[Federal Register Volume 61, Number 156 (Monday, August 12, 1996)]
[Notices]
[Pages 41834-41835]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-20497]


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DEPARTMENT OF THE TREASURY

Proposed Collection; Comment Request

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 
currency transactions involving casinos under the Bank Secrecy Act 
regulations on Internal Revenue Service Form 8362, Currency Transaction 
Report by Casinos (``CTR-C'').

DATES: Submit written comments by October 11, 1996.

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

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
for a copy of the form should be directed to Leonard Senia, Office of 
Financial Institutions Policy, at (703) 905-3931; Charles D. Klingman, 
Office of Financial Institutions Policy, at (703) 905-3920; or Cynthia 
A. Langwiser,

[[Page 41835]]

Attorney-Advisor, Office of Legal Counsel, at (703) 905-3590. A copy of 
the CTR-C form, as well as all other forms required by the Bank Secrecy 
Act, can be obtained through the Internet at http://
www.irs.ustreas.gov/prod/forms__pubs/forms.html.

SUPPLEMENTARY INFORMATION: 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. 5311-5314, 5316-5330, 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. 5311-5314, 5316-5330) 
appear at 31 CFR Part 103. The authority of the Secretary to administer 
the Bank Secrecy Act regulations has been delegated to the Director of 
FinCEN.
    The Bank Secrecy Act specifically provides the Secretary the 
authority to issue regulations that require a report when ``a domestic 
financial institution is involved in a transaction for the payment, 
receipt, or transfer of United States coins or currency (or other 
monetary instruments the Secretary of the Treasury prescribes), in an 
amount, denomination, or amount and denomination, or under 
circumstances the Secretary prescribes * * *.'' 31 U.S.C. 5313(a). The 
Bank Secrecy Act also provides the Secretary with the explicit 
authority to define casinos as financial institutions. 31 U.S.C. 
5312(a)(2)(X). See 31 CFR 103.11(n)(7)(i). The authority of 31 U.S.C. 
5313(a) has been implemented through regulations promulgated at 31 CFR 
103.22 and through the instructions to the Currency Transaction Report 
by Casinos, Internal Revenue Service Form 8362.
    Information collected on the CTR-C is made available, in accordance 
with strict safeguards, to appropriate criminal law enforcement and 
regulatory personnel in the official performance of their duties. The 
information contained is of use in investigations involving 
international and domestic money laundering, tax evasion, fraud, and 
other financial crimes.
    This notice does not propose any change to the current text of the 
Currency Transaction Report by Casinos or to its instructions. However, 
FinCEN intends to replace the current OMB Control Number for this 
collection requirement (1545-0906) with a new OMB Control Number, 1506-
0003. FinCEN believes that by centralizing responsibility for Bank 
Secrecy Act information collection requirements, it will be easier to 
maintain oversight over the collection requirement. Accordingly, this 
collection requirement notice is in the form of an extension, and if 
approved, the existing OMB Control Number 1545-0906 for this collection 
requirement will be withdrawn, so as to avoid duplication.
    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 8362 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.)
    Title: Currency Transaction Report by Casinos.
    Form Number: IRS Form 8362.
    OMB Number: 1506-0003.
    Description of Respondents: All United States casinos.
    Estimated Number of Respondents: 125,000.
    Frequency: As required.
    Estimate of Burden: Reporting average of 19 minutes per response; 
recordkeeping average of 5 minutes per response.
    Estimate of Total Annual Burden on Respondents: Reporting burden 
estimate = 39,583 hours; recordkeeping burden estimate = 10,417 hours. 
Estimated combined total of 50,000 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 
$1,000,000.
    Estimate of Total Other Annual Costs to Respondents: None.
    Type of Request: Extension.
    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 reporting; and (2) any additional costs 
associated with recordkeeping.
    Responses 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: August 6, 1996.
Stanley E. Morris,
Director, Financial Crimes Enforcement Network.
[FR Doc. 96-20497 Filed 8-9-96; 8:45 am]
BILLING CODE 4820-03-P