Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reports of Transactions in Currency Regulations and FinCEN Form 112-Currency Transaction Report, 7767-7769 [2024-02186]
Download as PDF
<![CDATA[
Federal Register / Vol. 89, No. 24 / Monday, February 5, 2024 / Notices
DEPARTMENT OF STATE
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
[Public Notice: 12318]
Notice of Determinations; Culturally
Significant Objects Being Imported for
Exhibition—Determinations: ‘‘Kingdom
of David and Solomon Discovered’’
Exhibition
Notice is hereby given of the
following determinations: I hereby
determine that certain objects being
imported from abroad pursuant to an
agreement with their foreign owner or
custodian for temporary display in the
exhibition ‘‘Kingdom of David and
Solomon Discovered’’ by the Armstrong
International Cultural Foundation,
Edmond, Oklahoma, at the Armstrong
Auditorium, Edmond, Oklahoma, and at
possible additional exhibitions or
venues yet to be determined, are of
cultural significance, and, further, that
their temporary exhibition or display
within the United States as
aforementioned is in the national
interest. I have ordered that Public
Notice of these determinations be
published in the Federal Register.
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
The
foregoing determinations were made
pursuant to the authority vested in me
by the Act of October 19, 1965 (79 Stat.
985; 22 U.S.C. 2459), Executive Order
12047 of March 27, 1978, the Foreign
Affairs Reform and Restructuring Act of
1998 (112 Stat. 2681, et seq.; 22 U.S.C.
6501 note, et seq.), Delegation of
Authority No. 234 of October 1, 1999,
Delegation of Authority No. 236–3 of
August 28, 2000, and Delegation of
Authority No. 523 of December 22,
2021.
lotter on DSK11XQN23PROD with NOTICES1
SUPPLEMENTARY INFORMATION:
Nicole L. Elkon,
Deputy Assistant Secretary for Professional
and Cultural Exchanges, Bureau of
Educational and Cultural Affairs, Department
of State.
BILLING CODE 4710–05–P
Financial Crimes Enforcement
Network (FinCEN), Treasury.
ACTION: Notice and request for
comments.
AGENCY:
As part of its continuing effort
to reduce paperwork and respondent
burden, FinCEN invites comment on a
renewal, without change, of existing
information collection requirements
relating to reports of transactions in
currency. Under Bank Secrecy Act
regulations, financial institutions are
required to report transactions in
currency of more than $10,000 using
FinCEN Form 112 (the currency
transaction report, or CTR). This request
for comments is made pursuant to the
Paperwork Reduction Act of 1995
(PRA).
SUMMARY:
Written comments are welcome
and must be received on or before April
5, 2024.
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–2024–
0003 and the specific Office of
Management and Budget (OMB) control
numbers 1506–0004, 1506–0005, and
1506–0064.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2024–0003 and OMB
control numbers 1506–0004, 1506–0005,
and 1506–0064.
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 at
1–800–767–2825 or electronically at
frc@fincen.gov.
SUPPLEMENTARY INFORMATION:
DATES:
Reed Liriano, Program Coordinator,
Office of the Legal Adviser, U.S.
Department of State (telephone: 202–
632–6471; email: section2459@
state.gov). The mailing address is U.S.
Department of State, L/PD, 2200 C Street
NW (SA–5), Suite 5H03, Washington,
DC 20522–0505.
[FR Doc. 2024–02237 Filed 2–2–24; 8:45 am]
Agency Information Collection
Activities; Proposed Renewal;
Comment Request; Renewal Without
Change of Reports of Transactions in
Currency Regulations and FinCEN
Form 112—Currency Transaction
Report
1 Public
VerDate Sep<11>2014
17:56 Feb 02, 2024
Jkt 262001
PO 00000
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
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
Under 31 U.S.C. 5313, the Secretary is
authorized to require financial
institutions to report currency
transactions exceeding $10,000.
Regulations implementing 31 U.S.C.
