Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reports Relating to Currency in Excess of $10,000 Received in a Trade or Business, or Received as Bail by Court Clerks; Form 8300, 78932-78933 [2020-26883]
Download as PDF
<![CDATA[
78932
Federal Register / Vol. 85, No. 235 / Monday, December 7, 2020 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
in the calculation to determine if an
operator is a large or small operator.
Large operators are always required to
submit annual MIS reports whereas
small operators are only required to
submit MIS reports upon written
request from PHMSA. If a small operator
has submitted a MIS report in or after
calendar year 2018, the PHMSA Portal
message may state that no MIS report is
required for calendar year 2020. If a
small operator has grown to more than
50 covered employees during calendar
year 2020, the PHMSA Portal message
will include instructions for how to
obtain a DAMIS user name and
password for the 2020 calendar year
reporting period.
If an operator is required to submit a
MIS report in accordance with part 199,
that report is not complete until PHMSA
receives a MIS data report for each
contractor that performed covered
functions as defined in § 199.3.
Operators must submit operator and
contractor employee testing data in
separate MIS reports to avoid
duplicative reporting and inaccurate
data that could affect the positive rate
for the entire industry.
Reminder of Method for Operators To
Obtain User Name and Password for
Electronic Reporting
By early January 2021, the user name
and password required for an operator
to access DAMIS and enter calendar
year 2020 data will be available to all
operator staff with access to the PHMSA
Portal. Pipeline operators have been
submitting reports required by 49 CFR
parts 191 and 195 through the PHMSA
Portal (https://portal.phmsa.dot.gov/
pipeline) since 2011. PHMSA
determined that distributing
information via the Portal would be
more effective than the previous mailing
process.
When the DAMIS user name and
password are available in the PHMSA
Portal, all registered users will receive
an email to that effect. If operator staff
responsible for submitting MIS reports
do not receive the DAMIS information,
they should coordinate with other
registered PHMSA Portal users within
their company to obtain the DAMIS user
name and password. Registered PHMSA
Portal users for an operator typically
include operator staff or consultants
who submit annual and incident reports
through PHMSA F 7000- and 7100series forms.
Operators that have not previously
registered staff in the PHMSA Portal for
the reporting purposes of parts 191 and
195 can register users by following the
instructions at: https://
portal.phmsa.dot.gov/PHMSAPortal2/
VerDate Sep<11>2014
18:32 Dec 04, 2020
Jkt 253001
staticContentRedesign/howto/
PortalAccountCreation.pdf.
Issued in Washington, DC, on December 1,
2020, under authority delegated in 49 CFR
1.97.
Alan K. Mayberry,
Associate Administrator for Pipeline Safety.
[FR Doc. 2020–26782 Filed 12–4–20; 8:45 am]
BILLING CODE 4910–60–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection
Activities; Proposed Renewal;
Comment Request; Renewal Without
Change of Reports Relating to
Currency in Excess of $10,000
Received in a Trade or Business, or
Received as Bail by Court Clerks;
Form 8300
Financial Crimes Enforcement
Network (FinCEN), Treasury.
ACTION: Notice and request for
comments.
AGENCY:
As part of its continuing effort
to reduce paperwork and respondent
burden, FinCEN invites comments on
the proposed renewal, without change,
of a currently approved information
collection found in existing Bank
Secrecy Act regulations. Specifically,
FinCEN invites comment on a renewal,
without change, of existing information
collection requirements for reports of
currency in excess of $10,000 received
by a trade or business, or by court clerks
as bail. These transactions are reported
on Form 8300. 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
February 5, 2021.
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–2020–
0014 and the specific Office of
Management and Budget (OMB) control
number 1506–0018.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2020–0014 and OMB
control number 1506–0018.
Please submit comments by one
method only. Comments will also be
incorporated into FinCEN’s review of
existing regulations, as provided by
Treasury’s 2011 Plan for Retrospective
SUMMARY:
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
Analysis of Existing Rules. 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 Regulatory Support Section at
1–800–767–2825 or electronically at
frc@fincen.gov.
