Proposed Collection; Comment Request; Bank Secrecy Act Currency Transaction Report (BCTR) Revised Layout and Proposed Additional Data Fields, 5518-5519 [2016-01825]


[Federal Register Volume 81, Number 21 (Tuesday, February 2, 2016)]
[Pages 5518-5519]
From the Federal Register Online via the Government Publishing Office []
[FR Doc No: 2016-01825]



Financial Crimes Enforcement Network

Proposed Collection; Comment Request; Bank Secrecy Act Currency 
Transaction Report (BCTR) Revised Layout and Proposed Additional Data 

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

ACTION: Notice and request for comments.


SUMMARY: FinCEN published the revised Bank Secrecy Act Currency 
Transaction Report (``BCTR'') in March 2011. The BCTR was designed to 
facilitate financial institutions reporting the most frequently 
encountered transaction scenarios. Since that time, FinCEN has become 
aware that the current report is not configured to allow for 
alternative reporting models that have developed in the last few years, 
such as reports filed by a parent company on behalf of its subsidiary. 
To remedy some of the limitations of the current BCTR, FinCEN now 
proposes an amended report. This notice does not propose any new 
regulatory requirements or changes to the requirements related to 
currency transaction reporting, but rather seeks input on technical 
matters designed to improve the layout and reporting of the BCTR. This 
request for comments covers 31 CFR 1010.310. This request for comments 
is 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 4, 2016.

ADDRESSES: Written comments should be submitted to: Office of 
Regulatory Policy, Financial Crimes Enforcement Network, Department of 
the Treasury, P.O. Box 39, Vienna, Virginia 22183, ``Attention: PRA 
Comments--BCTR Revision.''
    Comments also may be submitted by electronic mail to the following 
Internet address:, with the caption, 
``Attention: BCTR Revision'' in the body of the text. Please submit by 
one method only. All comments submitted by either method in response to 
this notice will become a matter of public record. Therefore, you 
should submit only information that you wish to make publicly 
    Inspection of comments. Comments will be posted on the FinCEN 
public Web site. Persons wishing to review the comments submitted may 
access the posted comments by going to

FOR FURTHER INFORMATION CONTACT: FinCEN Resource Center at 1-800-767-
2825 or 1-703-905-3591 (not a toll free number) and select option 3 for 
regulatory questions. Email inquiries can be sent to

    Title: BSA Currency Transaction Report by Financial Institutions 
(See 31 CFR 1010.310).
    Office of Management and Budget (``OMB'') Number: 1506-0064.\1\

    \1\ The BCTR reporting requirements are currently covered under 
the following OMB Control numbers: 1506-0004 (Financial Institutions 
other than Casinosons), and 1506-0005 (Casinos and Card Clubs).

    Report Number: FinCEN 112.
    Abstract: The statute generally referred to as the ``Bank Secrecy 
Act,'' (``BSA'') 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-
5332, authorizes the Secretary of the Treasury, inter alia, 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.\2\ Regulations implementing Title II of the BSA appear at 
31 CFR Chapter X. The authority of the Secretary to administer the BSA 
has been delegated to the Director of FinCEN.

    \2\ 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.

    The Secretary of the Treasury was granted authority in 1970, with 
the enactment of 31 U.S.C. 5313, to require financial institutions to 
report currency transactions exceeding $10,000. The information 
collected on the ``report'' is required to be provided pursuant to 31 
U.S.C. 5313 as implemented by FinCEN regulations found at 31 CFR 
1010.310. The information collected under this requirement is made 
available to appropriate agencies and organizations as disclosed in 
FinCEN's Privacy Act

[[Page 5519]]

System of Records Notice relating to BSA Reports.\3\

    \3\ Department of the Treasury bureaus such as FinCEN renew 
their System of Records Notices every three years unless there is 
cause to amend them more frequently. FinCEN's System of Records 
Notice for BSA Reports System may be reviewed at

