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, 51400-51402 [2023-16576]
Download as PDF
<![CDATA[
51400
Federal Register / Vol. 88, No. 148 / Thursday, August 3, 2023 / Notices
Refer to Docket Number FINCEN–2023–
0009 and the Office of Management and
Budget (OMB) control number 1506–
0050.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2023–0009 and OMB
control number 1506–0050.
Please submit comments by one
method only. Comments will be
reviewed consistent with the PRA 1 and
applicable OMB regulations and
guidance. 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:
FinCEN’s Regulatory Support Section
(RSS) 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
Foreign 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
legislation, including the Anti-Money
Laundering Act of 2020 (AML Act).2
The BSA is codified at 12 U.S.C. 1829b,
12 U.S.C. 1951–1960, and 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, or regulatory
matters, risk assessments or
proceedings, or in the conduct of
intelligence or counter-intelligence
activities to protect against international
terrorism, and to implement AML
programs and compliance procedures.3
1 Public
Law 104–13, 44 U.S.C. 3506(c)(2)(A).
AML Act was enacted as Division F,
sections 6001–6511, of the William M. (Mac)
Thornberry National Defense Authorization Act for
Fiscal Year 2021, Public Law 116–283, 134 Stat.
3388 (2021).
3 Section 358 of the USA PATRIOT Act expanded
the purpose of the BSA, by including a reference
to reports and records ‘‘that have a high degree of
usefulness in intelligence or counterintelligence
activities to protect against international terrorism.’’
Section 6101 of the AML Act further expanded the
purpose of the BSA to cover such matters as
preventing money laundering, tracking illicit funds,
assessing risk, and establishing appropriate
frameworks for information sharing.
ddrumheller on DSK120RN23PROD with NOTICES1
2 The
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Jkt 259001
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.4
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.5 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 it available to the
public through publication on the
FinCEN website or other appropriate
forum.6
II. Paperwork Reduction Act of 1995
Title: Administrative Rulings
Regulations (Subpart G—31 CFR
1010.710 through 31 CFR 1010.717).
OMB Control Number: 1506–0050.
Report Number: Not applicable.
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for the administrative rulings
regulations.
Affected Public: Businesses or other
for-profit institutions, non-profit
institutions, and individuals.
Type of Review: Renewal without
change of a currently approved
information collection.
Frequency: As required.
Estimated Number of Requests
Annually: 44 requests.7
Estimated Recordkeeping Burden:
FinCEN receives on average 44
4 Treasury
Order 180–01 (Jan. 14, 2020).
31 CFR 1010.715.
6 Id. FinCEN’s administrative rulings are collected
on the FinCEN website at the following address:
https://www.fincen.gov/resources/statutesregulations/administrative-rulings.
7 In 2020, 2021, and 2022 FinCEN received a total
of 132 administrative ruling requests. 132 requests
divided by 3 years equals 44 requests annually.
5 See
PO 00000
Frm 00142
Fmt 4703
Sfmt 4703
administrative ruling requests per year.
FinCEN continues to estimate that it
takes a requestor approximately two
hours to draft and submit an
administrative rule request to FinCEN.8
This results in an estimated total annual
burden of 88 hours (44 administrative
ruling requests multiplied by two hours
per request).
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.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. All
comments will become a matter of
public record. Comments are invited on:
(a) whether the collection of information
is necessary for the proper performance
of the functions of the agency, including
whether the information shall have
practical utility; (b) the accuracy of the
agency’s estimate of the burden of the
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information to be collected; (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology;
and (e) estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Himamauli Das,
Acting Director, Financial Crimes
Enforcement Network.
[FR Doc. 2023–16573 Filed 8–2–23; 8:45 am]
BILLING CODE 4810–02–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.
AGENCY:
8 When this OMB control number was last
renewed in 2020, FinCEN estimated the total
burden per requestor to draft and submit an
administrative ruling request was two hours per
requestor.
E:\FR\FM\03AUN1.SGM
03AUN1
Federal Register / Vol. 88, No. 148 / Thursday, August 3, 2023 / Notices
Notice and request for
comments.
ACTION:
As part of its continuing effort
to reduce paperwork and respondent
burden, FinCEN invites comments on a
proposed renewal, without change, of
an information collection found in
existing Bank Secrecy Act regulations.
Specifically, FinCEN invites comment
on a renewal 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
(PRA).
