Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of the Report of International Transportation of Currency or Monetary Instruments; FinCEN Report 105, 16548-16551 [2022-06157]
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Federal Register / Vol. 87, No. 56 / Wednesday, March 23, 2022 / Notices
from the State Driver’s Licensing
Agency. A summary of each applicant’s
seizure history was discussed in the
February 3, 2022, Federal Register
notice (87 FR 6231) and will not be
repeated in this notice.
These 32 applicants have been
seizure-free over a range of 2 to 37 years
while taking anti-seizure medication
and maintained a stable medication
treatment regimen for the last 2 years. In
each case, the applicant’s treating
physician verified his or her seizure
history and supports the ability to drive
commercially.
The Agency acknowledges the
potential consequences of a driver
experiencing a seizure while operating a
CMV. However, the Agency believes the
drivers granted this exemption have
demonstrated that they are unlikely to
have a seizure and their medical
condition does not pose a risk to public
safety.
Consequently, FMCSA finds that in
each case exempting these applicants
from the epilepsy and seizure disorder
prohibition in § 391.41(b)(8) is likely to
achieve a level of safety equal to that
existing without the exemption.
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V. Conditions and Requirements
The terms and conditions of the
exemption are provided to the
applicants in the exemption document
and includes the following: (1) Each
driver must remain seizure-free and
maintain a stable treatment during the
2-year exemption period; (2) each driver
must submit annual reports from their
treating physicians attesting to the
stability of treatment and that the driver
has remained seizure-free; (3) each
driver must undergo an annual medical
examination by a certified ME, as
defined by § 390.5; and (4) each driver
must provide a copy of the annual
medical certification to the employer for
retention in the driver’s qualification
file, or keep a copy of his/her driver’s
qualification file if he/she is selfemployed. The driver must also have a
copy of the exemption when driving, for
presentation to a duly authorized
Federal, State, or local enforcement
official.
VI. Preemption
During the period the exemption is in
effect, no State shall enforce any law or
regulation that conflicts with this
exemption with respect to a person
operating under the exemption.
VII. Conclusion
Based upon its evaluation of the 32
exemption applications, FMCSA
exempts the following drivers from the
epilepsy and seizure disorder
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prohibition, § 391.41(b)(8), subject to the
requirements cited above:
Andrew Anzalone (MA)
Anthony Cavaliere (NY)
Shane Chacon (ID)
Brad Crawford (LA)
Michael Davee (CA)
Callon Hegman (MO)
Jacob Hitchcock (IA)
Holly Hobert (NE)
Gary Johnson (MO)
Gregory Johnson (NC)
Lance Johnson (TN)
Alan Keil (HI)
Kim Langan (CA)
Armando Macias-Tovar (FL)
Christian Mandahl (MT)
Joseph Mendoza (IN)
Edna Merritt (TN)
Richard Packer (ID)
Alexander Paradis (RI)
Steven Paul (WI)
Kevin Podman (IL)
Michael Reimer (CA)
Richard Riley (IA)
Charles Rivet (IA)
Brian Runk (PA)
Lucas Schmidt (NY)
Bradley Scruggs (CA)
Kacen Schaffer (CO)
Shaen Smith (MN)
Kip West (CO)
Derek Wettstein (TX)
Jeremy Williams (MS)
In accordance with 49 U.S.C.
31315(b), each exemption will be valid
for 2 years from the effective date unless
revoked earlier by FMCSA. The
exemption will be revoked if the
following occurs: (1) The person fails to
comply with the terms and conditions
of the exemption; (2) the exemption has
resulted in a lower level of safety than
was maintained prior to being granted;
or (3) continuation of the exemption
would not be consistent with the goals
and objectives of 49 U.S.C. 31136(e) and
31315(b).
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,
of a currently approved information
collection found in existing Bank
Secrecy Act regulations. Specifically,
FinCEN invites comments on a renewal,
without change, of existing information
collection requirements for the Report of
International Transportation of
Currency or Monetary Instruments
(CMIR). Although no changes are
proposed to the information collection
itself, this request for comments covers
a proposed updated burden estimate for
the information collection. This request
for comments is made pursuant to the
Paperwork Reduction Act of 1995
(PRA).
SUMMARY:
DEPARTMENT OF THE TREASURY
Written comments are welcome,
and must be received on or before May
23, 2022.
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–2022–
0006 and the specific Office of
Management and Budget (OMB) control
numbers 1506–0014.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2022–0006 and OMB
control number 1506–0014.
Please submit comments by one
method only. Comments will be
reviewed consistent with the Paperwork
Reduction Act of 1995 and applicable
OMB regulations and guidance.