5313 are found at 31 CFR 1010.310
through 1010.314, 31 CFR 1021.311, and
31 CFR 1021.313.
II. Paperwork Reduction Act of 1995
Title: Reports of Transactions in
Currency by Financial Institutions (31
CFR 1010.310 through 1010.314, 31 CFR
1021.311, and 31 CFR 1021.313).
OMB Control Number: 1506–0004,
1506–0005, and 1506–0064.5
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).
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 The reports of transactions in currency
regulatory requirements are currently covered
under the following OMB control numbers: 1506–
Law 104–13, 44 U.S.C. 3506(c)(2)(A).
Frm 00086
Fmt 4703
Sfmt 4703
7767
E:\FR\FM\05FEN1.SGM
Continued
05FEN1
7768
Federal Register / Vol. 89, No. 24 / Monday, February 5, 2024 / Notices
However, none of those commenters
provided specific sources of data to
contradict the burden estimate of eight
minutes of burden per CTR filed. In the
absence of public comments to suggest
otherwise, FinCEN considers it
reasonable to continue to use the
estimate of eight minutes per CTR filed
for the population of 2022 CTR filing
statistics as outlined in this notice.
Furthermore, in connection with a
variety of initiatives FinCEN is
undertaking to implement the AML Act,
FinCEN intends to conduct, in the
future, additional assessments of the
PRA burden associated with BSA
requirements, including CTR
requirements.
Estimated Total Annual Reporting
and Recordkeeping Burden: 2,741,963
hours.9
Estimated Total Annual Reporting
and Recordkeeping Cost: $76,007,214.
This estimate applies the weighted
average hourly cost of $27.72 (derived
in Tables 1 and 2 below) the estimated
total annual reporting and
recordkeeping burden above (2,741,963
hours).10
CTR requirements, FinCEN conducted
an in-depth analysis of the population
of 2019 CTR filing statistics, as
described in the 2020 Notice. FinCEN
analyzed the 2019 CTR filings grouped
by a number of different factors,
including the following: (i) how many
CTRs the filer filed in a year; (ii) the
filer’s financial institution type; (iii) the
type of CTR submission (batch filing
versus discrete filing); and (iv) the type
of person(s) identified in the CTR (e.g.,
a person that conducts a transaction on
its own behalf or a person that conducts
a transaction on behalf of another). The
analysis and calculations detailed in the
2020 Notice ultimately resulted in an
estimate of approximately eight minutes
of filer burden per CTR filed.
FinCEN received 18 public comments
in response to the 2020 Notice.
Commenters were generally supportive
of FinCEN’s efforts to more accurately
estimate the PRA burden associated
with the CTR filing requirements. Some
commenter had specific
recommendations regarding factors for
FinCEN to consider in future in-depth
analysis of the CTR filing population.
Form Number: FinCEN Form 112—
Currency Transaction Report (CTR).
Abstract: FinCEN is issuing this
notice to renew the OMB control
numbers for the CTR regulations and
form.
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:
15,468 financial institutions.6
Estimated Total Annual Responses:
20,564,724 CTRs.7
Estimated Reporting and
Recordkeeping Burden per Response:
The average estimated PRA burden,
measured in minutes per CTR, is
approximately eight minutes.8 On May
14, 2020, FinCEN issued a 60-day notice
to renew the CTR OMB controls
numbers (‘‘2020 Notice’’). In the 2020
Notice, FinCEN proposed to expand the
scope of factors to consider as part of
the PRA burden of complying with CTR
requirements. To better estimate the
burden associated with complying with
TABLE 1—TOTAL HOURLY (FULLY-LOADED HOURLY WAGE) PER ROLE AND BUREAU OF LABOR AND STATISTICS (BLS)
JOB POSITION
BLS—code 11
Role
Remote Supervision ....................................................
Direct Supervision .......................................................
Operations ...................................................................
