Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Financial Crimes Enforcement Network Information Collection Requests, 11379-11381 [2021-03731]
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Federal Register / Vol. 86, No. 35 / Wednesday, February 24, 2021 / Notices
Dated: February 18, 2021.
Kevin Brown,
Acting Director, Taxpayer Advocacy Panel.
[FR Doc. 2021–03739 Filed 2–23–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Open Meeting of the Taxpayer
Advocacy Panel Joint Committee
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of meeting.
AGENCY:
An open meeting of the
Taxpayer Advocacy Panel Joint
Committee will be conducted. The
Taxpayer Advocacy Panel is soliciting
public comments, ideas, and
suggestions on improving customer
service at the Internal Revenue Service.
DATES: The meeting will be held
Thursday, March 25, 2021.
FOR FURTHER INFORMATION CONTACT:
Gilbert Martinez at 1–888–912–1227 or
(737) 800–4060.
SUPPLEMENTARY INFORMATION: Notice is
hereby given pursuant to Section
10(a)(2) of the Federal Advisory
Committee Act, 5 U.S.C. App. (1988)
that an open meeting of the Taxpayer
Advocacy Panel Joint Committee will be
held Thursday, March 25, 2021, at 1:30
p.m. Eastern Time via teleconference.
The public is invited to make oral
comments or submit written statements
for consideration. For more information
please contact Gilbert Martinez at 1–
888–912–1227 or (737–800–4060), or
write TAP Office 3651 S. IH–35, STOP
1005 AUSC, Austin, TX 78741, or post
comments to the website: https://
www.improveirs.org.
The agenda will include various
committee issues for submission to the
IRS and other TAP related topics. Public
input is welcomed.
SUMMARY:
Dated: February 18, 2021.
Kevin Brown,
Acting Director, Taxpayer Advocacy Panel.
[FR Doc. 2021–03738 Filed 2–23–21; 8:45 am]
BILLING CODE 4830–01–P
khammond on DSKJM1Z7X2PROD with NOTICES
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Multiple
Financial Crimes Enforcement Network
Information Collection Requests
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice.
AGENCY:
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17:21 Feb 23, 2021
Jkt 253001
The Department of the
Treasury will submit the following
information collection requests to the
Office of Management and Budget
(OMB) for review and clearance in
accordance with the Paperwork
Reduction Act of 1995, on or after the
date of publication of this notice. The
public is invited to submit comments on
these requests.
DATES: Comments must be received on
or before March 26, 2021.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
FOR FURTHER INFORMATION CONTACT:
Copies of the submissions may be
obtained from Molly Stasko by emailing
PRA@treasury.gov, calling (202) 622–
8922, or viewing the entire information
collection request at www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Financial Crimes Enforcement Network
(FinCEN)
1. 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.
Type of Review: Extension without
change of a currently approved
collection.
Description: 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. Reports under
31 CFR 1010.330 and 31 CFR 1010.331
are filed through the joint FinCEN/IRS
Form 8300 and must be maintained for
five years after the date of filing.
Form: Form 8300.
Affected Public: Businesses or other
for-profit institutions; and Not-for-profit
institutions.
Estimated Number of Respondents:
32,500.
Frequency of Response: As required.
Estimated Total Number of Annual
Responses: 323,067.
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11379
Estimated Total Annual Burden
Hours: 161,534 hours.
2. Title: Administrative rulings
regulations (Subpart G—31 CFR
1010.710 through 31 CFR 1010.717).
OMB Control Number: 1506–0050.
Type of Review: Extension without
change of a currently approved
collection.
Description: FinCEN is issuing this
notice to renew the OMB control
number for the administrative ruling
regulations. A FinCEN administrative
ruling is a written ruling interpreting
the relationship between the regulations
implementing the BSA at 31 CFR
Chapter X and each situation for which
such a ruling has been requested in
conformity with the regulatory
requirements. The regulations
implementing the procedures for
requestors to submit, and for FinCEN to
issue, administrative rulings appear in
Part 1010, Subpart G—Administrative
Rulings. Specifically, the regulations
address the following: (a) How to submit
a request for an administrative ruling
(31 CFR 1010.711); (b) treatment of nonconforming requests (31 CFR 1010.712);
(c) treatment of oral communications
(31 CFR 1010.713); (d) withdrawal of
administrative ruling requests (31 CFR
1010.714); (e) issuance of administrative
rulings (31 CFR 1010.715); (e)
modification and rescission of
administrative rulings (31 CFR
1010.716); and (f) disclosure of
administrative ruling (31 CFR
1010.717). An administrative ruling has
precedential value, and may be relied
upon by others similarly situated, only
if FinCEN makes them available to the
public through publication on the
FinCEN website or another appropriate
forum.
