Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of the Registration of Money Services Businesses Regulation and FinCEN Form 107, 4796-4798 [2020-01240]
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khammond on DSKJM1Z7X2PROD with NOTICES
4796
Federal Register / Vol. 85, No. 17 / Monday, January 27, 2020 / Notices
the Call Report while other institutions
continue to report such HELOCs as
open-end loans, the agencies propose
that institutions report all HELOCs that
convert to closed-end status on or after
January 1, 2021, as open-end loans in
Schedule RC–C, Part I, item 1.c.(1). An
institution that currently reports
HELOCs that have converted to nonrevolving closed-end status as open-end
loans in Schedule RC–C, Part I, item
1.c.(1), should not change its reporting
practice for these loans and should
continue to report these loans in item
1.c.(1) regardless of their conversion
date. An institution that currently
reports HELOCs that convert to nonrevolving closed-end status as closedend loans in Schedule RC–C, Part I, item
1.c.(2)(a) or 1.c.(2)(b), as appropriate,
may continue to report HELOCs that
convert on or before December 31, 2020,
as closed-end loans in Call Reports for
report dates after that date.
Alternatively, the institution may
choose to begin reporting some or all of
these closed-end HELOCs as open-end
loans in item 1.c.(1) as of the March 31,
2020, or any subsequent report date,
provided this reporting treatment is
consistently applied. With respect to
HELOC Flex products, the proposed
reporting treatment described above
would mean that amounts drawn on a
HELOC during its draw period that a
borrower converts to a closed-end
amount before the end of this period
also should be reported as open-end
loans in Schedule RC–C, Part I, item
1.c.(1), subject to the transition guidance
above.
The agencies also agree with
commenters’ suggestion to create a
memorandum item in Schedule RC–C,
Part I, in which institutions would
report the amount of HELOCs that have
converted to non-revolving closed-end
status that are included in item 1.c.(1),
‘‘Revolving, open-end loans secured by
1–4 family residential properties and
extended under lines of credit.’’ This
new Memorandum item 16 in Schedule
RC–C, Part I, would enable the agencies
to monitor the proportion of an
institution’s home equity credits in
revolving and non-revolving status and
changes therein and assess whether
changes in this proportion in relation to
changes in past due and nonaccrual
home equity credits and charge-offs and
recoveries of such credits warrant
supervisory follow-up. Memorandum
item 16 would be collected quarterly in
the FFIEC 031 and the FFIEC 041 Call
Reports and semiannually as of June 30
and December 31 in the FFIEC 051 Call
Report. To provide time needed for any
systems changes, the agencies propose
VerDate Sep<11>2014
16:54 Jan 24, 2020
Jkt 250001
to implement this new memorandum
item as of the March 31, 2021, report
date in the FFIEC 031 and the FFIEC
041 Call Reports and as of the June 30,
2021, report date in the FFIEC 051 Call
Report.
III. Timing
As stated in their October 2019 notice,
the agencies plan to make the capitalrelated reporting changes described in
Sections II.B. through II.G. effective the
same quarters as the effective dates of
the various final capital rules discussed
in this notice. Thus, the reporting
revisions to the Call Report and the
FFIEC 101, as applicable, would take
effect March 31, 2020, for the capital
simplifications rule, the community
bank leverage ratio rule, and the
tailoring final rule. In this regard, the
filing of the FFIEC 031 Call Report by
all institutions that are advanced
approaches institutions under the
tailoring final rule and the filing of the
FFIEC 031 or FFIEC 041 Call Report by
institutions considered Category III
institutions under this rule would take
effect as of March 31, 2020. Nonadvanced approaches institutions may
elect to wait to adopt the capital
simplifications rule for reporting
purposes until the June 30, 2020, report
date. The reporting revisions to the Call
Report and the FFIEC 101, as applicable,
would take effect June 30, 2020, for the
custodial bank supplementary leverage
ratio final rule, the standardized
approach for counterparty credit risk on
derivative contracts final rule, and the
high volatility commercial real estate
exposures final rule. However, the
mandatory compliance date for
reporting in accordance with the
standardized approach for counterparty
credit risk final rule is the March 31,
2022, report date.