11–3031
13–1041
43–3071
I
Median hourly
wage
BLS—name
Financial Manager
Compliance Officer
Teller ......................
I
$67.21
34.47
17.49
I
Fully-loaded
hourly wage
Benefit factor
12 1.42
1.42
1.42
I
$95.44
48.95
24.84
I
TABLE 2—WEIGHTED AVERAGE HOURLY COST
Remote supervision
Direct supervision
Fully-loaded
hourly wage
Fully-loaded
hourly wage
Component
% Time
lotter on DSK11XQN23PROD with NOTICES1
Record-keeping and Reporting .............
I
1
I
$95.44
Hourly
cost
I
$0.95
% Time
I
9
I
$48.95
Operations
Hourly
cost
I
$4.41
% Time
I
90
Fully-loaded
hourly wage
I
$24.84
Weighted
average
hourly cost
Hourly
cost
I
$22.36
I
$27.72
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.
0004 (General provisions—31 CFR 1010.310—
Reports of transactions in currency, 31 CFR
1010.311—Filing obligations for reports of
transactions in currency, 31 CFR 1010.312—
Identification required, 31 CFR 1010.313—
Aggregation, and 31 CFR 1010.314—Structured
transactions), and 1506–0005 (Rules for casinos and
card clubs—31 CFR 1021.311—Reports of
transaction in currency, and 31 CFR 1021.313—
Aggregation). OMB control number 1506–0064
applies to FinCEN Form 112—CTR.
6 This estimate is based on the observed number
of unique filers associated with at least one CTR
fling received in calendar year 2022, as reported by
the BSA E-Filing System as of 12/31/2022.
7 This estimate is based on the observed number
of CTR filings received in calendar year 2022, as
reported by the BSA E-Filing System as of 12/31/
2022.
8 See FinCEN, Agency Information Collection
Activities; Proposed Renewal; Comment Request;
Renewal Without Change of the Bank Secrecy Act
Reports of Transactions in Currency Regulations at
31 CFR 1010.310 Through 1010.314, 31 CFR
1021.311, and 31 CFR 1021.313, and FinCEN
Report 112-Currency Transaction Report, 85 FR
29022 (May 14, 2020). Refer to 85 FR 29029 for the
specific reference to the estimated recordkeeping
and reporting burden estimate of eight minutes per
CTR.
9 This estimate is derived from the calculation
20,564,724 CTRs multiplied by eight minutes per
CTR and converted to hours.
10 Tables 1 and 2 use the same methodology to
estimate the weighted average hourly cost as was
used in the 2020 Notice. The tables, however,
include the most recent statistics available as
described in further detail in footnotes 11 and 12.
Refer to 85 FR 29022, at 29026 (Tables 5 and 6)
setting out the methodology used to calculate the
PRA burden in the 2020 Notice.
11 The average hourly wage rate is calculated from
the May 2022 U.S. Bureau of Labor Statistics (BLS)
median hourly wage for the BLS codes listed in
Table 1. See BLS, Occupational Employment and
Wages Statistics (May 2022), available at https://
www.bls.gov/oes/tables.htm.
12 The ratio between benefits and wages for
private industry workers is $12.19 (hourly benefits)/
$29.34 (hourly wages) = 0.42, as of September 2023.
The benefit factor is 1 plus the benefit/wages ratio,
or 1.42. See BLS, Employee Costs for Employee
Compensation (September 2023), available at ECEC
Home: U.S. Bureau of Labor Statistics (bls.gov).
VerDate Sep<11>2014
17:56 Feb 02, 2024
Jkt 262001
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
E:\FR\FM\05FEN1.SGM
05FEN1
Federal Register / Vol. 89, No. 24 / Monday, February 5, 2024 / Notices
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.