Form: Not applicable.
Affected Public: Businesses or other
for-profit institutions; Not-for-profit
institutions; and Individuals or
Households.
Estimated Number of Respondents:
33.
Frequency of Response: As required.
Estimated Total Number of Annual
Responses: 33.
Estimated Time per Response: 2
hours.
Estimated Total Annual Burden
Hours: 66 hours.
3. Title: AML program requirements
for casinos (31 CFR 1021.210, 31 CFR
1021.410(b)(10)).
OMB Control Number: 1506–0051.
Type of Review: Extension without
change of a currently approved
collection.
Description: FinCEN is issuing this
notice to renew the OMB control
number for the AML program regulatory
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11380
Federal Register / Vol. 86, No. 35 / Wednesday, February 24, 2021 / Notices
requirements for casinos. Section 352 of
the USA PATRIOT Act added
subsection (h) to 31 U.S.C. 5318 of the
BSA. Section 352 mandates that
financial institutions establish AML
programs to guard against money
laundering. Such AML programs must
include, at a minimum, the following:
(a) The development of internal
policies, procedures, and controls, (b)
the designation of a compliance officer,
(c) an ongoing employee training
program, and (d) an independent audit
function to test programs. Pursuant to
section 352, FinCEN issued a regulation
requiring casinos to develop and
implement written AML programs.
Form: Not applicable.
Affected Public: Businesses or other
for-profit institutions; and Not-for-profit
institutions.
Estimated Number of Respondents:
993.
Frequency of Response: As required.
Estimated Time per Response: 1 hour
per casino for maintaining and updating
the AML program, 5 minutes per casino
for storing the written AML program, 5
minutes per casino for producing a copy
of the AML program if requested by
regulatory examiners or law
enforcement; and 99 hours per casino
for complying with the requirements in
31 CFR 1021.210(b)(2)(v) and (vi).
Estimated Total Annual Burden
Hours: 99,466 hours.
4. Title: Reports and records of certain
domestic transactions (31 U.S.C. 5326;
31 CFR 1010.370 and 1010.410(d)).
OMB Control Number: 1506–0056.
Type of Review: Extension without
change of a currently approved
collection.
Description: FinCEN is issuing this
notice to renew the OMB control
number for statutes and regulations
requiring reports and records of certain
domestic transactions. Congress
amended the Bank Secrecy Act (BSA) in
1988 to give the Secretary the authority
to issue orders under 31 U.S.C. 5326 by
passing Public Law 100–690, Title VI,
§ 6185(c). This provision was later
amended to permit issuance of
confidential orders, lengthen the
effective period of orders to 180 days,
cover transactions involving transfers of
funds, and to clarify that orders can be
issued upon reasonable grounds for
concluding that additional requirements
are necessary to carry out the purposes
of the subtitle of which 31 U.S.C. 5326
is a part, or to prevent evasions thereof.
See Public Law 102–550, Title XV,
§ 1514; Public Law 107–56, 353(d);
Public Law 115–44, 275.
Under 31 U.S.C. 5326(a), if the
Secretary finds that reasonable grounds
exist for concluding that additional
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recordkeeping and reporting are
necessary to carry out the purpose of the
BSA or to prevent evasions thereof, the
Secretary may issue an order requiring
any domestic financial institution or
nonfinancial trade or business or group
of domestic financial institutions or
nonfinancial trades or businesses in a
geographic area to obtain such
information as the Secretary may
describe in such order concerning
certain transactions.
The authority set forth in 31 U.S.C.
5326 to impose reporting and
recordkeeping requirements is selfimplementing. Section 5326(a) generally
requires domestic financial institutions
or nonfinancial trades or businesses in
a geographic area that receive an order
to report, in the manner and to the
extent specified in an order, information
concerning any transaction in which
such financial institution or
nonfinancial trade or business is
involved for the payment, receipt, or
transfer of funds (as the Secretary may
describe in such order). An order
typically will include the following
terms: (i) The dollar amount of
transactions subject to the reporting
requirement; (ii) the type of transactions
subject to or exempt from the reporting
requirement; (iii) the appropriate form
for reporting and the method for form
submission; (iv) the starting and ending
dates by which the transactions
specified in the order are to be reported;
(v) a point of contact at FinCEN for
questions; (vi) the amount of time the
reports and records of reports generated
are required to be retained; and (vii) any
other information deemed necessary to
carry out the purpose of the order.
