[Federal Register Volume 61, Number 41 (Thursday, February 29, 1996)]
[Notices]
[Pages 7851-7852]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4645]



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DEPARTMENT OF THE TREASURY


Proposed Data Collection Submitted for Public Comment and 
Recommendations

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Notice.

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SUMMARY: In order to comply with the requirements of the Paperwork 
Reduction Act of 1995 concerning proposed extensions of information 
collection requirements, the Financial Crimes Enforcement Network 
(``FinCEN'') is soliciting comments on the information collected on 
foreign bank and financial accounts under the Bank Secrecy Act 
regulations.

DATES: Submit written comments by April 29, 1996.

ADDRESSES: Direct all written comments to the Financial Crimes 
Enforcement Network, Office of Regulatory Policy and Enforcement, 
Attn.: FBAR Comments, Suite 200, 2070 Chain Bridge Road, Vienna, VA 
22182-2536.

FOR FURTHER INFORMATION CONTACT:
Charles D. Klingman, Office of Financial Institutions Policy, at (703) 
905-3920; or Joseph M. Myers, Attorney-Advisor, Office of the Legal 
Counsel, at (703) 905-3590.

SUPPLEMENTARY INFORMATION:

    1. The Bank Secrecy Act, Titles I and II of Pub. L. 91-508, as 
amended, codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 
U.S.C. 5311-5330, authorizes the Secretary of the Treasury, inter alia, 
to issue regulations requiring records and reports that are determined 
to have a high degree of usefulness in criminal, tax, and regulatory 
matters. Regulations implementing Title II of the Bank Secrecy Act 
(codified at 31 U.S.C. 5311-5330) appear at 31 CFR Part 103.
    The Bank Secrecy Act specifically directs the Secretary to 
``require a resident or citizen of the United States or a person in, 
and doing business in, the United States, to keep records, file 
reports, or keep records and file reports, when the resident, citizen, 
or person makes a transaction or maintains a relation for any person 
with a foreign financial agency.'' 31 U.S.C. 5314. The authority of the 
Secretary to administer the Bank Secrecy Act has been delegated to the 
Director of FinCEN; the requirement of 31 U.S.C. 5314 has been 
accomplished through regulations promulgated at 31 CFR 103.24 and 
through the instructions to the Report of Foreign Bank and Financial 
Accounts, Treasury Form TD F 90-22.1.
    2. The mission of FinCEN includes the provision of government-wide, 
multi-source intelligence and analytical network in support of the 
detection, investigation, and prosecution of domestic and international 
money laundering and other financial crimes by federal, state, local 
and foreign law enforcement agencies. Accordingly, information 
collected on form TD F 90-22.1 is made available, in accordance with 
strict safeguards, to appropriate criminal and civil law enforcement 
personnel in the official performance of their duties. The information 
contained is of use in investigations involving international money 
laundering, tax evasion, restrictions on prohibited financial 
transactions with designated countries, and other financial crimes.
    3. In accordance with requirements of the Paperwork Reduction Act 
of 1995, 44 U.S.C. 3506(c)(2)(A), and its implementing regulations, 5 
CFR 1320, the following information concerning the collection of 
information on form TD F 90-22.1 is presented to assist those persons 
wishing to comment on the information collection. (The number of 
respondents has significantly varied each year; the estimates below are 
based on an average.)
    Description of Respondents: All United States persons owning or 
having authority over a foreign bank or financial account with value 
greater than $10,000 at any time during a single year.
    Frequency: No more frequently than annually.
    Estimated Number of Respondents: 150,000.
    Estimate of Burden: Reporting average of 10 minutes per response; 
recordkeeping average of 5 minutes per response.
    Estimate of Total Annual Burden on Respondents: Reporting burden 
estimate = 25,000 hours; recordkeeping burden estimate = 12,500 hours. 
Estimated combined total of 37,500 hours.
    Estimate of Total Annual Cost to Respondents for Hour Burdens: 
Based on $20 per hour, the total cost to the public is estimated to be 
$750,000.
    Estimate of Total Other Annual Costs to Respondents: None.
    Type of Request: Reinstatement.
    OMB Number: 1506-0002.
    Form Number: TD F 90-22.1
    4. FinCEN specifically invites comments on the following subjects: 
(a) Whether the proposed collection of information is necessary for the 
proper performance of the mission of FinCEN, including whether the 
information shall have practical utility; (b) the accuracy of FinCEN's 
estimate of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (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.
    In addition, the Paperwork Reduction Act of 1995 requires agencies 
to estimate the total annual cost burden to respondents or 
recordkeepers resulting from the collection of information. Thus, 
FinCEN also specifically requests comments to assist with this 
estimate. In this connection, FinCEN requests commenters to identify 
any additional costs associated with the completion of the form. These 
comments on costs should be divided into two parts: (1) Any additional 
costs associated with 

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reporting; and (2) any additional costs associated with recordkeeping.
    Respondents to this notice will be summarized and included in the 
request for Office of Management and Budget approval. All comments will 
become a matter of public record.
    Dated: February 25, 1996.
William F. Baity,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 96-4645 Filed 2-28-96; 8:45 am]
BILLING CODE 4820-03-M