Jimmy L. Kirby Jr.,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2024–02186 Filed 2–2–24; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Election Out of
Generation-Skipping Transfer (GST)
Deemed Allocations
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service,
as part of its continuing effort to reduce
paperwork and respondent burden,
invites the general public and other
Federal agencies to take this
opportunity to comment on continuing
information collections, as required by
the Paperwork Reduction Act of 1995
(PRA 95). The IRS is soliciting
comments concerning the reporting
burden associated with making the
lotter on DSK11XQN23PROD with NOTICES1
SUMMARY:
Election Out of Generation-Skipping
Transfer(GST) Deemed Allocations.
DATES: Written comments should be
received on or before April 5, 2024 to
be assured of consideration.
ADDRESSES: Direct all written comments
to Andres Garcia, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224 or
by email to pra.comments@irs.gov.
Please include the OMB Control
Number 1545–1892 or TD 9208 in the
Subject line.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form should be directed to
Sara Covington, at (202) 317–5744 or
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW,
Washington, DC 20224, or through the
internet, at sara.l.covington@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Election Out of GST Deemed
Allocations.
OMB Number: 1545–1892.
Regulation Project Number: TD 9208.
Abstract: This information is required
by the IRS for taxpayers who elect to
have the automatic allocation rules not
apply to the current transfer and/or to
future transfers to the trust or to
terminate such election. This
information is also required by the IRS
for taxpayers who elect to treat trusts
described in section 2632(c)(3)(B)(i)
through (vi)as GST trusts or to terminate
such election. This information will be
used to identify the trusts to which the
election or termination of election will
apply.
Current Actions: There are no changes
being made to the regulations at this
time.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
households.
Estimated Number of Respondents:
25,000.
Estimated Time per Respondent: 30
minutes.
Estimated Total Annual Burden
Hours: 12,500.
The following paragraph applies to all
the collections of information covered
by this notice.
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.
Books or records relating to a collection
of information must be retained if their
contents may become material in the
administration of any internal revenue
law. Generally, tax returns and tax
return information are confidential, as
required by 26 U.S.C. 6103.
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.
Approved: January 31, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024–02185 Filed 2–2–24; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF VETERANS
AFFAIRS
Advisory Committee on Homeless
Veterans, Notice of Meeting
The Department of Veterans Affairs
(VA) gives notice under the Federal
Advisory Committee Act, 5 U.S.C. ch.
10, that the Advisory Committee on
Homeless Veterans will meet on April
16–18, 2024. The April 2024 meeting
sessions will begin and end as follows:
Open
session
Date
Time
April 16, 2024 ...............................................
April 17, 2024 ...............................................
April 18, 2024 ...............................................
9 a.m.–4:30 p.m. eastern standard time (EST) ................................................................
9 a.m.–4:30 p.m. EST ......................................................................................................
9 a.m.–4:30 p.m. EST ......................................................................................................
The meeting sessions are open to the
public, except during the time the
Committee is conducting tours of VA
VerDate Sep<11>2014
17:56 Feb 02, 2024
Jkt 262001
facilities. Tours of VA facilities are
closed, to protect Veterans’ privacy and
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
7769
Yes.
No.
No.
personal information, in accordance
with 5 U.S.C. 552b(c)(6).
E:\FR\FM\05FEN1.SGM
05FEN1
]]>Agencies
[Federal Register Volume 89, Number 24 (Monday, February 5, 2024)]
[Notices]
[Pages 7767-7769]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-02186]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Proposed Renewal;
Comment Request; Renewal Without Change of Reports of Transactions in
Currency Regulations and FinCEN Form 112--Currency Transaction Report
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 comment on a renewal, without change,
of existing information collection requirements relating to reports of
transactions in currency. Under Bank Secrecy Act regulations, financial
institutions are required to report transactions in currency of more
than $10,000 using FinCEN Form 112 (the currency transaction report, or
CTR). 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
April 5, 2024.
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-2024-0003 and the specific Office of Management and Budget (OMB)
control numbers 1506-0004, 1506-0005, and 1506-0064.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2024-0003 and OMB control numbers 1506-0004, 1506-0005, and 1506-0064.
