, February 23, 2015 / Notices
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 NonBank Residential Mortgage Lender and
Originators.
Total Estimated Burden Hours:
43,000.
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.
Dated: February 13, 2015.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement
Network.
[FR Doc. 2015–03580 Filed 2–20–15; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Rmajette on DSK2VPTVN1PROD with NOTICES
Financial Crimes Enforcement Network
Proposed Information Collection;
Comment Request; Renewal Without
Change of Anti-Money Laundering
Programs for Money Services
Businesses, Mutual Funds, and
Operators of Credit Cards Systems
Financial Crimes Enforcement
Network, Treasury.
AGENCY:
VerDate Sep<11>2014
14:19 Feb 20, 2015
Jkt 235001
Notice and request for
comments.
ACTION:
As part of our continuing
effort to reduce paperwork and
respondent burden, the Financial
Crimes Enforcement Network
(‘‘FinCEN’’) invites comment on a
proposed renewal, without change, to
information collections found in
existing regulations requiring money
services businesses, mutual funds, and
operators of credit card systems to
develop and implement written antimoney 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
(‘‘PRA’’), Public Law 104–13, 44 U.S.C.
3506(c)(2)(A).
DATES: Written comments are welcome
and must be received on or before April
24, 2015.
ADDRESSES: Written comments should
be submitted to: Policy Division,
Financial Crimes Enforcement Network,
U.S Department of the Treasury, P.O.
Box 39, Vienna, VA 22183. Attention:
PRA Comments—AML Requirements
for money services businesses, mutual
funds, and operators of credit card
systems. Comments also may be
submitted by electronic mail to the
following Internet address:
regcomments@fincen.gov with the
caption in the body of the text,
‘‘Attention: PRA Comments—AML
Requirements for money services
businesses, mutual funds, and operators
of credit card systems.’’ All submissions
received must include the agency name
and the specific OMB control number
for this notice.
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 Resource Center at 800–767–
2825 or email 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
SUMMARY:
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
9505
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
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 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, 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 money services businesses
(31 CFR 1022.210),2 Anti-money
laundering programs for mutual funds
(31 CFR 1024.210), and Anti-money
laundering programs for operators of
credit card systems (31 CFR 1028.210).
Office of Management and Budget
(‘‘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). In
view of the limited information
providers and sellers of prepaid access
(a type of MSB) are required to
maintain, and the degree of automation
available to them, FinCEN estimates an
annual maintenance burden of two
minutes for each prepaid card issued for
this MSB subset.3 A copy of the written
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.
2 The term money services business (‘‘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).
3 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.
E:\FR\FM\23FEN1.SGM
23FEN1
9506
Federal Register / Vol. 80, No. 35 / Monday, February 23, 2015 / Notices
program must be maintained for five
years.
Current Action: Renewal without
change to the existing regulations.
Affected Public: Businesses and other
for-profit institutions.
Burden: Estimated Number of
Respondents: 327,206.
31 CFR 1022.210 = 324,100.
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.
Estimated Number of Responses:
2,838,406.
31 CFR 1022.210 = 2,835,400.
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.
Estimated at one hour per respondent.
31 CFR 1022.210 = 252,100.4
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.
Estimated Number of Hours: 255,106.
Estimated at two minutes per prepaid
card issued.
31 CFR 1022.210 = 86,110.5
Estimated Total Number of hours:
341,216
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 OMB. 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
Rmajette on DSK2VPTVN1PROD with NOTICES
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
4 FinCEN estimates that it will take each MSB that
is not a prepaid provider one hour to respond to
this information collection, for a total of 252,100
hours. FinCEN estimates that it will take each MSB
that is a prepaid provider two minutes per prepaid
card issued, for a total of 86,100 hours. Combined,
the estimated hourly burden for MSBs is 338,210.
5 Ibid.
VerDate Sep<11>2014
14:19 Feb 20, 2015
Jkt 235001
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance and purchase of services to
provide information.
Dated: February 13, 2015.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement
Network.
[FR Doc. 2015–03586 Filed 2–20–15; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Proposed Information Collection;
Comment Request; Renewal of
Suspicious Activity Reporting
Requirements by Brokers or Dealers in
Securities and Futures Commission
Merchants and Introducing Brokers in
Commodities.
Financial Crimes Enforcement
Network (‘‘FinCEN’’), Treasury.
ACTION: Notice and request for
comments.
AGENCY:
FinCEN invites comment on
the renewal of an information collection
requirement for the recordkeeping and
reporting of suspicious activities by
brokers or dealers in securities and
futures commission merchants (FCMs)
and introducing brokers in commodities
(IBs).1 The Bank Secrecy Act Suspicious
Activity Report, (‘‘BSAR’’) 2 will be used
by these entities to report suspicious
activity to FinCEN. This request for
comments also covers 31 CFR 1023.320,
relating to reports by brokers or dealers
in securities of suspicious transactions,
and 31 CFR 1026.320, reports by futures
commission merchants and introducing
brokers in commodities of suspicious
transactions. 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 April
24, 2015.
ADDRESSES: Written comments should
be submitted to: Policy Division,
Financial Crimes Enforcement Network,
SUMMARY:
1 The federal functional regulator for the
securities industry is the U.S. Securities and
Exchange Commission (‘‘SEC’’) and, for the futures
industry, it is the Commodity Futures Trading
Commission (‘‘CFTC’’).