Pursuant to 31 U.S.C. 5326(d), no order
will prescribe a reporting period of more
than 180 days unless it is renewed
pursuant to 31 U.S.C. 5326(a). These
orders are commonly referred to as
geographic targeting orders (GTOs).
31 CFR 1010.410(d) requires each
financial institution or nonfinancial
trade or business to retain the original
or a copy or reproduction of a record of
the information required to be reported
in a GTO for the period of time specified
in the order, not to exceed five years.
Form: Not applicable.
Affected Public: Businesses or other
for-profit institutions; and Not-for-profit
institutions.
Estimated Number of Respondents:
353.
Frequency of Response: As required.
Estimated Total Number of Annual
Responses: 13,719.
Estimated Time per Response: 25
minutes.
Estimated Total Annual Burden
Hours: 5,716 hours.
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5. Title: Records to be made and
retained by financial institutions (31
CFR 1010.410), records to be made and
retained by banks (31 CFR 1020.410),
and additional records to be maintained
by providers and sellers of prepaid
access (31 CFR 1022.420).
OMB Control Number: 1506–0058 and
1506–0059.
Type of Review: Extension without
change of a currently approved
collection.
Description: FinCEN is issuing this
notice to renew the OMB control
numbers for regulations requiring
certain financial institutions to make
and retain records associated with
certain types of transactions, including
funds transfers, transmittals of funds,
and prepaid access transactions, among
other types of transactions.
On January 3, 1995, Treasury and the
Board jointly issued a recordkeeping
rule (the ‘‘Recordkeeping Rule’’) that
requires banks and nonbank financial
institutions to collect and retain
information related to funds transfers
and transmittals of funds in amounts of
$3,000 or more. The Recordkeeping
Rule is intended to help law
enforcement and regulatory authorities
to detect, investigate, and prosecute
money laundering, and other financial
crimes by preserving an information
trail about persons sending and
receiving funds through the funds
transfer system.
At the same time, FinCEN issued a
separate rule—the ‘‘Travel Rule’’—that
requires banks and nonbank financial
institutions to transmit information on
certain funds transfers and transmittals
of funds to other banks or nonbank
financial institutions participating in
the transfer or transmittal. The Travel
Rule and the Recordkeeping Rule
complement each other. Generally, the
Recordkeeping Rule requires financial
institutions to collect and retain the
information that, under the Travel Rule,
must be included with transmittal
orders, although the Recordkeeping
Rule also has other applications apart
from ensuring that information is
available to include with funds
transfers. FinCEN issued the Travel Rule
pursuant to statutory authority that
permits the Treasury to require
domestic financial institutions or
nonfinancial trades or businesses to
maintain appropriate procedures to
ensure compliance with the Bank
Secrecy Act (BSA) or to guard against
money laundering, and to establish
AML programs.
The Recordkeeping Rule is codified at
31 CFR 1020.410(a) and 1010.410(e),
and the Travel Rule is codified at 31
CFR 1010.410(f). This notice proposes to
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Federal Register / Vol. 86, No. 35 / Wednesday, February 24, 2021 / Notices
renew the regulations that implement
the Recordkeeping Rule and the Travel
Rule, along with all of the other
regulatory requirements under 31 CFR
1010.410, 1020.410, and 1022.420.
The Recordkeeping Rule and Travel
Rule collectively require banks and
nonbank financial institutions to collect,
retain, and transmit information on
funds transfers and transmittals of funds
in amounts of $3,000 or more.