In addition, the reporting of operating
lease liabilities as ‘‘All other liabilities’’
in Call Report Schedule RC–G would
take effect March 31, 2020, and the
change in the reporting of construction,
land development, and other land loans
with interest reserves in Call Report
Schedule RC–C, Part I, would take effect
March 31, 2021. The requirement to
continue reporting HELOCs that convert
to closed-end status as open-end loans
in Schedule RC–C, Part I, would apply
to those HELOCs that convert on or after
January 1, 2021, with pre-2021
conversions subject to the transition
guidance described in Section II.I.
above; new Memorandum item 16 in
Schedule RC–C, Part I, for HELOCs in
non-revolving closed-end status that are
reported as open-end loans would take
effect March 31, 2021, in the FFIEC 031
and the FFIEC 041 Call Reports and
PO 00000
Frm 00175
Fmt 4703
Sfmt 4703
June 30, 2021, in the FFIEC 051 Call
Report.
The specific wording of the captions
for the new or revised Call Report data
items discussed in this notice and the
numbering of these data items should be
regarded as preliminary.
IV. Request for Comment
Public comment is requested on all
aspects of this joint notice. Comment is
specifically invited on:
(a) Whether the proposed revisions to
the collections of information that are
the subject of this notice are necessary
for the proper performance of the
agencies’ functions, including whether
the information has practical utility;
(b) The accuracy of the agencies’
estimates of the burden of the
information collections as they are
proposed to be revised, including the
validity of the methodology and
assumptions used;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
information collections 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.
Comments submitted in response to
this joint notice will be shared among
the agencies.
Dated: January 21, 2020.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
Board of Governors of the Federal Reserve
System, January 21, 2020.
Ann E. Misback,
Secretary of the Board.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on January 21,
2020.
Annmarie H. Boyd,
Assistant Executive Secretary.
[FR Doc. 2020–01292 Filed 1–24–20; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection
Activities; Proposed Renewal;
Comment Request; Renewal Without
Change of the Registration of Money
Services Businesses Regulation and
FinCEN Form 107
Financial Crimes Enforcement
Network (‘‘FinCEN’’), Treasury.
AGENCY:
E:\FR\FM\27JAN1.SGM
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Federal Register / Vol. 85, No. 17 / Monday, January 27, 2020 / Notices
Notice and request for
comments.
ACTION:
As part of its continuing effort
to reduce paperwork and respondent
burden, FinCEN invites comments on
the proposed renewal, without change,
to a currently approved information
collection regarding registration of
money services businesses regulations
and FinCEN Form 107—Registration of
Money Services Business (‘‘RMSB’’).
Money services businesses (‘‘MSBs’’)
must register with FinCEN using
FinCEN Form 107, renew their
registration every two years, and
maintain a list of their agents. This
request for comments is made pursuant
to the Paperwork Reduction Act of 1995.
DATES: Written comments are welcome
and must be received on or before
March 27, 2020.
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–2019–
0008 and the Office of Management and
Budget (‘‘OMB’’) control number 1506–
0013.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2019–0008 and OMB
control number 1506–0013.
Please submit comments by one
method only. 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:
SUMMARY:
khammond on DSKJM1Z7X2PROD with NOTICES
I. Statutory and Regulatory Provisions
FinCEN exercises regulatory functions
under the Currency and Financial
Transactions Reporting Act of 1970, as
amended by the USA PATRIOT Act of
2001 and other legislation. This
legislative framework is commonly
referred to as the Bank Secrecy Act
(‘‘BSA’’).1 The Secretary of the Treasury
has delegated to the Director of FinCEN
the authority to implement, administer,
and enforce compliance with the BSA
and associated regulations.2 Pursuant to
1 The 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. 5311–5314 and 5316–
5332 and notes thereto, with implementing
regulations at 31 CFR Chapter X. See 31 CFR
1010.100(e).
2 Treasury Order 180–01 (Jul. 1, 2014).
VerDate Sep<11>2014
16:54 Jan 24, 2020
Jkt 250001
this authority, FinCEN may issue
regulations requiring financial
institutions to keep records and file
reports that ‘‘have a high degree of
usefulness in criminal, tax, or regulatory
investigations or proceedings, or in the
conduct of intelligence or
counterintelligence activities, including
analysis, to protect against international
terrorism.’’ 3
Under 31 U.S.C. 5330 and its
implementing regulation (31 CFR
1022.380), MSBs 4 must file an initial
registration form with FinCEN, renew
their registration every two years, reregister under certain circumstances,
and maintain a list of their agents.