    Current Action: FinCEN completed a review of the BCTR in 
preparation for renewal under the PRA. During its review, FinCEN 
considered suggestions for improvements to the report received from our 
stakeholders and filers. A data quality review of previously filed 
BCTRs suggested a change in reporting schemes had occurred since the 
initial BCTR was placed in service in March 2011. In particular, over 
the period of four years, FinCEN observed an increase in the number of 
holding or parent companies filing for their subsidiary institutions. 
Prior to this, the BCTR was predominantly filed by the financial 
institution where the transaction occurred. The current BCTR was not 
designed to record different filing and transaction locations. 
Additionally, FinCEN noted an inability to record the dollar value of 
the transaction in Part III when multiple transactions were reported. 
FinCEN also was made aware that the current BCTR does not provide a 
means of indicating ``shared branching'' transactions. Under the 
``shared branching'' transaction, the employee identification number 
(EIN) of the financial institution where the transaction was conducted 
may not be known to the filing institution, so an ``unknown'' check box 
has been added.
    In response to these identified deficiencies, FinCEN is proposing 
the following adjustments to the BCTR. To support recording the dollar 
amount of the transaction at the transaction location, cash-in and 
cash-out fields have been added to Part III. A new Part IV, has been 
added to record the entity actually filing the report through the BSA 
E-Filing System. A check box has been added to Part III to indicate 
when the information in Part IV is the same for Part III. This change 
will reduce the burden for filing the BCTR in those cases where the 
filer and transaction locations are the same. In Part I, Item 2d has 
been changed from ``Courier Service (Private)'' to ``Common carrier'' 
to reflect defined terminology. FinCEN has been advised by several non-
bank financial institutions that the reference to ``teller(s)'' in the 
instructions is confusing and misleading since non-bank financial 
institutions normally do not employ ``tellers.'' FinCEN appreciates 
this feedback and proposes to define ``teller'' for the purpose of 
completing a BCTR as follows: Teller: An individual employed by a 
covered financial institution that accepts currency in the normal 
course of business at the covered financial institution. Example titles 
(but not limited to) are ``cashier,'' and ``cage operator.'' Finally, 
the completion order for the report has been revised. Part IV will be 
completed first, followed by Part III. This facilitates using the check 
box in Part III when the information is the same. Part I is then 
completed followed by Part II. The BSA E-Filing Batch filing 
specifications will be revised to reflect the above changes.
    Type of Review: Initial review of the proposed changes to the BCTR.
    Affected public: Businesses or other for-profit and not-for-profit 
financial institutions.
    Frequency: As required.
    Estimated Reporting Burden: Average of 25 minutes per report and 20 
minutes recordkeeping per filing. (The reporting burden of the 
regulations at 31 CFR 1010.310 is reflected in the burden for the 
    Estimated Recordkeeping and Reporting Burden: 45 minutes.
    Estimated number of respondents: 82,255 (Includes depository 
institutions, broker-dealers, future commission merchants, introducing 
brokers in commodities, money services businesses, mutual funds, and 
casinos and card clubs.)
    Estimated Total Annual Responses: 15,522,084.\4\

    \4\ Numbers are based on actual 2015 filings as reported through 
the BSA E-Filing System as of December 31, 2015.

    Estimated Total Annual Reporting and Recordkeeping Burden: 
11,641,563 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 BSA must be retained for five years.
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; (e) estimates of 
capital or start-up costs and costs of operation, maintenance and 
purchase of services to provide information; and (f) the proposed 
definition of the word ``teller.''

Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.


    The added or updated data items for the BCTR are as follows:

Part I Rename item 2d from ``Courier Service (private)'' to ``Common 
Part II Add a checkbox to item 24 to reflect ``Shared Branching''
Part III ``Financial Institution Where Transaction(s) Takes Place'' 
add a checkbox after the title to read: If Part III information is 
the same as Part IV, Check this box.
    Add item 40 ``Dollar amount of item 25 Total cash-in transacted 
at this location.'' $____
    Add item 41 ``Dollar amount of item 25 Total cash-out transacted 
at this location.'' $____
Part IV Add a new Part IV ``Filing Institution Information''
    Item 42 Primary Federal Regulator (Drop down box)
    Item 43 Legal name of financial institution
    Item 44 Alternate name, e.g., trade name, DBA
    Item 45 EIN
    Item 46 Address (number, street, and Apt. or suite no.)
    Item 47 City
    Item 48 State
    Item 48 ZIP Code
    Item 50 Type of financial institution (Check only one)
    a. Casino/card Club
    b. Depository institution
    c. MSB
    d. Securities/futures
    z. Other (Specify) ____
    Item 51 If 50a is checked, indicate type (check only one)
    a. State Licensed casino
    b. Tribal auth. casino
    c. Card Club
    z. Other (specify) ____
    Item 52 Financial institution ID number (check one box to 
indicate type)
    a. CRD Number
    b. IARD number
    c. NFA number
    d. RSSD number
    e. SEC number
    Item 52f ID number ____
    Item 53 Contact office
    Item 54 Phone number ____
    Item 54a Ext. ____
    Item 55 Date filed MM/DD/YYYY

[FR Doc. 2016-01825 Filed 2-1-16; 8:45 am]
 BILLING CODE 4810-02-P ____
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