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:
Financial Crimes Enforcement Network
I. Statutory and Regulatory Provisions
Agency Information Collection
Activities; Proposed Renewal;
Comment Request; Renewal Without
Change of the Report of International
Transportation of Currency or
Monetary Instruments; FinCEN Report
105
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), Public Law 107–
56 (October 26, 2001), and other
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2022–06118 Filed 3–22–22; 8:45 am]
BILLING CODE 4910–EX–P
Financial Crimes Enforcement
Network (FinCEN), Treasury.
AGENCY:
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legislation, including most recently the
Anti-Money Laundering Act of 2020
(AML Act).1 The BSA is codified at 12
U.S.C. 1829b, 12 U.S.C. 1951–1960, 31
U.S.C. 5311–5314 and 5316–5336, and
notes thereto, with implementing
regulations at 31 CFR chapter X.
The BSA authorizes the Secretary of
the Treasury (the ‘‘Secretary’’), 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 AML
programs and compliance procedures.2
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.3
31 U.S.C. 5316 requires, with limited
exceptions, that a person, or an agent or
bailee of the person, file a report when
the person, agent, or bailee knowingly:
(i) Transports, is about to transport, or
has transported monetary instruments 4
of more than $10,000 at one time from
a place in the United States to or
through a place outside the United
States, or to a place in the United States
from or through a place outside the
United States; or (ii) receives monetary
instruments of more than $10,000 at one
time transported into the United States
from or through a place outside the
United States. The regulations
implementing this statutory requirement
are found at 31 CFR 1010.340.
31 CFR 1010.340(a) requires each
person 5 who physically transports,
mails, or ships, or causes to be
physically transported, mailed or
shipped, or attempts to cause to be
physically transported, mailed or
1 The AML Act was enacted as Division F,
§§ 6001–6511, of the William M. (Mac) Thornberry
National Defense Authorization Act for Fiscal Year
2021, Public Law 116–283, 134 Stat 3388 (2021).
2 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. Section 6101
of the AML Act added language further expanding
the scope of the BSA but did not amend these
longstanding purposes.
3 Treasury Order 180–01.
4 For purposes of 31 U.S.C. 5316, monetary
instruments is defined in 31 U.S.C. 5312(a)(3) as
amended by section 6102(d)(1)(C) of the AML Act.
5 FinCEN regulations define a ‘‘person’’ as an
individual, a corporation, partnership, a trust or
estate, a joint stock company, an association, a
syndicate, joint venture or other unincorporated
organization or group, an Indian Tribe (as that term
is defined in the Indian Gaming Regulatory Act),
and all entities cognizable as legal personalities. 31
CFR 1010.100(mm).
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shipped, currency 6 or other monetary
instruments 7 in an aggregate amount
exceeding $10,000 at one time from the
United States to any place outside the
United States, or into the United States
from any place outside the United
States, to file a CMIR.8
31 CFR 1010.340(b) requires each
person in the United States who
receives at any one time currency or
other monetary instruments exceeding
$10,000 in the aggregate, which have
been transported, mailed, or shipped to
such person from any place outside the
United States, to file a CMIR if the CMIR
has not already been filed pursuant to
31 CFR 1010.340(a). The CMIR must
include the amount, the date of receipt,
the form of monetary instruments, and
the person from whom the funds were
received.
31 CFR 1010.340(c) includes a list of
persons that are not required to file a
CMIR, even if they satisfy the conditions
of 31 CFR 1010.340(a) or (b). 31 CFR
1010.340(d) clarifies that a transfer of
funds through normal banking
procedures, which does not involve the
physical transportation of currency or
monetary instruments, is not required to
be reported on the CMIR.
According to the CMIR instructions,
each person who receives currency or
other monetary instruments in the
United States must file a CMIR within
15 days after receipt of the currency or
monetary instruments with the United
States Customs and Border Protection
(CBP) officer in charge at any port of
entry or departure, or by mail.9
Travelers carrying currency or other
monetary instruments with them must
file the CMIR at the time they enter the
United States or at the time they depart
the United States with the CBP officer
in charge at any port of entry or
departure.10
A transportation, mailing, or shipping
of currency or monetary instruments
does not need to be reported if any other
participants in that cross-border
6 FinCEN regulations define currency in 31 CFR
1010.100(m).
7 FinCEN regulations define monetary
instruments in 31 CFR 1010.100(dd).
8 A person is deemed to have caused such
transportation, mailing or shipping when he or she
aids, abets, counsels, commands, procures, or
requests it to be done by a financial institution or
any other person. 31 CFR 1010.340(a).
9 See FinCEN Report 105—CMIR, General
Instructions at https://www.fincen.gov/sites/default/
files/shared/fin105_cmir.pdf.
10 In early 2020, CBP implemented a web-based
platform for the electronic completion of CMIRs by
travelers transporting their own currency or
monetary instruments. Travelers using this platform
must still present the evidence of the electronic
completion of the report to the CBP officer in charge
at any port of entry or departure. See https://
fincen105.cbp.dhs.gov/#/.