Under the Recordkeeping Rule, the
originator’s bank or transmitter’s
financial institution must collect and
retain the following information: (a)
Name and address of the originator or
transmitter; (b) the amount of the
payment or transmittal order; (c) the
execution date of the payment or
transmittal order; (d) any payment
instructions received from the originator
or transmitter with the payment or
transmittal order; and (e) the identity of
the beneficiary’s bank or recipient’s
financial institution. In addition, the
originator’s bank or transmitter’s
financial institution must retain the
following information if it receives that
information from the originator or
transmitter: (a) Name and address of the
beneficiary or recipient; (b) account
number of the beneficiary or recipient;
and (c) any other specific identifier of
the beneficiary or recipient. The
originator’s bank or transmitter’s
financial institution is required to verify
the identity of the person placing a
payment or transmittal order if the order
is made in person and the person
placing the order is not an established
customer. Similarly, should the
beneficiary’s bank or recipient’s
financial institution deliver the
proceeds to the beneficiary or recipient
in person, the bank or nonbank financial
institution must verify the identity of
the beneficiary or recipient—and collect
and retain various items of information
identifying the beneficiary or
recipient—if the beneficiary or recipient
is not an established customer. Finally,
an intermediary bank or financial
institution—and the beneficiary’s bank
or recipient’s financial institution—
must retain originals or copies of
payment or transmittal orders.
Under the Travel Rule, the
originator’s bank or transmitter’s
financial institution is required to
include information, including all
information required under the
Recordkeeping Rule, in a payment or
transmittal order sent by the bank or
nonbank financial institution to another
bank or nonbank financial institution in
the payment chain. An intermediary
bank or financial institution is also
required to transmit this information to
other banks or nonbank financial
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17:21 Feb 23, 2021
Jkt 253001
institutions in the payment chain, to the
extent the information is received by the
intermediary bank or financial
institution.
Under 31 CFR 1022.420, Providers
and sellers of prepaid access are a type
of money services business (MSB), as
defined in § 1010.100(ff). BSA
regulations specific to MSBs are found
at 31 CFR Chapter X. Providers and
sellers of prepaid access must maintain
access to transactional records generated
in the ordinary course of business that
would be needed to reconstruct prepaid
access activation, loads, reloads,
purchases, withdrawals, transfers, or
other prepaid-related transactions.
Form: Not applicable.
Affected Public: Businesses or other
for-profit institutions; and Not-for-profit
institutions.
Estimated Number of Respondents:
28,567.
Frequency of Response: As required.
Estimated Total Annual Burden
Hours: 2,908,942 hours.
Authority: 44 U.S.C. 3501 et seq.
Dated: February 18, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021–03731 Filed 2–23–21; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Privacy Act of 1974; System of
Records
Department of the Treasury.
Notice of a New System of
Records.
AGENCY:
ACTION:
In accordance with the
Privacy Act of 1974, the Department of
the Treasury (‘‘Treasury’’ or the
‘‘Department’’) (including Treasury
bureaus, offices, and other
subcomponents), proposes to establish a
new Treasury system of records titled,
‘‘Department of the Treasury .020—
Health Screening and Contact Tracing
Records.’’ Treasury collects these
records when it knows or suspects that
a person who was infected with a
communicable disease came in close
physical proximity to or had physical
contact with other persons while
working in or visiting a Treasury facility
(including Treasury sponsored events in
non-Treasury facilities), and Treasury
determines that the collection of such
records is necessary to protect the
health of Treasury personnel (meaning
employees, grantees, contractors, and
interns), and Treasury visitors (which
includes non-Treasury federal
employees and contractors, detailees
from other federal agencies working at
SUMMARY:
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11381
a Treasury facility, and members of the
public who visit a Treasury facility).
Treasury may collect these records in
response to a health-related declaration
of a national emergency by the
President, a public health emergency
declared by the Health and Human
Service (HHS) Secretary or a designated
federal official or a designated state
official. Even in the absence of a healthrelated declaration of national
emergency or declaration of public
health emergency (HHS or state level),
Treasury may collect these records if it
determines that a significant risk of
substantial harm exists to the health of
Treasury personnel or visitors.
DATES: Submit comments on or before
March 26, 2021. The <new and/or
significantly modified> routine uses
will be applicable on March 26, 2021.
ADDRESSES: Comments may be
submitted to the Federal E-Rulemaking
Portal electronically at https://
www.regulations.gov. Comments can
also be sent to the Deputy Assistant
Secretary for Privacy, Transparency, and
Records, Department of the Treasury,
Departmental Offices, 1750
Pennsylvania Avenue NW, Washington,
DC 20220, Attention: Revisions to
Privacy Act Systems of Records. All
comments received, including
attachments and other supporting
documents, are part of the public
records and subject to public disclosure.
All comments received will be posted
without change to www.regulations.gov,
including any personal information
provided. You should submit only
information that you wish to make
publicly available.