2 The BSAR was approved by the Office of
Management and Budget (‘‘OMB’’) under control
number 1506–0065. The BSAR is a single report
that replaced previous individual SAR forms for
depository institutions, casinos, money services
businesses, securities brokers or dealers, mutual
funds, futures commission merchants, introducing
brokers in commodities, and insurance companies,
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
Department of the Treasury, P.O. Box
39, Vienna, Virginia 22183, ‘‘Attention:
PRA Comments—SAR RequirementsSecurities and Futures Industries.’’
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 Comments—SAR
Requirements-Securities and Futures
Industry.’’
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 Resource Center at 800–767–
2825 or email 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 counterintelligence activities to protect against
international terrorism, and to
implement counter-money laundering
programs and compliance procedures.3
Regulations implementing Title II of
the BSA appear at 31 CFR Chapter X.
The Secretary of the Treasury was
granted authority in 1992, with the
enactment of 31 U.S.C. 5318(g), to
require financial institutions to report
suspicious transactions. The authority
of the Secretary of the Treasury to
administer the BSA has been delegated
to the Director of FinCEN. The final
Broker-Dealer SAR rule can be found at
31 CFR 1023.320. The final FCM–IB
SAR rule can be found at 31 CFR
1026.320.
The information collected is required
to be provided pursuant to 31 U.S.C.
5318(g), 31 CFR 1023.320 and 31 CFR
1026.320. This information will be
made available, in accordance with
strict safeguards, to appropriate criminal
law enforcement and regulatory
personnel, and to the registered
securities and futures associations and
national exchanges (so-called self3 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.
E:\FR\FM\23FEN1.SGM
23FEN1
]]>Agencies
[Federal Register Volume 80, Number 35 (Monday, February 23, 2015)]
[Notices]
[Pages 9505-9506]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-03586]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Proposed Information Collection; Comment Request; Renewal Without
Change of Anti-Money Laundering Programs for Money Services Businesses,
Mutual Funds, and Operators of Credit Cards Systems
AGENCY: Financial Crimes Enforcement Network, Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: As part of our continuing effort to reduce paperwork and
respondent burden, the Financial Crimes Enforcement Network
(``FinCEN'') invites comment on a proposed renewal, without change, to
information collections found in existing regulations requiring money
services businesses, 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 of 1995 (``PRA''), Public Law 104-13, 44 U.S.C.
3506(c)(2)(A).
DATES: Written comments are welcome and must be received on or before
April 24, 2015.
ADDRESSES: Written comments should be submitted to: Policy Division,
Financial Crimes Enforcement Network, U.S Department of the Treasury,
P.O. Box 39, Vienna, VA 22183. Attention: PRA Comments--AML
Requirements for money services businesses, mutual funds, and operators
of credit card systems. Comments also may be submitted by electronic
mail to the following Internet address: regcomments@fincen.gov with the
caption in the body of the text, ``Attention: PRA Comments--AML
Requirements for money services businesses, mutual funds, and operators
of credit card systems.'' All submissions received must include the
agency name and the specific OMB control number for this notice.
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 Resource Center at 800-767-
2825 or email 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\ 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 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, 44
U.S.C. 3506(c)(2)(A), and its implementing regulations, the following
information is presented concerning the recordkeeping requirements
listed below.
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
Title: Anti-money laundering programs for money services businesses
(31 CFR 1022.210),\2\ Anti-money laundering programs for mutual funds
(31 CFR 1024.210), and Anti-money laundering programs for operators of
credit card systems (31 CFR 1028.210).
---------------------------------------------------------------------------
\2\ The term money services business (``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).
---------------------------------------------------------------------------
Office of Management and Budget (``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). In view of the limited information providers and
sellers of prepaid access (a type of MSB) are required to maintain, and
the degree of automation available to them, FinCEN estimates an annual
maintenance burden of two minutes for each prepaid card issued for this
MSB subset.\3\ A copy of the written
[[Page 9506]]
program must be maintained for five years.
---------------------------------------------------------------------------
\3\ 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.
---------------------------------------------------------------------------
Current Action: Renewal without change to the existing regulations.
Affected Public: Businesses and other for-profit institutions.
Burden: Estimated Number of Respondents: 327,206.
31 CFR 1022.210 = 324,100.
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.
Estimated Number of Responses: 2,838,406.
31 CFR 1022.210 = 2,835,400.
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.
Estimated at one hour per respondent.
31 CFR 1022.210 = 252,100.\4\
---------------------------------------------------------------------------
\4\ FinCEN estimates that it will take each MSB that is not a
prepaid provider one hour to respond to this information collection,
for a total of 252,100 hours. FinCEN estimates that it will take
each MSB that is a prepaid provider two minutes per prepaid card
issued, for a total of 86,100 hours. Combined, the estimated hourly
burden for MSBs is 338,210.
---------------------------------------------------------------------------
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.
Estimated Number of Hours: 255,106.
Estimated at two minutes per prepaid card issued.
31 CFR 1022.210 = 86,110.\5\
---------------------------------------------------------------------------
\5\ Ibid.
Estimated Total Number of hours: 341,216
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 OMB. 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.
Dated: February 13, 2015.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2015-03586 Filed 2-20-15; 8:45 am]
BILLING CODE 4810-02-P