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transportation, mailing, or shipping
previously filed a complete and accurate
CMIR. If, however, a complete and
accurate CMIR has not been filed with
respect to a given transaction, no person
required to file the CMIR will be
excused for failure to do so.
A person transporting their own
currency or monetary instruments (a
‘‘traveler’’) in excess of $10,000, or
shipping, mailing, or receiving such
value on their own behalf, must provide
their own information when completing
the CMIR. In completing a CMIR, a
person acting for anyone else when
transporting, shipping, mailing, or
receiving currency or monetary
instruments (a ‘‘currency transporter’’)
in excess of $10,000 must provide (a)
the person’s own information, and (b)
information about (i) the person on
whose behalf the transaction was
conducted, (ii) the person from whom
the currency or monetary instruments
were received, and/or (iii) the person to
whom the currency or monetary
instruments were shipped.11
II. Paperwork Reduction Act of 1995
(PRA) 12
Title: Reports of transportation of
currency or monetary instruments (31
CFR 1010.340).
OMB Control Numbers: 1506–0014.
Report Number: FinCEN Report 105—
Report of International Transportation
of Currency or Monetary Instruments
(CMIR).13
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for the CMIR regulations and
report.
Affected Public: Individuals and
entities.
Type of Review:
• Renewal without change of a
currently approved information
collection.
Frequency: As required.
Estimated Number of Respondents:
184,709 reports (average number of
CMIRs filed annually over the period
2017–2019).14
Estimated Reporting and
Recordkeeping Burden: FinCEN
estimates that the total annual burden
and cost to comply with the CMIR
11 See supra note 9. See also, FIN–2014–G002,
CMIR guidance for common carriers of currency,
including armored car services, Aug.1, 2014. See
https://www.fincen.gov/resources/statutesregulations/guidance/cmir-guidance-commoncarriers-currency-including-armored.
12 Public Law 104–13, 44 U.S.C. 3506(c)(2)(A).
13 A copy of the CMIR can be found on FinCEN’s
website at https://www.fincen.gov/sites/default/
files/shared/fin105_cmir.pdf. A copy of the CMIR
can also be found on the CBP website at https://
fincen105.cbp.dhs.gov/#/.
14 See Tables 1 and 2 below.
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regulations, in hours and dollars, is the
sum of the following estimates:
(a) The total number of CMIRs filed
annually;
(b) The time and cost for travelers to
report transporting, mailing, shipping,
or receiving their own currency or
monetary instruments;
(c) The time and cost for currency
transporters to report transporting,
mailing, shipping, or receiving currency
or monetary instruments on behalf of
others;
(d) The cost to CBP to receive, review,
and process CMIRs; and
(e) The cost to FinCEN to upload and
store CMIRs.
1. Estimate of Number of CMIRs Filed
Annually
Using CBP data, FinCEN identified
the number of CMIRs filed over the past
five years, broken down by the dollar
amount reported on individual CMIRs.
TABLE 1—CMIRS FILED BETWEEN 2017–2021, BY CMIR REPORTING AMOUNT
Year
CMIR reporting amount
Grand total
2017
2018
2019
2020
2021(*)
$10 million and above ..............................
$1 million and above ................................
$500,000 and above ................................
$250,000 and above ................................
$100,000 and above ................................
$50,000 and above ..................................
$10,000 and above ..................................
1,761
5,960
2,653
2,953
4,684
10,674
169,474
2,140
6,678
2,893
3,123
4,784
9,997
152,318
2,101
6,932
2,915
2,780
4,270
9,452
145,586
899
3,086
1,637
1,635
2,201
4,921
59,520
306
2,910
1,817
1,556
2,847
5,834
79,428
7,207
25,566
11,915
12,047
18,786
40,878
606,326
Total CMIRs per Year .......................
198,159
181,933
174,036
73,899
94,698
722,725
(*) Up to and including November 2021.
Because the COVID–19 pandemic
severely impacted cross-border travel
during 2020 and, to a lesser degree,
2021, FinCEN restricted its average
annual CMIR reporting estimate to the
average number of CMIRs filed between
2017–2019.
TABLE 2—AVERAGE NUMBER OF CMIRS FILED BETWEEN 2017–2019, BY CMIR REPORTING AMOUNT
Year
CMIR reporting amount
Grand total
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2017
2018
Average
$10 million and above ..
$1 million and above ....
$500,000 and above ....
$250,000 and above ....
$100,000 and above ....
$50,000 and above ......
$10,000 and above ......
1,761
5,960
2,653
2,953
4,684
10,674
169,474
2,140
6,678
2,893
3,123
4,784
9,997
152,318
2,101
6,932
2,915
2,780
4,270
9,452
145,586
6,002
19,570
8,461
8,856
13,738
30,123
467,378
2,001
6,523
2,820
2,952
4,579
10,041
155,793
Total CMIRs per
Year ...................