FOR FURTHER INFORMATION CONTACT: For
general questions and privacy issues
please contact: Deputy Assistant
Secretary for Privacy, Transparency, and
Records (202–622–5710), Department of
the Treasury, 1500 Pennsylvania
Avenue NW, Washington, DC 20220.
SUPPLEMENTARY INFORMATION: In
accordance with the Privacy Act of
1974, 5 U.S.C. 552a, the Department of
the Treasury (‘‘Treasury’’) proposes to
establish a new Treasury system of
records titled, ‘‘Department of the
Treasury, Treasury .020—Health
Screening and Contact Tracing
Records.’’
Treasury is publishing this system of
records to provide notice to individuals
regarding the collection, maintenance,
use and disclosure of health screening
and contact tracing information
collected from and about Treasury
personnel (meaning employees,
grantees, contractors, and interns), and
Treasury visitors (meaning nonTreasury federal employees, detailees
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]]>Agencies
[Federal Register Volume 86, Number 35 (Wednesday, February 24, 2021)]
[Notices]
[Pages 11379-11381]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03731]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Multiple Financial Crimes Enforcement Network
Information Collection Requests
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on these requests.
DATES: Comments must be received on or before March 26, 2021.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Molly Stasko by emailing [email protected], calling (202)
622-8922, or viewing the entire information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Financial Crimes Enforcement Network (FinCEN)
1. 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.
Type of Review: Extension without change of a currently approved
collection.
Description: 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. Reports under 31 CFR 1010.330 and 31 CFR
1010.331 are filed through the joint FinCEN/IRS Form 8300 and must be
maintained for five years after the date of filing.
Form: Form 8300.
Affected Public: Businesses or other for-profit institutions; and
Not-for-profit institutions.
Estimated Number of Respondents: 32,500.
Frequency of Response: As required.
Estimated Total Number of Annual Responses: 323,067.
Estimated Total Annual Burden Hours: 161,534 hours.
2. Title: Administrative rulings regulations (Subpart G--31 CFR
1010.710 through 31 CFR 1010.717).
OMB Control Number: 1506-0050.
Type of Review: Extension without change of a currently approved
collection.
Description: FinCEN is issuing this notice to renew the OMB control
number for the administrative ruling regulations. A FinCEN
administrative ruling is a written ruling interpreting the relationship
between the regulations implementing the BSA at 31 CFR Chapter X and
each situation for which such a ruling has been requested in conformity
with the regulatory requirements. The regulations implementing the
procedures for requestors to submit, and for FinCEN to issue,
administrative rulings appear in Part 1010, Subpart G--Administrative
Rulings. Specifically, the regulations address the following: (a) How
to submit a request for an administrative ruling (31 CFR 1010.711); (b)
treatment of non-conforming requests (31 CFR 1010.712); (c) treatment
of oral communications (31 CFR 1010.713); (d) withdrawal of
administrative ruling requests (31 CFR 1010.714); (e) issuance of
administrative rulings (31 CFR 1010.715); (e) modification and
rescission of administrative rulings (31 CFR 1010.716); and (f)
disclosure of administrative ruling (31 CFR 1010.717). An
administrative ruling has precedential value, and may be relied upon by
others similarly situated, only if FinCEN makes them available to the
public through publication on the FinCEN website or another appropriate
forum.
Form: Not applicable.
Affected Public: Businesses or other for-profit institutions; Not-
for-profit institutions; and Individuals or Households.
Estimated Number of Respondents: 33.
Frequency of Response: As required.
Estimated Total Number of Annual Responses: 33.
Estimated Time per Response: 2 hours.
Estimated Total Annual Burden Hours: 66 hours.
3. Title: AML program requirements for casinos (31 CFR 1021.210, 31
CFR 1021.410(b)(10)).
OMB Control Number: 1506-0051.
Type of Review: Extension without change of a currently approved
collection.
Description: FinCEN is issuing this notice to renew the OMB control
number for the AML program regulatory
[[Page 11380]]
requirements for casinos. Section 352 of the USA PATRIOT Act added
subsection (h) to 31 U.S.C. 5318 of the BSA. Section 352 mandates that
financial institutions establish AML programs to guard against money
laundering. Such AML programs must include, at a minimum, the
following: (a) The development of internal policies, procedures, and
controls, (b) the designation of a compliance officer, (c) an ongoing
employee training program, and (d) an independent audit function to
test programs. Pursuant to section 352, FinCEN issued a regulation
requiring casinos to develop and implement written AML programs.
Form: Not applicable.
