Proposed Collection; Comment Request; Renewal Without Change of the Registration of Money Services Business, Regulation and FinCEN Form 107, 34299-34300 [2018-15399]
Download as PDF
<![CDATA[
sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices
insurance companies and non-bank
residential mortgage lenders and
originators 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.
DATES: Written comments are welcome
and must be received on or before
September 17, 2018.
ADDRESSES: Comments may be
submitted by any of the following
methods:
• Federal E-rulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Refer to Docket Number FINCEN–2018–
0004 and OMB control number 1506–
0035.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2018–0004 and OMB
control number 1506–0035.
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 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
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.
VerDate Sep<11>2014
17:34 Jul 18, 2018
Jkt 244001
been delegated to the Director of
FinCEN.
The information collected and
retained under the regulations
addressed in this notice assists 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 insurance companies, 31
CFR 1025.210 and non-bank residential
mortgage lenders and originators, 31
CFR 1029.210.
Office of Management and Budget
(‘‘OMB’’) Control Number: 1506–0035.
Abstract: Insurance companies and
non-bank residential mortgage lenders
and originators 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: Renewal without
change of current regulations.
Type of Review: Renewal of a
currently approved information
collection.
Affected Public: Businesses and other
for-profit institutions.
Estimated Number of Respondents:
1,200 Insurance Companies and 31,000
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.2
Total Estimated Burden Hours:
32,200.
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 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
is a renewal without change of a current
program. The annual update to a financial
institutions’ AML program is one (1) hour.
PO 00000
2 This
Frm 00202
Fmt 4703
Sfmt 4703
34299
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. 2018–15401 Filed 7–18–18; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Proposed Collection; Comment
Request; Renewal Without Change of
the Registration of Money Services
Business, Regulation and FinCEN
Form 107
Financial Crimes Enforcement
Network (‘‘FinCEN’’), Treasury.
AGENCY:
Notice and request for
comments.
ACTION:
As part of its continuing effort
to reduce paperwork and respondent
burden, FinCEN invites comment on a
renewal without change to a currently
approved information collection
contained in 31 CFR 1022.380 and the
Registration of Money Services Business
report, FinCEN Form 107. The form will
be used by currency dealers or
exchangers; check cashers; issuers of
traveler’s checks, money orders or
prepaid access; sellers of traveler’s
checks, money orders or prepaid access;
redeemers of traveler’s checks, money
orders or prepaid access; 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).
SUMMARY:
Written comments are welcome
and must be received on or before
September 17, 2018 to be assured of
consideration.
DATES:
E:\FR\FM\19JYN1.SGM
19JYN1
34300
Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices
Comments may be
submitted by any of the following
methods:
• Federal E-rulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Refer to Docket Number FINCEN–2018–
0005 and the specific OMB control
number 1506–0013.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2018–0005 and the
specific OMB control number 1506–
0013.
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 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.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 assists 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
sradovich on DSK3GMQ082PROD with NOTICES
ADDRESSES:
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.
VerDate Sep<11>2014
17:34 Jul 18, 2018
Jkt 244001
presented concerning the recordkeeping
requirements listed below.
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, among other things, 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 Chapter X. 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 renewed without change.
The information collected on the 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.
Current Actions: The current Form
107 and instructions are being renewed
without change.
Type of Review: Renewal of currently
approved collection report.
Affected public: Business or other forprofit institutions.
Frequency: As required.
Estimated Burden: Reporting average
of 30 minutes per response;
recordkeeping average of 30 minutes per
response.
Estimated number of respondents:
42,000.
Estimated Total Annual Burden
Hours: 42,000 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
PO 00000
Frm 00203
Fmt 4703
Sfmt 4703
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. 2018–15399 Filed 7–18–18; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Proposed Information Collection;
Comment Request; Renewal Without
Change of Bank Secrecy Act
Suspicious Activity Reporting NonBank Requirement for Residential
Mortgage Lenders and Originators
Financial Crimes Enforcement
Network (‘‘FinCEN’’), U.S. Department
of the Treasury.
ACTION: Notice and request for
comments.
AGENCY:
FinCEN, a bureau of the U.S.
Department of the Treasury
(‘‘Treasury’’), invites all interested
parties to comment on its proposed
renewal without change of the Bank
Secrecy Act (‘‘BSA’’) Suspicious
Activity Reporting regulatory
requirements for residential mortgage
lenders and originators. FinCEN intends
to submit this requirement for approval
by the Office of Management and
Budget (‘‘OMB’’) of a three-year renewal
of Control Number 1506–0061. This
request for comments is made pursuant
to the Paperwork Reduction Act
(‘‘PRA’’) of 1995.
DATES: Written comments should be
received on or before September 17,
2018 to be assured of consideration.
SUMMARY:
E:\FR\FM\19JYN1.SGM
19JYN1
]]>Agencies
[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Pages 34299-34300]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15399]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Proposed Collection; Comment Request; Renewal Without Change of
the Registration of Money Services Business, Regulation and FinCEN Form
107
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: As part of its continuing effort to reduce paperwork and
respondent burden, FinCEN invites comment on a renewal without change
to a currently approved information collection contained in 31 CFR
1022.380 and the Registration of Money Services Business report, FinCEN
Form 107. The form will be used by currency dealers or exchangers;
check cashers; issuers of traveler's checks, money orders or prepaid
access; sellers of traveler's checks, money orders or prepaid access;
redeemers of traveler's checks, money orders or prepaid access; 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
September 17, 2018 to be assured of consideration.
[[Page 34300]]
ADDRESSES: Comments may be submitted by any of the following methods:
Federal E-rulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Refer to Docket Number
FINCEN-2018-0005 and the specific OMB control number 1506-0013.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2018-0005 and the specific OMB control number 1506-0013.
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. 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\
---------------------------------------------------------------------------
\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
the BSA has been delegated to the Director of FinCEN.
The information collected and retained under the regulations
addressed in this notice assists 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: 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, among other things, 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 Chapter X. 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 renewed without change. The information
collected on the 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.
Current Actions: The current Form 107 and instructions are being
renewed without change.
Type of Review: Renewal of currently approved collection report.
Affected public: Business or other 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: 42,000.
Estimated Total Annual Burden Hours: 42,000 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.
Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2018-15399 Filed 7-18-18; 8:45 am]
BILLING CODE 4810-02-P