198,159
181,933
174,036
554,128
184,709
FinCEN estimates that approximately
184,709 CMIRs are filed annually.15 To
calculate the different compliance
burdens for travelers filing CMIRs on
their own behalf, and currency
transporters reporting transactions on
behalf of other persons, FinCEN
separated the annual estimate into two
tiers:
(a) 14,296 CMIRs (or 7.74% of the
total estimate) have reporting amounts
of $250,000 and above. FinCEN assesses
that CMIRs reporting $250,000 or more
are likely CMIRs filed by currency
transporters.
b) 170,413 CMIRs (or 92.26% of the
total estimate) have reporting amounts
of less than $250,000. FinCEN assesses
that CMIRs reporting less than $250,000
15 See
Table 2.
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are likely CMIRs filed by travelers on
behalf of themselves.
The information required to be
reported on the CMIR is basic
identifying and transaction information
which would be readily accessible to a
traveler or currency transporter. For
instance, a traveler only has to report
identifying information on themselves.
A currency transporter has to report
identifying information on itself, as well
as on the person or business on whose
behalf the currency is being transported.
Both travelers and currency transporters
are required to report on the type and
amount of the currency being
transported. For these reasons, FinCEN
estimates that the completion of a CMIR
filed by travelers reporting transactions
involving their own currency or
monetary instruments (including both
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Tiers
Percent
2019
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14,296
7.74
170,413
92.26
184,709
100.00
the completion of the report and the
storing of a copy) will require 15
minutes, while the completion of a
CMIR filed by currency transporters will
require 30 minutes.
2. Estimated Cost for Travelers
Reporting Transactions Involving Their
Own Currency or Monetary Instruments
To estimate the cost of compliance
with CMIR reporting requirements for
travelers, FinCEN used an average fully
loaded wage rate of $38.44 per hour
(composed of $27.07 per hour, the mean
hourly wage for all employees from the
May 2020 National Occupational
Employment and Wage Estimates
report,16 multiplied by a private
16 See U.S. Bureau of Labor Statistics, National
Occupational Employment and Wage Estimates,
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industry benefits factor of 1.42).17
FinCEN estimates the annual
compliance cost of CMIRs filed by
travelers reporting transactions
involving their own currency or
monetary instruments at $1,637,669
(170,413 reports multiplied by the
average fully loaded wage rate of $38.44
per hour, multiplied by the ratio of 15
minutes/60 minutes, rounded up to the
nearest hour and dollar).
currency transporters, FinCEN
calculated an average weighted fully
loaded wage rate representing the
participation of two different employee
levels in the preparation of the report:
An operational level that fills in the
report, and a direct supervision level
that controls it.
3. Estimated Cost for Currency
Transporters Reporting Transactions
Involving Currency or Monetary
Instruments Belonging to Others
To estimate the cost of compliance
with CMIR reporting requirements for
TABLE 3—FULLY-LOADED HOURLY WAGE PER ROLE AND BUREAU OF LABOR STATISTICS (BLS) JOB POSITION
Role
BLS-code
Direct Supervision .............................
Operations ........................................
13–1041
43–3071
Based on an allocation of twenty
minutes (approximately 67% of the total
estimated time to complete and file a
CMIR) for the operational level to
Median hourly
wage
BLS-name
Compliance Officer ...........................
Teller .................................................
complete and store a copy of the report,
and ten minutes (approximately 33% of
the total estimated time to complete and
file a CMIR) for the direct supervision
Benefit
factor
$34.18
15.68
Fully-loaded
hourly wage
1.42
1.42
$48.54
22.27
level to compare the completed report
against transportation documents, the
weighted fully loaded wage would be:
TABLE 4—WEIGHTED FULLY LOADED PROPORTIONAL COST
Direct supervision
Component
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Recordkeeping and reporting ..................................................................
Percent
time
33%
Hourly cost
Percent
time
Hourly cost
Weighted
average
hourly cost
$48.54
67%
$22.27
$31.03
FinCEN estimates the annual
compliance cost of CMIRs filed by
currency transporters reporting
transactions conducted on behalf of
others, at $221,802 (14,296 reports
multiplied by the weighted fully loaded
wage rate of $31.03, multiplied by the
ratio of 30 minutes/60 minutes, rounded
up to the nearest hour and dollar).
Estimated Number of Respondents:
184,709 (average number of CMIRs filed
over the period 2017–2019).
Estimated Burden per Respondent: 15
minutes per report filed by travelers
reporting transactions involving their
own currency or monetary instruments,
and 30 minutes per report filed by
currency transporters reporting
transactions on behalf of others.