Affected Public: Businesses or other for-profit institutions; and
Not-for-profit institutions.
Estimated Number of Respondents: 993.
Frequency of Response: As required.
Estimated Time per Response: 1 hour per casino for maintaining and
updating the AML program, 5 minutes per casino for storing the written
AML program, 5 minutes per casino for producing a copy of the AML
program if requested by regulatory examiners or law enforcement; and 99
hours per casino for complying with the requirements in 31 CFR
1021.210(b)(2)(v) and (vi).
Estimated Total Annual Burden Hours: 99,466 hours.
4. Title: Reports and records of certain domestic transactions (31
U.S.C. 5326; 31 CFR 1010.370 and 1010.410(d)).
OMB Control Number: 1506-0056.
Type of Review: Extension without change of a currently approved
collection.
Description: FinCEN is issuing this notice to renew the OMB control
number for statutes and regulations requiring reports and records of
certain domestic transactions. Congress amended the Bank Secrecy Act
(BSA) in 1988 to give the Secretary the authority to issue orders under
31 U.S.C. 5326 by passing Public Law 100-690, Title VI, Sec. 6185(c).
This provision was later amended to permit issuance of confidential
orders, lengthen the effective period of orders to 180 days, cover
transactions involving transfers of funds, and to clarify that orders
can be issued upon reasonable grounds for concluding that additional
requirements are necessary to carry out the purposes of the subtitle of
which 31 U.S.C. 5326 is a part, or to prevent evasions thereof. See
Public Law 102-550, Title XV, Sec. 1514; Public Law 107-56, 353(d);
Public Law 115-44, 275.
Under 31 U.S.C. 5326(a), if the Secretary finds that reasonable
grounds exist for concluding that additional recordkeeping and
reporting are necessary to carry out the purpose of the BSA or to
prevent evasions thereof, the Secretary may issue an order requiring
any domestic financial institution or nonfinancial trade or business or
group of domestic financial institutions or nonfinancial trades or
businesses in a geographic area to obtain such information as the
Secretary may describe in such order concerning certain transactions.
The authority set forth in 31 U.S.C. 5326 to impose reporting and
recordkeeping requirements is self-implementing. Section 5326(a)
generally requires domestic financial institutions or nonfinancial
trades or businesses in a geographic area that receive an order to
report, in the manner and to the extent specified in an order,
information concerning any transaction in which such financial
institution or nonfinancial trade or business is involved for the
payment, receipt, or transfer of funds (as the Secretary may describe
in such order). An order typically will include the following terms:
(i) The dollar amount of transactions subject to the reporting
requirement; (ii) the type of transactions subject to or exempt from
the reporting requirement; (iii) the appropriate form for reporting and
the method for form submission; (iv) the starting and ending dates by
which the transactions specified in the order are to be reported; (v) a
point of contact at FinCEN for questions; (vi) the amount of time the
reports and records of reports generated are required to be retained;
and (vii) any other information deemed necessary to carry out the
purpose of the order. Pursuant to 31 U.S.C. 5326(d), no order will
prescribe a reporting period of more than 180 days unless it is renewed
pursuant to 31 U.S.C. 5326(a). These orders are commonly referred to as
geographic targeting orders (GTOs).
31 CFR 1010.410(d) requires each financial institution or
nonfinancial trade or business to retain the original or a copy or
reproduction of a record of the information required to be reported in
a GTO for the period of time specified in the order, not to exceed five
years.
Form: Not applicable.
Affected Public: Businesses or other for-profit institutions; and
Not-for-profit institutions.
Estimated Number of Respondents: 353.
Frequency of Response: As required.
Estimated Total Number of Annual Responses: 13,719.
Estimated Time per Response: 25 minutes.
Estimated Total Annual Burden Hours: 5,716 hours.
5. Title: Records to be made and retained by financial institutions
(31 CFR 1010.410), records to be made and retained by banks (31 CFR
1020.410), and additional records to be maintained by providers and
sellers of prepaid access (31 CFR 1022.420).
OMB Control Number: 1506-0058 and 1506-0059.
Type of Review: Extension without change of a currently approved
collection.
Description: FinCEN is issuing this notice to renew the OMB control
numbers for regulations requiring certain financial institutions to
make and retain records associated with certain types of transactions,
including funds transfers, transmittals of funds, and prepaid access
transactions, among other types of transactions.