Registration
Each MSB, with a few exceptions,
must register with the FinCEN. The
information required by 31 U.S.C 5330
and any other information required by
FinCEN Form 107 must be reported in
the manner and to the extent required
by the form.5 The registration form for
the initial registration period must be
filed on or before the end of the 180-day
period beginning on the day following
the date the business is established.
MSBs must renew their registration
every two years, on or before December
31. MSBs must re-register with FinCEN
not later than 180 days after the
following: change in ownership, transfer
of 10 percent voting or equity interest,
or 50 percent increase in agents.6 MSBs
must maintain a copy of any registration
form filed under 31 CFR 1022.380 at a
location in the United States for a
period of five years.
Maintenance of an Agent List
A person that is an MSB solely
because that person serves as an agent
of another MSB is not required to
register.7 However, MSBs are required
to prepare and maintain a list of their
agents.8 The list must be revised each
January 1, for the immediately
preceding 12-month period. The list is
not filed with the registration form, but
must be maintained at the location in
the United States, reported on the
registration form. Upon request, MSBs
must make the list of agents available to
FinCEN, any appropriate law
enforcement agency, or the Internal
3 31
U.S.C. 5311.
31 CFR 1010.100(ff).
5 See Registration of Money Services Business
(RMSB) Electronic Filing Instructions. Release Date
July 2014—Version 1.0. https://www.fincen.gov/
sites/default/files/shared/FinCENRMSB_Electronic
FilingInstructions.pdf .
6 See 31 CFR 1022.380(b)(4).
7 See 31 CFR 1022.380(a)(3).
8 See 31 CFR 1022.380(d).
4 See
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Sfmt 4703
4797
Revenue Service for its delegated
examination authority.
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. The collection of
information is mandatory.
II. Paperwork Reduction Act (‘‘PRA’’) 9
Title: Registration of Money Services
Businesses (31 CFR 1022.380).
OMB Number: 1506–0013.
Form Number: FinCEN Form 107—
Registration of Money Services Business
(RMSB).
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for the Registration of Money
Services Businesses regulation and
FinCEN Form 107 (RMSB).
Type of Review: Renewal without
change of a currently approved
information collection.
Affected public: Business or other forprofit institutions.
Initial Registration
Frequency: As required.
Estimated Burden per Respondent:
FinCEN estimates that the hourly
burden of filing and maintaining a copy
of the initial RMSB form is 1 hour and
10 minutes. (1 hour to fill out the form
and file it, and 10 minutes to save the
form electronically and print out a copy
to maintain). FinCEN stipulates that the
information required to be included on
the form is basic information MSBs
need to maintain to conduct business.
The e-filing system prompts MSBs to
save the registration form after
submission.
Estimated Number of Respondents:
3,478 MSBs.10
Estimated Total Annual Burden
Hours: 4,058 hours.11
Registration Renewal
Frequency: Every two years.
Estimated Burden per Respondent:
FinCEN estimates that the hourly
burden of filing and maintaining a copy
of the renewal of the RMSB form is 40
minutes (30 minutes to revise the form
and file it, and 10 minutes to save the
form electronically and print out a copy
to maintain). FinCEN stipulates that the
information required to be included on
9 Public
Law 104–13, 44 U.S.C. 3506(c)(2)(A).
looked at the number of initial RMSBs
filed in each of the calendar years 2015 through
2019. The average number of initial filings for the
period of five years is 3,478.
11 3,478 MSBs multiplied by 70 minutes and
converted to hours is 4,058 hours.
10 FinCEN
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Federal Register / Vol. 85, No. 17 / Monday, January 27, 2020 / Notices
the form is basic information MSBs
need to maintain to conduct business. In
addition, FinCEN’s e-filing system
allows MSBs to open a previously filed
RMSB form and the electronic form is
pre-populated with the information
from the prior filing. MSBs can amend
Part I by selecting item 1b (renewal) and
submit the form. MSBs can update any
information required on the form prior
to submitting the form electronically.
The e-filing system prompts MSBs to
save the registration form after
submission.