Estimated Total Annual Burden
Hours: 49,751 hours.18
Estimated Total Annual Cost to the
Public: $1,859,471 ($1,637,669 for
travelers and $221,802 for currency
transporters).
Estimated Total Annual Cost to the
Government: $1,434,835.29, resulting
from:
(a) CBP’s processing cost:
$1,416,364.39.19
(b) FinCEN’s upload and storing cost:
$18,470.90 (the estimated annual cost to
FinCEN is $0.10 per report, times the
estimated number of annual reports
(184,709 reports)).20
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.
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
(May 2020), available at https://www.bls.gov/oes/
current/oes_nat.htm.
17 The ratio between benefits and wages for
private industry workers is $10.83 (hourly benefits)/
$25.80 (hourly wages) = 0.42. The benefit factor is
1 plus the benefit/wages ratio, or 1.42. See U.S.
Bureau of Labor Statistics, Table 4. Employer Costs
for Employee Compensation for private industry
workers by occupational and industry group,
(March 2021), available at https://www.bls.gov/
news.release/ecec.t04.htm.
18 The sum of 170,413 reports * 15 minutes/60
minutes per hour, and 14,296 reports * 30 minutes/
60 minutes per hour, rounded up to the nearest
hour.
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Operations
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.
Himamauli Das,
Acting Director, Financial Crimes
Enforcement Network.
[FR Doc. 2022–06157 Filed 3–22–22; 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, Treasury.
ACTION: Notice.
AGENCY:
The U.S. Department of the
Treasury’s Office of Foreign Assets
Control (OFAC) is publishing the names
SUMMARY:
19 According to CBP, between July 1, 2020 and
June 30, 2021, processing paper CMIRs cost
$1,116,364.39. According to CBP, the annual cost to
process electronic CMIRs is $300,000.
($1,116,364.39 + $300,000 = $1,416,364.39).
20 The estimated cost to FinCEN per BSA report
submitted to FinCEN is $0.10.
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]]>Agencies
[Federal Register Volume 87, Number 56 (Wednesday, March 23, 2022)]
[Notices]
[Pages 16548-16551]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06157]
=======================================================================
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Proposed Renewal;
Comment Request; Renewal Without Change of the Report of International
Transportation of Currency or Monetary Instruments; FinCEN Report 105
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
comments on a renewal, without change, of existing information
collection requirements for the Report of International Transportation
of Currency or Monetary Instruments (CMIR). Although no changes are
proposed to the information collection itself, this request for
comments covers a proposed updated burden estimate for the information
collection. This request for comments is made pursuant to the Paperwork
Reduction Act of 1995 (PRA).
DATES: Written comments are welcome, and must be received on or before
May 23, 2022.
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-2022-0006 and the specific Office of Management and Budget (OMB)
control numbers 1506-0014.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2022-0006 and OMB control number 1506-0014.
Please submit comments by one method only. Comments will be
reviewed consistent with the Paperwork Reduction Act of 1995 and
applicable OMB regulations and guidance. 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), Public Law 107-56 (October 26,
2001), and other
[[Page 16549]]
legislation, including most recently the Anti-Money Laundering Act of
2020 (AML Act).\1\ The BSA is codified at 12 U.S.C. 1829b, 12 U.S.C.
1951-1960, 31 U.S.C. 5311-5314 and 5316-5336, and notes thereto, with
implementing regulations at 31 CFR chapter X.
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\1\ The AML Act was enacted as Division F, Sec. Sec. 6001-6511,
of the William M. (Mac) Thornberry National Defense Authorization
Act for Fiscal Year 2021, Public Law 116-283, 134 Stat 3388 (2021).
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The BSA authorizes the Secretary of the Treasury (the
``Secretary''), 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 AML programs and compliance
procedures.\2\ 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.\3\
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\2\ 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. Section 6101
of the AML Act added language further expanding the scope of the BSA
but did not amend these longstanding purposes.
\3\ Treasury Order 180-01.
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31 U.S.C. 5316 requires, with limited exceptions, that a person, or
an agent or bailee of the person, file a report when the person, agent,
or bailee knowingly: (i) Transports, is about to transport, or has
transported monetary instruments \4\ of more than $10,000 at one time
from a place in the United States to or through a place outside the
United States, or to a place in the United States from or through a
place outside the United States; or (ii) receives monetary instruments
of more than $10,000 at one time transported into the United States
from or through a place outside the United States. The regulations
implementing this statutory requirement are found at 31 CFR 1010.340.
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\4\ For purposes of 31 U.S.C. 5316, monetary instruments is
defined in 31 U.S.C. 5312(a)(3) as amended by section 6102(d)(1)(C)
of the AML Act.