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: FinCEN's 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 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).
---------------------------------------------------------------------------
Under 31 U.S.C. 5313, the Secretary is authorized to require
financial institutions to report currency transactions exceeding
$10,000. Regulations implementing 31 U.S.C. 5313 are found at 31 CFR
1010.310 through 1010.314, 31 CFR 1021.311, and 31 CFR 1021.313.
II. Paperwork Reduction Act of 1995
Title: Reports of Transactions in Currency by Financial
Institutions (31 CFR 1010.310 through 1010.314, 31 CFR 1021.311, and 31
CFR 1021.313).
OMB Control Number: 1506-0004, 1506-0005, and 1506-0064.\5\
---------------------------------------------------------------------------
\5\ The reports of transactions in currency regulatory
requirements are currently covered under the following OMB control
numbers: 1506-0004 (General provisions--31 CFR 1010.310--Reports of
transactions in currency, 31 CFR 1010.311--Filing obligations for
reports of transactions in currency, 31 CFR 1010.312--Identification
required, 31 CFR 1010.313--Aggregation, and 31 CFR 1010.314--
Structured transactions), and 1506-0005 (Rules for casinos and card
clubs--31 CFR 1021.311--Reports of transaction in currency, and 31
CFR 1021.313--Aggregation). OMB control number 1506-0064 applies to
FinCEN Form 112--CTR.
---------------------------------------------------------------------------
[[Page 7768]]
Form Number: FinCEN Form 112--Currency Transaction Report (CTR).
Abstract: FinCEN is issuing this notice to renew the OMB control
numbers for the CTR regulations and form.
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: 15,468 financial institutions.\6\
---------------------------------------------------------------------------
\6\ This estimate is based on the observed number of unique
filers associated with at least one CTR fling received in calendar
year 2022, as reported by the BSA E-Filing System as of 12/31/2022.
---------------------------------------------------------------------------
Estimated Total Annual Responses: 20,564,724 CTRs.\7\
---------------------------------------------------------------------------
\7\ This estimate is based on the observed number of CTR filings
received in calendar year 2022, as reported by the BSA E-Filing
System as of 12/31/2022.
---------------------------------------------------------------------------
Estimated Reporting and Recordkeeping Burden per Response: The
average estimated PRA burden, measured in minutes per CTR, is
approximately eight minutes.\8\ On May 14, 2020, FinCEN issued a 60-day
notice to renew the CTR OMB controls numbers (``2020 Notice''). In the
2020 Notice, FinCEN proposed to expand the scope of factors to consider
as part of the PRA burden of complying with CTR requirements. To better
estimate the burden associated with complying with CTR requirements,
FinCEN conducted an in-depth analysis of the population of 2019 CTR
filing statistics, as described in the 2020 Notice. FinCEN analyzed the
2019 CTR filings grouped by a number of different factors, including
the following: (i) how many CTRs the filer filed in a year; (ii) the
filer's financial institution type; (iii) the type of CTR submission
(batch filing versus discrete filing); and (iv) the type of person(s)
identified in the CTR (e.g., a person that conducts a transaction on
its own behalf or a person that conducts a transaction on behalf of
another). The analysis and calculations detailed in the 2020 Notice
ultimately resulted in an estimate of approximately eight minutes of
filer burden per CTR filed.
---------------------------------------------------------------------------
\8\ See FinCEN, Agency Information Collection Activities;
Proposed Renewal; Comment Request; Renewal Without Change of the
Bank Secrecy Act Reports of Transactions in Currency Regulations at
31 CFR 1010.310 Through 1010.314, 31 CFR 1021.311, and 31 CFR
1021.313, and FinCEN Report 112-Currency Transaction Report, 85 FR
29022 (May 14, 2020). Refer to 85 FR 29029 for the specific
reference to the estimated recordkeeping and reporting burden
estimate of eight minutes per CTR.