DATES: Written comments are welcome
and must be received on or before
October 2, 2023.
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–2023–
0010 and the 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–2023–0010 and OMB
control number 1506–0018.
Please submit comments by one
method only. Comments will be
reviewed consistent with the PRA 1 and
applicable OMB regulations and
guidance. 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
(RSS) at 1–800–767–2825 or
electronically at frc@fincen.gov.
SUPPLEMENTARY INFORMATION:
ddrumheller on DSK120RN23PROD with NOTICES1
SUMMARY:
I. Statutory and Regulatory Provisions
The legislative framework generally
referred to as the Bank Secrecy Act
(BSA) consists of the Currency and
Foreign 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
legislation, including the Anti-Money
Laundering Act of 2020 (AML Act).2
1 Public
Law 104–13, 44 U.S.C. 3506(c)(2)(A).
AML Act was enacted as Division F,
sections 6001–6511, of the William M. (Mac)
2 The
VerDate Sep<11>2014
17:35 Aug 02, 2023
Jkt 259001
The BSA is codified at 12 U.S.C. 1829b,
12 U.S.C. 1951–1960, and 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, or regulatory
matters, risk assessments or
proceedings, or in the conduct of
intelligence or counter-intelligence
activities to protect against international
terrorism, and to implement AML
programs and compliance procedures.3
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.4
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.5 Reporting is
also required by 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.6 Reports filed under
these authorities are made through the
joint FinCEN/IRS Form 8300.7
Furthermore, verification requirements
apply to transactions requiring the filing
of Form 8300.8 Reports filed under 31
Thornberry National Defense Authorization Act for
Fiscal Year 2021, Public Law 116–283, 134 Stat.
3388 (2021).
3 Section 358 of the USA PATRIOT Act expanded
the purpose of the BSA by including a reference to
reports and records ‘‘that have a high degree of
usefulness in intelligence or counterintelligence
activities to protect against international terrorism.’’
Section 6101 of the AML Act further expanded the
purpose of the BSA to cover such matters as
preventing money laundering, tracking illicit funds,
assessing risk, and establishing appropriate
frameworks for information sharing.
4 Treasury Order 180–01 (Jan. 14, 2020).
5 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.
6 31 CFR 1010.331.
7 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.
8 31 CFR 1010.330(e)(2); 31 CFR 1010.331(c)(2).
PO 00000
Frm 00143
Fmt 4703
Sfmt 4703
51401
CFR 1010.330 and 31 CFR 1010.331
must be maintained for five years after
the date of filing.9
II. Paperwork Reduction Act of 1995
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.
Form Number: Form 8300.
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for the Form 8300 and the
regulations at 31 CFR 1010.330 and 31
CFR 1010.331.
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:
35,000 Form 8300 filers.10
Estimated Reporting and
Recordkeeping Burden: The information
required to be reported on the Form
8300 is basic information to which a
filer would have access 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. In
addition, 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:
400,112 Forms 8300 were filed in
calendar year 2022.
9 31 CFR 1010.330(e)(3); 31 CFR 1010.331(c)(1)
(incorporating the requirements of 26 CFR 1.6050I–
2(c)(3)(i)).
10 In 2022, FinCEN received Forms 8300 from
34,832 unique filers based on their tax
identification number (TIN). FinCEN is rounding
this estimate to 35,000 respondents annually.
E:\FR\FM\03AUN1.SGM
03AUN1
51402
Federal Register / Vol. 88, No. 148 / Thursday, August 3, 2023 / Notices
Estimated Total Annual Reporting
and Recordkeeping Burden: The
estimated total annual PRA burden is
200,056 hours (400,112 Forms 8300
filed in calendar year 2022 multiplied
by 30 minutes and converted to hours).
Estimated Total Annual Reporting
and Recordkeeping Cost: FinCEN
estimates the following annual burden
cost: 200,056 hours × $52.55 per hour 11
= $10,512,942.80.
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.
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,
average hourly wage rate is calculated from
the May 2022 U.S. Bureau of Labor Statistics
average hourly wage for ‘‘13–1041 Compliance
Officer’’ of $37.01, plus an additional 42% for
benefits to produce a fully-loaded rate of $52.55.