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31 CFR 1010.340(a) requires each person \5\ who physically
transports, mails, or ships, or causes to be physically transported,
mailed or shipped, or attempts to cause to be physically transported,
mailed or shipped, currency \6\ or other monetary instruments \7\ in an
aggregate amount exceeding $10,000 at one time from the United States
to any place outside the United States, or into the United States from
any place outside the United States, to file a CMIR.\8\
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\5\ FinCEN regulations define a ``person'' as an individual, a
corporation, partnership, a trust or estate, a joint stock company,
an association, a syndicate, joint venture or other unincorporated
organization or group, an Indian Tribe (as that term is defined in
the Indian Gaming Regulatory Act), and all entities cognizable as
legal personalities. 31 CFR 1010.100(mm).
\6\ FinCEN regulations define currency in 31 CFR 1010.100(m).
\7\ FinCEN regulations define monetary instruments in 31 CFR
1010.100(dd).
\8\ A person is deemed to have caused such transportation,
mailing or shipping when he or she aids, abets, counsels, commands,
procures, or requests it to be done by a financial institution or
any other person. 31 CFR 1010.340(a).
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31 CFR 1010.340(b) requires each person in the United States who
receives at any one time currency or other monetary instruments
exceeding $10,000 in the aggregate, which have been transported,
mailed, or shipped to such person from any place outside the United
States, to file a CMIR if the CMIR has not already been filed pursuant
to 31 CFR 1010.340(a). The CMIR must include the amount, the date of
receipt, the form of monetary instruments, and the person from whom the
funds were received.
31 CFR 1010.340(c) includes a list of persons that are not required
to file a CMIR, even if they satisfy the conditions of 31 CFR
1010.340(a) or (b). 31 CFR 1010.340(d) clarifies that a transfer of
funds through normal banking procedures, which does not involve the
physical transportation of currency or monetary instruments, is not
required to be reported on the CMIR.
According to the CMIR instructions, each person who receives
currency or other monetary instruments in the United States must file a
CMIR within 15 days after receipt of the currency or monetary
instruments with the United States Customs and Border Protection (CBP)
officer in charge at any port of entry or departure, or by mail.\9\
Travelers carrying currency or other monetary instruments with them
must file the CMIR at the time they enter the United States or at the
time they depart the United States with the CBP officer in charge at
any port of entry or departure.\10\
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\9\ See FinCEN Report 105--CMIR, General Instructions at https://www.fincen.gov/sites/default/files/shared/fin105_cmir.pdf.
\10\ In early 2020, CBP implemented a web-based platform for the
electronic completion of CMIRs by travelers transporting their own
currency or monetary instruments. Travelers using this platform must
still present the evidence of the electronic completion of the
report to the CBP officer in charge at any port of entry or
departure. See https://fincen105.cbp.dhs.gov/#/.
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A transportation, mailing, or shipping of currency or monetary
instruments does not need to be reported if any other participants in
that cross-border transportation, mailing, or shipping previously filed
a complete and accurate CMIR. If, however, a complete and accurate CMIR
has not been filed with respect to a given transaction, no person
required to file the CMIR will be excused for failure to do so.
A person transporting their own currency or monetary instruments (a
``traveler'') in excess of $10,000, or shipping, mailing, or receiving
such value on their own behalf, must provide their own information when
completing the CMIR. In completing a CMIR, a person acting for anyone
else when transporting, shipping, mailing, or receiving currency or
monetary instruments (a ``currency transporter'') in excess of $10,000
must provide (a) the person's own information, and (b) information
about (i) the person on whose behalf the transaction was conducted,
(ii) the person from whom the currency or monetary instruments were
received, and/or (iii) the person to whom the currency or monetary
instruments were shipped.\11\
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\11\ See supra note 9. See also, FIN-2014-G002, CMIR guidance
for common carriers of currency, including armored car services,
Aug.1, 2014. See https://www.fincen.gov/resources/statutes-regulations/guidance/cmir-guidance-common-carriers-currency-including-armored.
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II. Paperwork Reduction Act of 1995 (PRA) 12
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\12\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
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Title: Reports of transportation of currency or monetary
instruments (31 CFR 1010.340).
OMB Control Numbers: 1506-0014.
Report Number: FinCEN Report 105--Report of International
Transportation of Currency or Monetary Instruments (CMIR).\13\
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\13\ A copy of the CMIR can be found on FinCEN's website at
https://www.fincen.gov/sites/default/files/shared/fin105_cmir.pdf. A
copy of the CMIR can also be found on the CBP website at https://fincen105.cbp.dhs.gov/#/.
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Abstract: FinCEN is issuing this notice to renew the OMB control
number for the CMIR regulations and report.
Affected Public: Individuals and entities.
Type of Review:
Renewal without change of a currently approved information
collection.
Frequency: As required.
Estimated Number of Respondents: 184,709 reports (average number of
CMIRs filed annually over the period 2017-2019).\14\
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\14\ See Tables 1 and 2 below.