Estimated Number of Respondents:
8,678 MSBs.12
Estimated Total Annual Burden
Hours: 5,785 hours.13
Re-Registration
Frequency: As required.
Estimated Burden per Respondent:
FinCEN estimates that the hourly
burden of filing and maintaining a copy
of the re-registration of the RMSB form
is 40 minutes (30 minutes to revise the
form and file it, and 10 minutes to save
the form electronically and print out a
copy to maintain). FinCEN stipulates
that the information required to be
included on the form is basic
information MSBs need to maintain to
conduct business. In addition, FinCEN’s
e-filing system allows MSBs to open a
previously filed RMSB form and the
electronic form is pre-populated with
the information from the prior filing.
MSBs can amend Part I by selecting
item 1d (re-registration) and selecting
the appropriate response in item 2.
khammond on DSKJM1Z7X2PROD with NOTICES
12 FinCEN looked at the number of RMSB
renewals filed in each of the calendar years 2015
through 2019. The average number of renewals for
the period of five years is 8,678.
13 8,678 MSBs multiplied by 40 minutes and
converted to hours equals 5,785 hours.
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18:37 Jan 24, 2020
Jkt 250001
MSBs can amend the applicable
information required on the form and
submit it electronically. The e-filing
system prompts MSBs to save the
registration form after submission.
Estimated Number of Respondents:
225 MSBs.14
Estimated Total Annual Burden
Hours: 150 hours.15
Maintenance of Agent List
Frequency: Annually.
Estimated Burden: FinCEN estimates
that the hourly burden of drafting an
agent list and revising it annually is 30
minutes per MSB. FinCEN stipulates
that the information required to be
included on an agent list is basic
information MSBs need to maintain to
conduct business. FinCEN does not
require the MSB to maintain the list in
any particular format; therefore, the
MSB can leverage its business records to
create and revise the list.
Estimated Number of Respondents:
24,027.16
Estimated Total Annual Burden
Hours: 12,014 hours.17
Grand Total Annual Burden Hours for
this Information Collection: 22,007
hours.18
14 FinCEN looked at the number of RMSBs reregistered in each of the calendar years 2015
through 2019. The average number of reregistrations for the period of five years is 225.
15 225 MSBs multiplied by 40 minutes and
converted to hours is 150 hours.
16 FinCEN looked at the total number of active
MSB registration forms as of December 1 for each
of the calendar years 2015 through 2019. This
includes active registration forms for initial filings,
renewals, and re-registrations. The average number
of MSBs registered on December 1 for the period
of five years is 24,027.
17 24,027 MSBs multiplied by 30 minutes and
converted to hours is 12,014 hours.
18 The grand total annual burden hours for this
information collection represents the total annual
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Fmt 4703
Sfmt 9990
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.
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.
Jamal El-Hindi,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2020–01240 Filed 1–24–20; 8:45 am]
BILLING CODE 4810–02–P
burden hours to file initial RMSBs, renewals, and
re-registrations, and to maintain agent lists (4,058
+ 5,785 + 150 + 12,014 = 22,007).
E:\FR\FM\27JAN1.SGM
27JAN1
Agencies
[Federal Register Volume 85, Number 17 (Monday, January 27, 2020)]
[Notices]
[Pages 4796-4798]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-01240]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Proposed Renewal;
Comment Request; Renewal Without Change of the Registration of Money
Services Businesses Regulation and FinCEN Form 107
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
[[Page 4797]]
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: As part of its continuing effort to reduce paperwork and
respondent burden, FinCEN invites comments on the proposed renewal,
without change, to a currently approved information collection
regarding registration of money services businesses regulations and
FinCEN Form 107--Registration of Money Services Business (``RMSB'').
Money services businesses (``MSBs'') must register with FinCEN using
FinCEN Form 107, renew their registration every two years, and maintain
a list of their agents. This request for comments is made pursuant to
the Paperwork Reduction Act of 1995.
DATES: Written comments are welcome and must be received on or before
March 27, 2020.
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-2019-0008 and the Office of Management and Budget (``OMB'')
control number 1506-0013.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2019-0008 and OMB control number 1506-0013.