The ratio between benefits and wages for private
industry workers is $11.86 (hourly benefits)/$28.37
(hourly wages) = 0.42, as of March 2023. The
benefit factor is 1 plus the benefit/wages ratio, or
1.42. $37.01 multiplied by 1.42 equals $52.55. See
U.S. Bureau of Labor Statistics, Employer Costs for
Employee Compensation: Private Industry dataset
(March 2023), available at https://www.bls.gov/web/
ecec/ecec-private-dataset.xlsx.
ddrumheller on DSK120RN23PROD with NOTICES1
11 The
VerDate Sep<11>2014
17:35 Aug 02, 2023
Jkt 259001
maintenance, and purchase of services
to provide information.
Himamauli Das,
Acting Director, Financial Crimes
Enforcement Network.
Entity
[FR Doc. 2023–16576 Filed 8–2–23; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Notice of OFAC Sanctions Action
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 an update
to the identifying information of one
person currently included on OFAC’s
Specially Designated Nationals and
Blocked Persons List (SDN List).
DATES: See SUPPLEMENTARY INFORMATION
section for applicable date(s).
FOR FURTHER INFORMATION CONTACT:
OFAC: Andrea Gacki, Director, tel.:
202–622–2490; 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 the Assistant Director for Sanctions
Compliance & Evaluation, tel.: 202–622–
2490.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Electronic Availability
The Specially Designated Nationals
and Blocked Persons List and additional
information concerning OFAC sanctions
programs are available on OFAC’s
website (https://ofac.treasury.gov/).
Notice of OFAC Action(s)
On July 28, 2023, OFAC updated the
entry on the SDN List for the following
person, whose property and interests in
property subject to U.S. jurisdiction
PO 00000
Frm 00144
Fmt 4703
Sfmt 9990
continue to be blocked under the
relevant sanctions authority listed
below.
1. TABACOS USA INC., 4500 William
Penn Highway, Easton, PA 18045, United
States; 3815 Bethman Road, Easton, PA
18045, United States; Organization
Established Date 08 Jun 2004; Business
Registration Number 3811964 (Delaware)
(United States); alt. Business Registration
Number 0101044929 (New Jersey) (United
States); alt. Business Registration Number
0005657373 (North Dakota) (United States);
alt. Business Registration Number 3331739
(Pennsylvania) (United States); alt. Business
Registration Number 7686966–0143 (Utah)
(United States); alt. Business Registration
Number 270084 (West Virginia) (United
States) [GLOMAG].
-toTABACOS USA INC., 4500 William Penn
Highway, Easton, PA 18045, United States;
Organization Established Date 08 Jun 2004;
Business Registration Number 3811964
(Delaware) (United States); alt. Business
Registration Number 0101044929 (New
Jersey) (United States); alt. Business
Registration Number 0005657373 (North
Dakota) (United States); alt. Business
Registration Number 3331739 (Pennsylvania)
(United States); alt. Business Registration
Number 7686966–0143 (Utah) (United
States); alt. Business Registration Number
270084 (West Virginia) (United States)
[GLOMAG].
Designated pursuant to section 1(a)(iii)(B)
of Executive Order 13818 of December 20,
2017, ‘‘Blocking the Property of Persons
Involved in Serious Human Rights Abuse or
Corruption,’’ 82 FR 60839 (Dec. 26, 2017)
(E.O. 13818) for being owned or controlled
by, or having acted or purported to act for or
on behalf of, directly or indirectly, CARTES
JARA, Horacio Manuel, a person whose
property and interests in property are
blocked pursuant to E.O. 13818.
Dated: July 28, 2023.
Andrea Gacki,
Director, Office of Foreign Assets Control,
U.S. Department of the Treasury.
[FR Doc. 2023–16602 Filed 8–2–23; 8:45 am]
BILLING CODE 4810–AL–P
E:\FR\FM\03AUN1.SGM
03AUN1
]]>Agencies
[Federal Register Volume 88, Number 148 (Thursday, August 3, 2023)]
[Notices]
[Pages 51400-51402]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-16576]
-----------------------------------------------------------------------
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.
[[Page 51401]]
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: As part of its continuing effort to reduce paperwork and
respondent burden, FinCEN invites comments on a proposed renewal,
without change, of an information collection found in existing Bank
Secrecy Act regulations. Specifically, FinCEN invites comment on a
renewal 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 (PRA).
DATES: Written comments are welcome and must be received on or before
October 2, 2023.