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Provisions
The legislative framework generally
referred to as the Bank Secrecy Act
(BSA) consists of the Currency and
Financial Transactions Reporting Act of
1970, as amended by the Uniting and
Strengthening America by Providing
Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001
(USA PATRIOT Act) (Pub. L. 107–56)
and other legislation. The BSA is
codified at 12 U.S.C. 1829b, 12 U.S.C.
1951–1959, 31 U.S.C. 5311–5314 and
5316–5332, and notes thereto, with
implementing regulations at 31 CFR
Chapter X.
The BSA 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 anti-money laundering
(AML) programs and compliance
procedures.1 Regulations implementing
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
31 U.S.C. 5331 of the BSA and 26
U.S.C. 6050I of the Internal Revenue
Code require that certain transactions be
reported to both FinCEN and the
Internal Revenue Service (IRS) in the
form and manner prescribed by the
Secretary of the Treasury. Specifically,
reporting is required by any person
engaged in a trade or business who, in
the course of such trade or business,
receives more than $10,000 in coins or
currency in one transaction or two or
more related transactions.3 Reporting is
also required by any clerk of a federal
1 Section 358 of the USA PATRIOT Act added
language expanding the scope of the BSA to
intelligence or counter-intelligence activities to
protect against international terrorism.
2 Treasury Order 180–01 (re-affirmed Jan. 14,
2020).
3 31 CFR 1010.330. Pursuant to 31 CFR
1021.330(c), non-gaming businesses at casino hotels
and resorts are separate trades or businesses in
which the receipt of currency in excess of $10,000
is reportable under 31 U.S.C. 5331 and 31 CFR
1010.330.
E:\FR\FM\07DEN1.SGM
07DEN1
Federal Register / Vol. 85, No. 235 / Monday, December 7, 2020 / Notices
or state court who receives more than
$10,000 in currency as bail for any
individual charged with a specified
criminal offense.4 Reports filed under
these authorities are made through the
joint FinCEN/IRS Form 8300.5
Furthermore, verification requirements
apply to transactions requiring the filing
of Form 8300.6 Reports filed under 31
CFR 1010.330 and 31 CFR 1010.331
must be maintained for five years after
the date of filing.7
II. Paperwork Reduction Act of 1995
(PRA) 8
Title: Reports Relating to Currency in
Excess of $10,000 Received in a Trade
or Business, or Received as Bail by
Court Clerks; Form 8300 (31 CFR
1010.330 and 31 CFR 1010.331).
OMB Control Number: 1506–0018.
Report Number: Form 8300.
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for the requirements for (1) any
person in a trade or business who, in the
course of the trade or business, receives
more than $10,000 in coin or currency
in one or more related transactions to
report it to FinCEN, and (2) any clerk of
a federal or state court who receives
more than $10,000 in currency as bail
for any individual charged with a
specified criminal offense to make
report of information with respect to
receipt of that currency.
Affected Public: Businesses or other
for-profit institutions, and non-profit
institutions.
Type of Review:
• Renewal without change of a
currently approved information
collection.
Frequency: As required.
Estimated Number of Respondents:
32,500 respondents.9
Estimated Recordkeeping and
Reporting Burden:
The information required to be
reported on the Form 8300 is basic
information to which a filer would have
access to in the course of doing
business. For instance, the Form 8300
requires a trade or business or court
4 31
CFR 1010.331.
transactions reportable under 31
U.S.C. 5313 or 31 CFR 1010.311, 1010.313,
1020.315, 1021.311, or 1021.313 are excluded from
the Form 8300 reporting requirement. There are
also several exceptions to the reporting requirement
included in the regulation.
6 31 CFR 1010.330(e)(2); 31 CFR 1010.331(c)(2).
7 31 CFR 1010.330(e)(3); 31 CFR 1010.331(c)(1)
(incorporating the requirements of 26 CFR 1.6050I–
2(c)(3)(i)).