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Estimated Reporting and Recordkeeping Burden: FinCEN estimates that
the total annual burden and cost to comply with the CMIR
[[Page 16550]]
regulations, in hours and dollars, is the sum of the following
estimates:
(a) The total number of CMIRs filed annually;
(b) The time and cost for travelers to report transporting,
mailing, shipping, or receiving their own currency or monetary
instruments;
(c) The time and cost for currency transporters to report
transporting, mailing, shipping, or receiving currency or monetary
instruments on behalf of others;
(d) The cost to CBP to receive, review, and process CMIRs; and
(e) The cost to FinCEN to upload and store CMIRs.
1. Estimate of Number of CMIRs Filed Annually
Using CBP data, FinCEN identified the number of CMIRs filed over
the past five years, broken down by the dollar amount reported on
individual CMIRs.
Table 1--CMIRs Filed Between 2017-2021, by CMIR Reporting Amount
--------------------------------------------------------------------------------------------------------------------------------------------------------
Year
CMIR reporting amount -------------------------------------------------------------------------------- Grand total
2017 2018 2019 2020 2021(*)
--------------------------------------------------------------------------------------------------------------------------------------------------------
$10 million and above................................... 1,761 2,140 2,101 899 306 7,207
$1 million and above.................................... 5,960 6,678 6,932 3,086 2,910 25,566
$500,000 and above...................................... 2,653 2,893 2,915 1,637 1,817 11,915
$250,000 and above...................................... 2,953 3,123 2,780 1,635 1,556 12,047
$100,000 and above...................................... 4,684 4,784 4,270 2,201 2,847 18,786
$50,000 and above....................................... 10,674 9,997 9,452 4,921 5,834 40,878
$10,000 and above....................................... 169,474 152,318 145,586 59,520 79,428 606,326
-----------------------------------------------------------------------------------------------
Total CMIRs per Year................................ 198,159 181,933 174,036 73,899 94,698 722,725
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(*) Up to and including November 2021.
Because the COVID-19 pandemic severely impacted cross-border travel
during 2020 and, to a lesser degree, 2021, FinCEN restricted its
average annual CMIR reporting estimate to the average number of CMIRs
filed between 2017-2019.
Table 2--Average Number of CMIRs Filed Between 2017-2019, by CMIR Reporting Amount
--------------------------------------------------------------------------------------------------------------------------------------------------------
Year
CMIR reporting amount ------------------------------------------------ Grand total Average Tiers Percent
2017 2018 2019
--------------------------------------------------------------------------------------------------------------------------------------------------------
$10 million and above................... 1,761 2,140 2,101 6,002 2,001 14,296 7.74
$1 million and above.................... 5,960 6,678 6,932 19,570 6,523
$500,000 and above...................... 2,653 2,893 2,915 8,461 2,820
$250,000 and above...................... 2,953 3,123 2,780 8,856 2,952
$100,000 and above...................... 4,684 4,784 4,270 13,738 4,579 170,413 92.26
$50,000 and above....................... 10,674 9,997 9,452 30,123 10,041
$10,000 and above....................... 169,474 152,318 145,586 467,378 155,793
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Total CMIRs per Year................ 198,159 181,933 174,036 554,128 184,709 184,709 100.00
--------------------------------------------------------------------------------------------------------------------------------------------------------
FinCEN estimates that approximately 184,709 CMIRs are filed
annually.\15\ To calculate the different compliance burdens for
travelers filing CMIRs on their own behalf, and currency transporters
reporting transactions on behalf of other persons, FinCEN separated the
annual estimate into two tiers:
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\15\ See Table 2.
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(a) 14,296 CMIRs (or 7.74% of the total estimate) have reporting
amounts of $250,000 and above. FinCEN assesses that CMIRs reporting
$250,000 or more are likely CMIRs filed by currency transporters.
b) 170,413 CMIRs (or 92.26% of the total estimate) have reporting
amounts of less than $250,000. FinCEN assesses that CMIRs reporting
less than $250,000 are likely CMIRs filed by travelers on behalf of
themselves.
The information required to be reported on the CMIR is basic
identifying and transaction information which would be readily
accessible to a traveler or currency transporter. For instance, a
traveler only has to report identifying information on themselves. A
currency transporter has to report identifying information on itself,
as well as on the person or business on whose behalf the currency is
being transported. Both travelers and currency transporters are
required to report on the type and amount of the currency being
transported. For these reasons, FinCEN estimates that the completion of
a CMIR filed by travelers reporting transactions involving their own
currency or monetary instruments (including both the completion of the
report and the storing of a copy) will require 15 minutes, while the
completion of a CMIR filed by currency transporters will require 30
minutes.