Please submit comments by one method only. 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:
I. Statutory and Regulatory Provisions
FinCEN exercises regulatory functions under the Currency and
Financial Transactions Reporting Act of 1970, as amended by the USA
PATRIOT Act of 2001 and other legislation. This legislative framework
is commonly referred to as the Bank Secrecy Act (``BSA'').\1\ The
Secretary of the Treasury has delegated to the Director of FinCEN the
authority to implement, administer, and enforce compliance with the BSA
and associated regulations.\2\ Pursuant to this authority, FinCEN may
issue regulations requiring financial institutions to keep records and
file reports that ``have a high degree of usefulness in criminal, tax,
or regulatory investigations or proceedings, or in the conduct of
intelligence or counterintelligence activities, including analysis, to
protect against international terrorism.'' \3\
---------------------------------------------------------------------------
\1\ The 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.
5311-5314 and 5316-5332 and notes thereto, with implementing
regulations at 31 CFR Chapter X. See 31 CFR 1010.100(e).
\2\ Treasury Order 180-01 (Jul. 1, 2014).
\3\ 31 U.S.C. 5311.
---------------------------------------------------------------------------
Under 31 U.S.C. 5330 and its implementing regulation (31 CFR
1022.380), MSBs \4\ must file an initial registration form with FinCEN,
renew their registration every two years, re-register under certain
circumstances, and maintain a list of their agents.
---------------------------------------------------------------------------
\4\ See 31 CFR 1010.100(ff).
---------------------------------------------------------------------------
Registration
Each MSB, with a few exceptions, must register with the FinCEN. The
information required by 31 U.S.C 5330 and any other information
required by FinCEN Form 107 must be reported in the manner and to the
extent required by the form.\5\ The registration form for the initial
registration period must be filed on or before the end of the 180-day
period beginning on the day following the date the business is
established. MSBs must renew their registration every two years, on or
before December 31. MSBs must re-register with FinCEN not later than
180 days after the following: change in ownership, transfer of 10
percent voting or equity interest, or 50 percent increase in agents.\6\
MSBs must maintain a copy of any registration form filed under 31 CFR
1022.380 at a location in the United States for a period of five years.
---------------------------------------------------------------------------
\5\ See Registration of Money Services Business (RMSB)
Electronic Filing Instructions. Release Date July 2014--Version 1.0.
https://www.fincen.gov/sites/default/files/shared/FinCENRMSB_ElectronicFilingInstructions.pdf .
\6\ See 31 CFR 1022.380(b)(4).
---------------------------------------------------------------------------
Maintenance of an Agent List
A person that is an MSB solely because that person serves as an
agent of another MSB is not required to register.\7\ However, MSBs are
required to prepare and maintain a list of their agents.\8\ The list
must be revised each January 1, for the immediately preceding 12-month
period. The list is not filed with the registration form, but must be
maintained at the location in the United States, reported on the
registration form. Upon request, MSBs must make the list of agents
available to FinCEN, any appropriate law enforcement agency, or the
Internal Revenue Service for its delegated examination authority.
---------------------------------------------------------------------------
\7\ See 31 CFR 1022.380(a)(3).
\8\ See 31 CFR 1022.380(d).
---------------------------------------------------------------------------
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.
The collection of information is mandatory.
II. Paperwork Reduction Act (``PRA'') 9
---------------------------------------------------------------------------
\9\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
---------------------------------------------------------------------------
Title: Registration of Money Services Businesses (31 CFR 1022.380).
OMB Number: 1506-0013.
Form Number: FinCEN Form 107--Registration of Money Services
Business (RMSB).
Abstract: FinCEN is issuing this notice to renew the OMB control
number for the Registration of Money Services Businesses regulation and
FinCEN Form 107 (RMSB).
Type of Review: Renewal without change of a currently approved
information collection.
Affected public: Business or other for-profit institutions.
Initial Registration
Frequency: As required.
Estimated Burden per Respondent: FinCEN estimates that the hourly
burden of filing and maintaining a copy of the initial RMSB form is 1
hour and 10 minutes. (1 hour to fill out the form and file it, and 10
minutes to save the form electronically and print out a copy to
maintain). FinCEN stipulates that the information required to be
included on the form is basic information MSBs need to maintain to
conduct business. The e-filing system prompts MSBs to save the
registration form after submission.