8 Public Law 104–13, 44 U.S.C. 3506(c)(2)(A).
9 In 2019, FinCEN received form 8300s from
32,462 unique filers based on their tax
identification numbers (TIN). FinCEN is
conservatively rounding this estimate to 32,500
respondents annually.
khammond on DSKJM1Z7X2PROD with NOTICES
5 Currency
VerDate Sep<11>2014
18:32 Dec 04, 2020
Jkt 253001
clerk to report identifying information
about the individual from whom the
cash was received, as well as any person
on whose behalf the transaction was
conducted. The Form 8300 also requires
the filer to report a description of the
transaction and method of payment, as
well as identifying information for the
business that received the cash. As this
information is readily available to a
trade or business or court clerk, FinCEN
estimates that reporting this information
will take 20 minutes on average.
Additionally, while the Form 8300 may
be filed electronically, which allows the
filer to save an electronic version of the
form and satisfy the recordkeeping
requirement, many filers choose to file
a paper copy of the Form 8300.
Therefore, FinCEN estimates that the
recordkeeping requirement will take 10
minutes on average. FinCEN estimates
total hourly burden of reporting and
recordkeeping for each Form 8300 is 30
minutes.
Estimated Total Annual Responses:
323,067 Form 8300s were filed in
calendar year 2019.
Estimated Total Annual
Recordkeeping Burden: The estimated
total annual PRA burden is 161,534
hours (323,067 Form 8300s filed in
calendar year 2019 multiplied by 30
minutes and converted to hours).
Estimated Total Annual
Recordkeeping Cost: FinCEN estimates
the following annual burden cost:
161,534 × $30.60 per hour 10 =
$4,942,940.
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.
General 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: (i) Whether the collection of
10 The U.S. Bureau of Labor Statistics,
Occupational Employment Statistics-National, May
2019, available at https://www.bls.gov/oes/
tables.htm. The most recent data from the BLS
corresponds to May 2019. For the benefits
component of total compensation, see U.S. Bureau
of Labor Statistics, Employer’s Cost per Employee
Compensation as of December 2019, available at
https://www.bls.gov/oes/tables.htm. The ratio
between benefits and wages for financial activities
is $15.95 (hourly benefits)/$32.05 (hourly wages) =
0.50. The benefit factor is 1 plus the benefit/wages
ratio, or 1.50. Multiplying each hourly wage by the
benefit factor produces the fully-loaded hourly
wage per position. The May 2019 Bureau of Labor
Statistics average hourly wage for ‘‘43–3099
Financial Clerk’’ is $20.40. ($20.40 x 1.50 = $30.60).
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
78933
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(ii) the accuracy of the agency’s estimate
of the burden of the collection of
information; (iii) ways to enhance the
quality, utility, and clarity of the
information to be collected; (iv) 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 (v) estimates of capital
or start-up costs and costs of operation,
maintenance, and purchase of services
to provide information.
Michael G. Mosier,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2020–26883 Filed 12–4–20; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Notice of OFAC Sanctions Actions
Office of Foreign Assets
Control, Department of the Treasury.
ACTION: Notice.
AGENCY:
The U.S. Department of the
Treasury’s Office of Foreign Assets
Control (OFAC) is publishing the names
of persons that have been placed on
OFAC’s Specially Designated Nationals
and Blocked Persons List based on
OFAC’s determination that one or more
applicable legal criteria were satisfied.
All property and interests in property
subject to U.S. jurisdiction of these
persons are blocked, and U.S. persons
are generally prohibited from engaging
in transactions with them.
DATES: See Supplementary Information
section for the date that sanctions
become effective.
FOR FURTHER INFORMATION CONTACT:
OFAC: Associate Director for Global
Targeting, tel.: 202–622–2420; Assistant
Director for Licensing, tel.: 202–622–
2480; Assistant Director for Regulatory
Affairs, tel.: 202–622–4855; or Assistant
Director for Sanctions Compliance &
Evaluation, tel.: 202–622–2490.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Electronic Availability
The Specially Designated Nationals
and Blocked Persons List (SDN List) and
additional information concerning
OFAC sanctions programs are available
on OFAC’s website (https://
www.treasury.gov/ofac).