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-2023-0010 and the 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-
2023-0010 and OMB control number 1506-0018.
Please submit comments by one method only. Comments will be
reviewed consistent with the PRA \1\ and applicable OMB regulations and
guidance. 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.
---------------------------------------------------------------------------
\1\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
FOR FURTHER INFORMATION CONTACT: The FinCEN Regulatory Support Section
---------------------------------------------------------------------------
(RSS) 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 Foreign 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 legislation, including the Anti-Money Laundering Act
of 2020 (AML Act).\2\ The BSA is codified at 12 U.S.C. 1829b, 12 U.S.C.
1951-1960, and 31 U.S.C. 5311-5314 and 5316-5336, and notes thereto,
with implementing regulations at 31 CFR chapter X.
---------------------------------------------------------------------------
\2\ The AML Act was enacted as Division F, sections 6001-6511,
of the William M. (Mac) Thornberry National Defense Authorization
Act for Fiscal Year 2021, Public Law 116-283, 134 Stat. 3388 (2021).
---------------------------------------------------------------------------
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, or regulatory matters, risk assessments or
proceedings, or in the conduct of intelligence or counter-intelligence
activities to protect against international terrorism, and to implement
AML programs and compliance procedures.\3\ 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.\4\
---------------------------------------------------------------------------
\3\ Section 358 of the USA PATRIOT Act expanded the purpose of
the BSA by including a reference to reports and records ``that have
a high degree of usefulness in intelligence or counterintelligence
activities to protect against international terrorism.'' Section
6101 of the AML Act further expanded the purpose of the BSA to cover
such matters as preventing money laundering, tracking illicit funds,
assessing risk, and establishing appropriate frameworks for
information sharing.
\4\ Treasury Order 180-01 (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.\5\
Reporting is also required by 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.\6\ Reports filed under these
authorities are made through the joint FinCEN/IRS Form 8300.\7\
Furthermore, verification requirements apply to transactions requiring
the filing of Form 8300.\8\ Reports filed under 31 CFR 1010.330 and 31
CFR 1010.331 must be maintained for five years after the date of
filing.\9\
---------------------------------------------------------------------------
\5\ 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.
\6\ 31 CFR 1010.331.
\7\ 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.
\8\ 31 CFR 1010.330(e)(2); 31 CFR 1010.331(c)(2).
\9\ 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
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.
Form Number: Form 8300.
Abstract: FinCEN is issuing this notice to renew the OMB control
number for the Form 8300 and the regulations at 31 CFR 1010.330 and 31
CFR 1010.331.
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: 35,000 Form 8300 filers.\10\
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\10\ In 2022, FinCEN received Forms 8300 from 34,832 unique
filers based on their tax identification number (TIN). FinCEN is
rounding this estimate to 35,000 respondents annually.
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Estimated Reporting and Recordkeeping Burden: The information
required to be reported on the Form 8300 is basic information to which
a filer would have access 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. In addition, 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: 400,112 Forms 8300 were filed in
calendar year 2022.
[[Page 51402]]
Estimated Total Annual Reporting and Recordkeeping Burden: The
estimated total annual PRA burden is 200,056 hours (400,112 Forms 8300
filed in calendar year 2022 multiplied by 30 minutes and converted to
hours).
Estimated Total Annual Reporting and Recordkeeping Cost: FinCEN
estimates the following annual burden cost: 200,056 hours x $52.55 per
hour \11\ = $10,512,942.80.
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\11\ The average hourly wage rate is calculated from the May
2022 U.S. Bureau of Labor Statistics average hourly wage for ``13-
1041 Compliance Officer'' of $37.01, plus an additional 42% for
benefits to produce a fully-loaded rate of $52.55. The ratio between
benefits and wages for private industry workers is $11.86 (hourly
benefits)/$28.37 (hourly wages) = 0.42, as of March 2023. The
benefit factor is 1 plus the benefit/wages ratio, or 1.42. $37.01
multiplied by 1.42 equals $52.55. See U.S. Bureau of Labor
Statistics, Employer Costs for Employee Compensation: Private
Industry dataset (March 2023), available at https://www.bls.gov/web/ecec/ecec-private-dataset.xlsx.
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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.
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.
Himamauli Das,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. 2023-16576 Filed 8-2-23; 8:45 am]
BILLING CODE 4810-02-P