On January 3, 1995, Treasury and the Board jointly issued a
recordkeeping rule (the ``Recordkeeping Rule'') that requires banks and
nonbank financial institutions to collect and retain information
related to funds transfers and transmittals of funds in amounts of
$3,000 or more. The Recordkeeping Rule is intended to help law
enforcement and regulatory authorities to detect, investigate, and
prosecute money laundering, and other financial crimes by preserving an
information trail about persons sending and receiving funds through the
funds transfer system.
At the same time, FinCEN issued a separate rule--the ``Travel
Rule''--that requires banks and nonbank financial institutions to
transmit information on certain funds transfers and transmittals of
funds to other banks or nonbank financial institutions participating in
the transfer or transmittal. The Travel Rule and the Recordkeeping Rule
complement each other. Generally, the Recordkeeping Rule requires
financial institutions to collect and retain the information that,
under the Travel Rule, must be included with transmittal orders,
although the Recordkeeping Rule also has other applications apart from
ensuring that information is available to include with funds transfers.
FinCEN issued the Travel Rule pursuant to statutory authority that
permits the Treasury to require domestic financial institutions or
nonfinancial trades or businesses to maintain appropriate procedures to
ensure compliance with the Bank Secrecy Act (BSA) or to guard against
money laundering, and to establish AML programs.
The Recordkeeping Rule is codified at 31 CFR 1020.410(a) and
1010.410(e), and the Travel Rule is codified at 31 CFR 1010.410(f).
This notice proposes to
[[Page 11381]]
renew the regulations that implement the Recordkeeping Rule and the
Travel Rule, along with all of the other regulatory requirements under
31 CFR 1010.410, 1020.410, and 1022.420.
The Recordkeeping Rule and Travel Rule collectively require banks
and nonbank financial institutions to collect, retain, and transmit
information on funds transfers and transmittals of funds in amounts of
$3,000 or more.
Under the Recordkeeping Rule, the originator's bank or
transmitter's financial institution must collect and retain the
following information: (a) Name and address of the originator or
transmitter; (b) the amount of the payment or transmittal order; (c)
the execution date of the payment or transmittal order; (d) any payment
instructions received from the originator or transmitter with the
payment or transmittal order; and (e) the identity of the beneficiary's
bank or recipient's financial institution. In addition, the
originator's bank or transmitter's financial institution must retain
the following information if it receives that information from the
originator or transmitter: (a) Name and address of the beneficiary or
recipient; (b) account number of the beneficiary or recipient; and (c)
any other specific identifier of the beneficiary or recipient. The
originator's bank or transmitter's financial institution is required to
verify the identity of the person placing a payment or transmittal
order if the order is made in person and the person placing the order
is not an established customer. Similarly, should the beneficiary's
bank or recipient's financial institution deliver the proceeds to the
beneficiary or recipient in person, the bank or nonbank financial
institution must verify the identity of the beneficiary or recipient--
and collect and retain various items of information identifying the
beneficiary or recipient--if the beneficiary or recipient is not an
established customer. Finally, an intermediary bank or financial
institution--and the beneficiary's bank or recipient's financial
institution--must retain originals or copies of payment or transmittal
orders.
Under the Travel Rule, the originator's bank or transmitter's
financial institution is required to include information, including all
information required under the Recordkeeping Rule, in a payment or
transmittal order sent by the bank or nonbank financial institution to
another bank or nonbank financial institution in the payment chain. An
intermediary bank or financial institution is also required to transmit
this information to other banks or nonbank financial institutions in
the payment chain, to the extent the information is received by the
intermediary bank or financial institution.
Under 31 CFR 1022.420, Providers and sellers of prepaid access are
a type of money services business (MSB), as defined in Sec.
1010.100(ff). BSA regulations specific to MSBs are found at 31 CFR
Chapter X. Providers and sellers of prepaid access must maintain access
to transactional records generated in the ordinary course of business
that would be needed to reconstruct prepaid access activation, loads,
reloads, purchases, withdrawals, transfers, or other prepaid-related
transactions.
Form: Not applicable.
Affected Public: Businesses or other for-profit institutions; and
Not-for-profit institutions.
Estimated Number of Respondents: 28,567.
Frequency of Response: As required.
Estimated Total Annual Burden Hours: 2,908,942 hours.
Authority: 44 U.S.C. 3501 et seq.
Dated: February 18, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021-03731 Filed 2-23-21; 8:45 am]
BILLING CODE 4810-02-P