E:\FR\FM\07DEN1.SGM
07DEN1
]]>Agencies
[Federal Register Volume 85, Number 235 (Monday, December 7, 2020)]
[Notices]
[Pages 78932-78933]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26883]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Proposed Renewal;
Comment Request; Renewal Without Change of Reports Relating to Currency
in Excess of $10,000 Received in a Trade or Business, or Received as
Bail by Court Clerks; Form 8300
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 comments on the proposed renewal,
without change, of a currently approved information collection found in
existing Bank Secrecy Act regulations. Specifically, FinCEN invites
comment on a renewal, without change, of existing information
collection requirements for reports of currency in excess of $10,000
received by a trade or business, or by court clerks as bail. These
transactions are reported on Form 8300. 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
February 5, 2021.
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-2020-0014 and the specific Office of Management and Budget (OMB)
control number 1506-0018.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2020-0014 and OMB control number 1506-0018.
Please submit comments by one method only. Comments will also be
incorporated into FinCEN's review of existing regulations, as provided
by Treasury's 2011 Plan for Retrospective Analysis of Existing Rules.
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 Regulatory Support Section
at 1-800-767-2825 or electronically at [email protected].
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Provisions
The legislative framework generally referred to as the Bank Secrecy
Act (BSA) consists of the Currency and Financial Transactions Reporting
Act of 1970, as amended by the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (USA PATRIOT Act) (Pub. L. 107-56) and other
legislation. The BSA is codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-
1959, 31 U.S.C. 5311-5314 and 5316-5332, and notes thereto, with
implementing regulations at 31 CFR Chapter X.
The BSA 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 anti-money laundering (AML) programs and compliance
procedures.\1\ Regulations implementing 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\
---------------------------------------------------------------------------
\1\ Section 358 of the USA PATRIOT Act added language expanding
the scope of the BSA to intelligence or counter-intelligence
activities to protect against international terrorism.
\2\ Treasury Order 180-01 (re-affirmed Jan. 14, 2020).
---------------------------------------------------------------------------
31 U.S.C. 5331 of the BSA and 26 U.S.C. 6050I of the Internal
Revenue Code require that certain transactions be reported to both
FinCEN and the Internal Revenue Service (IRS) in the form and manner
prescribed by the Secretary of the Treasury. Specifically, reporting is
required by any person engaged in a trade or business who, in the
course of such trade or business, receives more than $10,000 in coins
or currency in one transaction or two or more related transactions.\3\
Reporting is also required by any clerk of a federal
[[Page 78933]]
or state court who receives more than $10,000 in currency as bail for
any individual charged with a specified criminal offense.\4\ Reports
filed under these authorities are made through the joint FinCEN/IRS
Form 8300.\5\ Furthermore, verification requirements apply to
transactions requiring the filing of Form 8300.\6\ Reports filed under
31 CFR 1010.330 and 31 CFR 1010.331 must be maintained for five years
after the date of filing.\7\
---------------------------------------------------------------------------
\3\ 31 CFR 1010.330. Pursuant to 31 CFR 1021.330(c), non-gaming
businesses at casino hotels and resorts are separate trades or
businesses in which the receipt of currency in excess of $10,000 is
reportable under 31 U.S.C. 5331 and 31 CFR 1010.330.
\4\ 31 CFR 1010.331.
\5\ Currency transactions reportable under 31 U.S.C. 5313 or 31
CFR 1010.311, 1010.313, 1020.315, 1021.311, or 1021.313 are excluded
from the Form 8300 reporting requirement. There are also several
exceptions to the reporting requirement included in the regulation.
\6\ 31 CFR 1010.330(e)(2); 31 CFR 1010.331(c)(2).
\7\ 31 CFR 1010.330(e)(3); 31 CFR 1010.331(c)(1) (incorporating
the requirements of 26 CFR 1.6050I-2(c)(3)(i)).