2. Estimated Cost for Travelers Reporting Transactions Involving Their
Own Currency or Monetary Instruments
To estimate the cost of compliance with CMIR reporting requirements
for travelers, FinCEN used an average fully loaded wage rate of $38.44
per hour (composed of $27.07 per hour, the mean hourly wage for all
employees from the May 2020 National Occupational Employment and Wage
Estimates report,\16\ multiplied by a private
[[Page 16551]]
industry benefits factor of 1.42).\17\ FinCEN estimates the annual
compliance cost of CMIRs filed by travelers reporting transactions
involving their own currency or monetary instruments at $1,637,669
(170,413 reports multiplied by the average fully loaded wage rate of
$38.44 per hour, multiplied by the ratio of 15 minutes/60 minutes,
rounded up to the nearest hour and dollar).
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\16\ See U.S. Bureau of Labor Statistics, National Occupational
Employment and Wage Estimates, (May 2020), available at https://www.bls.gov/oes/current/oes_nat.htm.
\17\ The ratio between benefits and wages for private industry
workers is $10.83 (hourly benefits)/$25.80 (hourly wages) = 0.42.
The benefit factor is 1 plus the benefit/wages ratio, or 1.42. See
U.S. Bureau of Labor Statistics, Table 4. Employer Costs for
Employee Compensation for private industry workers by occupational
and industry group, (March 2021), available at https://www.bls.gov/news.release/ecec.t04.htm.
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3. Estimated Cost for Currency Transporters Reporting Transactions
Involving Currency or Monetary Instruments Belonging to Others
To estimate the cost of compliance with CMIR reporting requirements
for currency transporters, FinCEN calculated an average weighted fully
loaded wage rate representing the participation of two different
employee levels in the preparation of the report: An operational level
that fills in the report, and a direct supervision level that controls
it.
Table 3--Fully-Loaded Hourly Wage Per Role and Bureau of Labor Statistics (BLS) Job Position
----------------------------------------------------------------------------------------------------------------
Median hourly Fully-loaded
Role BLS-code BLS-name wage Benefit factor hourly wage
----------------------------------------------------------------------------------------------------------------
Direct Supervision............ 13-1041 Compliance $34.18 1.42 $48.54
Officer.
Operations.................... 43-3071 Teller.......... 15.68 1.42 22.27
----------------------------------------------------------------------------------------------------------------
Based on an allocation of twenty minutes (approximately 67% of the
total estimated time to complete and file a CMIR) for the operational
level to complete and store a copy of the report, and ten minutes
(approximately 33% of the total estimated time to complete and file a
CMIR) for the direct supervision level to compare the completed report
against transportation documents, the weighted fully loaded wage would
be:
Table 4--Weighted Fully Loaded Proportional Cost
----------------------------------------------------------------------------------------------------------------
Direct supervision Operations Weighted
Component -------------------------------------------------------- average
Percent time Hourly cost Percent time Hourly cost hourly cost
----------------------------------------------------------------------------------------------------------------
Recordkeeping and reporting............... 33% $48.54 67% $22.27 $31.03
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FinCEN estimates the annual compliance cost of CMIRs filed by
currency transporters reporting transactions conducted on behalf of
others, at $221,802 (14,296 reports multiplied by the weighted fully
loaded wage rate of $31.03, multiplied by the ratio of 30 minutes/60
minutes, rounded up to the nearest hour and dollar).
Estimated Number of Respondents: 184,709 (average number of CMIRs
filed over the period 2017-2019).
Estimated Burden per Respondent: 15 minutes per report filed by
travelers reporting transactions involving their own currency or
monetary instruments, and 30 minutes per report filed by currency
transporters reporting transactions on behalf of others.
Estimated Total Annual Burden Hours: 49,751 hours.\18\
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\18\ The sum of 170,413 reports * 15 minutes/60 minutes per
hour, and 14,296 reports * 30 minutes/60 minutes per hour, rounded
up to the nearest hour.
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Estimated Total Annual Cost to the Public: $1,859,471 ($1,637,669
for travelers and $221,802 for currency transporters).
Estimated Total Annual Cost to the Government: $1,434,835.29,
resulting from:
(a) CBP's processing cost: $1,416,364.39.\19\
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\19\ According to CBP, between July 1, 2020 and June 30, 2021,
processing paper CMIRs cost $1,116,364.39. According to CBP, the
annual cost to process electronic CMIRs is $300,000. ($1,116,364.39
+ $300,000 = $1,416,364.39).
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(b) FinCEN's upload and storing cost: $18,470.90 (the estimated
annual cost to FinCEN is $0.10 per report, times the estimated number
of annual reports (184,709 reports)).\20\
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\20\ The estimated cost to FinCEN per BSA report submitted to
FinCEN is $0.10.
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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.
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.
Himamauli Das,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. 2022-06157 Filed 3-22-22; 8:45 am]
BILLING CODE 4810-02-P