---------------------------------------------------------------------------
FinCEN received 18 public comments in response to the 2020 Notice.
Commenters were generally supportive of FinCEN's efforts to more
accurately estimate the PRA burden associated with the CTR filing
requirements. Some commenter had specific recommendations regarding
factors for FinCEN to consider in future in-depth analysis of the CTR
filing population. However, none of those commenters provided specific
sources of data to contradict the burden estimate of eight minutes of
burden per CTR filed. In the absence of public comments to suggest
otherwise, FinCEN considers it reasonable to continue to use the
estimate of eight minutes per CTR filed for the population of 2022 CTR
filing statistics as outlined in this notice. Furthermore, in
connection with a variety of initiatives FinCEN is undertaking to
implement the AML Act, FinCEN intends to conduct, in the future,
additional assessments of the PRA burden associated with BSA
requirements, including CTR requirements.
Estimated Total Annual Reporting and Recordkeeping Burden:
2,741,963 hours.\9\
---------------------------------------------------------------------------
\9\ This estimate is derived from the calculation 20,564,724
CTRs multiplied by eight minutes per CTR and converted to hours.
---------------------------------------------------------------------------
Estimated Total Annual Reporting and Recordkeeping Cost:
$76,007,214. This estimate applies the weighted average hourly cost of
$27.72 (derived in Tables 1 and 2 below) the estimated total annual
reporting and recordkeeping burden above (2,741,963 hours).\10\
---------------------------------------------------------------------------
\10\ Tables 1 and 2 use the same methodology to estimate the
weighted average hourly cost as was used in the 2020 Notice. The
tables, however, include the most recent statistics available as
described in further detail in footnotes 11 and 12. Refer to 85 FR
29022, at 29026 (Tables 5 and 6) setting out the methodology used to
calculate the PRA burden in the 2020 Notice.
Table 1--Total Hourly (Fully-Loaded Hourly Wage) per Role and Bureau of Labor and Statistics (BLS) Job Position
--------------------------------------------------------------------------------------------------------------------------------------------------------
Median hourly Fully-loaded
Role BLS--code \11\ BLS--name wage Benefit factor hourly wage
--------------------------------------------------------------------------------------------------------------------------------------------------------
Remote Supervision........................... 11-3031 Financial Manager........................ $67.21 \12\ 1.42 $95.44
Direct Supervision........................... 13-1041 Compliance Officer....................... 34.47 1.42 48.95
Operations................................... 43-3071 Teller................................... 17.49 1.42 24.84
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table 2--Weighted Average Hourly Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Remote supervision Direct supervision Operations
------------------------------------------------------------------------------------------------------------ Weighted
Component Fully-loaded Hourly Fully-loaded Hourly Fully-loaded Hourly average
% Time hourly wage cost % Time hourly wage cost % Time hourly wage cost hourly cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Record-keeping and Reporting.. 1 $95.44 $0.95 9 $48.95 $4.41 90 $24.84 $22.36 $27.72
--------------------------------------------------------------------------------------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\11\ The average hourly wage rate is calculated from the May
2022 U.S. Bureau of Labor Statistics (BLS) median hourly wage for
the BLS codes listed in Table 1. See BLS, Occupational Employment
and Wages Statistics (May 2022), available at https://www.bls.gov/oes/tables.htm.
\12\ The ratio between benefits and wages for private industry
workers is $12.19 (hourly benefits)/$29.34 (hourly wages) = 0.42, as
of September 2023. The benefit factor is 1 plus the benefit/wages
ratio, or 1.42. See BLS, Employee Costs for Employee Compensation
(September 2023), available at ECEC Home: U.S. Bureau of Labor
Statistics (bls.gov).
---------------------------------------------------------------------------
[[Page 7769]]
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.
Jimmy L. Kirby Jr.,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2024-02186 Filed 2-2-24; 8:45 am]
BILLING CODE 4810-02-P