---------------------------------------------------------------------------
II. Paperwork Reduction Act of 1995 (PRA) \8\
---------------------------------------------------------------------------
\8\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
---------------------------------------------------------------------------
Title: Reports Relating to Currency in Excess of $10,000 Received
in a Trade or Business, or Received as Bail by Court Clerks; Form 8300
(31 CFR 1010.330 and 31 CFR 1010.331).
OMB Control Number: 1506-0018.
Report Number: Form 8300.
Abstract: FinCEN is issuing this notice to renew the OMB control
number for the requirements for (1) any person in a trade or business
who, in the course of the trade or business, receives more than $10,000
in coin or currency in one or more related transactions to report it to
FinCEN, and (2) any clerk of a federal or state court who receives more
than $10,000 in currency as bail for any individual charged with a
specified criminal offense to make report of information with respect
to receipt of that currency.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Type of Review:
Renewal without change of a currently approved information
collection.
Frequency: As required.
Estimated Number of Respondents: 32,500 respondents.\9\
---------------------------------------------------------------------------
\9\ In 2019, FinCEN received form 8300s from 32,462 unique
filers based on their tax identification numbers (TIN). FinCEN is
conservatively rounding this estimate to 32,500 respondents
annually.
---------------------------------------------------------------------------
Estimated Recordkeeping and Reporting Burden:
The information required to be reported on the Form 8300 is basic
information to which a filer would have access to in the course of
doing business. For instance, the Form 8300 requires a trade or
business or court clerk to report identifying information about the
individual from whom the cash was received, as well as any person on
whose behalf the transaction was conducted. The Form 8300 also requires
the filer to report a description of the transaction and method of
payment, as well as identifying information for the business that
received the cash. As this information is readily available to a trade
or business or court clerk, FinCEN estimates that reporting this
information will take 20 minutes on average. Additionally, while the
Form 8300 may be filed electronically, which allows the filer to save
an electronic version of the form and satisfy the recordkeeping
requirement, many filers choose to file a paper copy of the Form 8300.
Therefore, FinCEN estimates that the recordkeeping requirement will
take 10 minutes on average. FinCEN estimates total hourly burden of
reporting and recordkeeping for each Form 8300 is 30 minutes.
Estimated Total Annual Responses: 323,067 Form 8300s were filed in
calendar year 2019.
Estimated Total Annual Recordkeeping Burden: The estimated total
annual PRA burden is 161,534 hours (323,067 Form 8300s filed in
calendar year 2019 multiplied by 30 minutes and converted to hours).
Estimated Total Annual Recordkeeping Cost: FinCEN estimates the
following annual burden cost: 161,534 x $30.60 per hour \10\ =
$4,942,940.
---------------------------------------------------------------------------
\10\ The U.S. Bureau of Labor Statistics, Occupational
Employment Statistics-National, May 2019, available at https://www.bls.gov/oes/tables.htm. The most recent data from the BLS
corresponds to May 2019. For the benefits component of total
compensation, see U.S. Bureau of Labor Statistics, Employer's Cost
per Employee Compensation as of December 2019, available at https://www.bls.gov/oes/tables.htm. The ratio between benefits and wages for
financial activities is $15.95 (hourly benefits)/$32.05 (hourly
wages) = 0.50. The benefit factor is 1 plus the benefit/wages ratio,
or 1.50. Multiplying each hourly wage by the benefit factor produces
the fully-loaded hourly wage per position. The May 2019 Bureau of
Labor Statistics average hourly wage for ``43-3099 Financial Clerk''
is $20.40. ($20.40 x 1.50 = $30.60).
---------------------------------------------------------------------------
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.
General 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: (i) 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; (ii) the accuracy of the agency's estimate of
the burden of the collection of information; (iii) ways to enhance the
quality, utility, and clarity of the information to be collected; (iv)
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 (v) estimates
of capital or start-up costs and costs of operation, maintenance, and
purchase of services to provide information.
Michael G. Mosier,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2020-26883 Filed 12-4-20; 8:45 am]
BILLING CODE 4810-02-P