Estimated Number of Respondents: 3,478 MSBs.\10\
---------------------------------------------------------------------------
\10\ FinCEN looked at the number of initial RMSBs filed in each
of the calendar years 2015 through 2019. The average number of
initial filings for the period of five years is 3,478.
---------------------------------------------------------------------------
Estimated Total Annual Burden Hours: 4,058 hours.\11\
---------------------------------------------------------------------------
\11\ 3,478 MSBs multiplied by 70 minutes and converted to hours
is 4,058 hours.
---------------------------------------------------------------------------
Registration Renewal
Frequency: Every two years.
Estimated Burden per Respondent: FinCEN estimates that the hourly
burden of filing and maintaining a copy of the renewal of the RMSB form
is 40 minutes (30 minutes to revise the form and file it, and 10
minutes to save the form electronically and print out a copy to
maintain). FinCEN stipulates that the information required to be
included on
[[Page 4798]]
the form is basic information MSBs need to maintain to conduct
business. In addition, FinCEN's e-filing system allows MSBs to open a
previously filed RMSB form and the electronic form is pre-populated
with the information from the prior filing. MSBs can amend Part I by
selecting item 1b (renewal) and submit the form. MSBs can update any
information required on the form prior to submitting the form
electronically. The e-filing system prompts MSBs to save the
registration form after submission.
Estimated Number of Respondents: 8,678 MSBs.\12\
---------------------------------------------------------------------------
\12\ FinCEN looked at the number of RMSB renewals filed in each
of the calendar years 2015 through 2019. The average number of
renewals for the period of five years is 8,678.
---------------------------------------------------------------------------
Estimated Total Annual Burden Hours: 5,785 hours.\13\
---------------------------------------------------------------------------
\13\ 8,678 MSBs multiplied by 40 minutes and converted to hours
equals 5,785 hours.
---------------------------------------------------------------------------
Re-Registration
Frequency: As required.
Estimated Burden per Respondent: FinCEN estimates that the hourly
burden of filing and maintaining a copy of the re-registration of the
RMSB form is 40 minutes (30 minutes to revise the form and file it, and
10 minutes to save the form electronically and print out a copy to
maintain). FinCEN stipulates that the information required to be
included on the form is basic information MSBs need to maintain to
conduct business. In addition, FinCEN's e-filing system allows MSBs to
open a previously filed RMSB form and the electronic form is pre-
populated with the information from the prior filing. MSBs can amend
Part I by selecting item 1d (re-registration) and selecting the
appropriate response in item 2. MSBs can amend the applicable
information required on the form and submit it electronically. The e-
filing system prompts MSBs to save the registration form after
submission.
Estimated Number of Respondents: 225 MSBs.\14\
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\14\ FinCEN looked at the number of RMSBs re-registered in each
of the calendar years 2015 through 2019. The average number of re-
registrations for the period of five years is 225.
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Estimated Total Annual Burden Hours: 150 hours.\15\
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\15\ 225 MSBs multiplied by 40 minutes and converted to hours is
150 hours.
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Maintenance of Agent List
Frequency: Annually.
Estimated Burden: FinCEN estimates that the hourly burden of
drafting an agent list and revising it annually is 30 minutes per MSB.
FinCEN stipulates that the information required to be included on an
agent list is basic information MSBs need to maintain to conduct
business. FinCEN does not require the MSB to maintain the list in any
particular format; therefore, the MSB can leverage its business records
to create and revise the list.
Estimated Number of Respondents: 24,027.\16\
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\16\ FinCEN looked at the total number of active MSB
registration forms as of December 1 for each of the calendar years
2015 through 2019. This includes active registration forms for
initial filings, renewals, and re-registrations. The average number
of MSBs registered on December 1 for the period of five years is
24,027.
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Estimated Total Annual Burden Hours: 12,014 hours.\17\
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\17\ 24,027 MSBs multiplied by 30 minutes and converted to hours
is 12,014 hours.
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Grand Total Annual Burden Hours for this Information Collection:
22,007 hours.\18\
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\18\ The grand total annual burden hours for this information
collection represents the total annual burden hours to file initial
RMSBs, renewals, and re-registrations, and to maintain agent lists
(4,058 + 5,785 + 150 + 12,014 = 22,007).
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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. 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.
Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2020-01240 Filed 1-24-20; 8:45 am]
BILLING CODE 4810-02-P