[Federal Register Volume 61, Number 204 (Monday, October 21, 1996)]
[Notices]
[Pages 54699-54700]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-26906]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Proposed Collection; Comment Request

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: In order to comply with the requirements of the Paperwork 
Reduction Act of 1995, the Financial Crimes Enforcement Network 
(``FinCEN'') intends to submit the recordkeeping requirements contained 
within the Bank Secrecy Act (BSA) regulations (31 CFR Part 103) for a 
three year extension of approval by the Office of Management and 
Budget. Prior to submission of an extension request, FinCEN is 
soliciting public comments on the recordkeeping requirements contained 
within the regulations.

DATES: Submit written comments by January 21, 1997.

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

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Charles D. Klingman, Office of Financial 
Institutions Policy, at (703) 905-3920; or Cynthia A. Langwiser, 
Attorney-Advisor, Office of Legal Counsel, at (703) 905-3590. A 
searchable guide to the Code of Federal Regulations can be found on the 
Internet at: http://law.house.gov/cfr.htm.

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 (the ``BSA'') 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 BSA (codified at 31 U.S.C. 5311-5314, 
5316-5330) appear at 31 CFR Part 103. The authority of the Secretary to 
administer the BSA regulations was delegated to the Director of FinCEN 
in 1994.
    This notice does not propose any change to the current 
recordkeeping requirements contained within the Bank Secrecy Act 
implementing regulations. However, reflecting the transfer of authority 
for the administration of the BSA to FinCEN, FinCEN will replace the 
current OMB Control Number for this information collection requirement 
(1505-0063) with a new OMB Control Number assigned specifically to 
FinCEN. FinCEN believes that by consolidating responsibility for BSA 
information collection requirements, it will be easier to maintain 
oversight over the collection requirements.
    FinCEN intends to issue a later notice, based on comments received 
in response to this notice. The purpose of this notice is to assist 
FinCEN in refining its current estimates for the information collection 
recordkeeping burden. FinCEN has issued several significant regulatory 
changes, such as the requirement for banks to report suspicious 
transactions, and the creation of a streamlined exemption process for 
reports of currency transactions. Such broad changes have affected the 
information collection recordkeeping requirements, and in some cases 
significantly reduced the information collection recordkeeping burden 
of financial institutions. In keeping with this, FinCEN is interested 
in providing an estimate that best reflects the overall effect of these 
changes.
    FinCEN has identified the following sections within 31 CFR Part 103 
as imposing recordkeeping obligations. FinCEN requests that comments 
provided delineate the recordkeeping burden imposed by each separate 
section. Certain sections may also impose reporting requirements; only 
an estimate of the information collection

[[Page 54700]]

recordkeeping burden is requested for these sections.

----------------------------------------------------------------------------------------------------------------
            Section                            Type of record                          Persons affected         
----------------------------------------------------------------------------------------------------------------
31 CFR 103.21..................  Suspicious Transaction Reporting..........  Banks.                             
31 CFR 103.22(a)-(g)...........  Currency Transaction Reporting,             Financial Institutions.            
                                  Administrative Exemptions, Exemption                                          
                                  Statement, Special Administrative                                             
                                  Exemptions, and Exemption List.                                               
31 CFR 103.22(h)...............  Regulatory Exemption......................  Banks.                             
31 CFR 103.23..................  Report of Transportation of Currency or     All persons.                       
                                  Monetary Instruments.                                                         
31 CFR 103.24..................  Foreign Financial Account Report..........  United States persons.             
31 CFR 103.25-103.26...........  Special Reporting Requirements............  Financial Institutions.            
31 CFR 103.28..................  Identification Verification...............  Financial Institutions.            
31 CFR 103.29..................  Monetary Instrument Purchases.............  Financial Institutions.            
31 CFR 103.32..................  Foreign Financial Account Recordkeeping...  United States persons.             
31 CFR 103.33 (a)-(c)..........  Credit Extension Recordkeeping, Transfer    Financial Institutions.            
                                  of Monies Recordkeeping.                                                      
31 CFR 103.33 (e)-(f)..........  Funds Transfer Recordkeeping, Transmittal   Financial Institutions.            
                                  of Funds Recordkeeping.                                                       
31 CFR 103.33(g)...............  Transmittal of Funds Travel Requirements..  Financial Institutions.            
31 CFR 103.34..................  Recordkeeping.............................  Banks.                             
31 CFR 103.35..................  Recordkeeping.............................  Securities brokers and dealers.    
31 CFR 103.36..................  Recordkeeping.............................  Casinos.                           
31 CFR 103.37..................  Recordkeeping.............................  Currency dealers or exchangers.    
31 CFR 103.38..................  Nature of Recordkeeping...................  All persons.                       
31 CFR 103.54..................  Compliance Program........................  Casinos.                           
----------------------------------------------------------------------------------------------------------------

    Commenters are requested to include the methodology used to reach 
their estimate of this information collection recordkeeping burden. In 
addition, the characteristics of any specific sample chosen as 
statistically representative are also requested. Finally, a breakdown, 
if performed, for each recordkeeping component of the Bank Secrecy Act 
regulations is also requested.
    In addition, FinCEN requests that commenters, in providing a 
specific comment on the information collection recordkeeping burden, 
answer the following questions:
    1. How many individual records are estimated to be recorded and 
maintained for each section of 31 CFR Part 103 in a calendar year? 
Please provide the type of financial institution for which this 
estimate is given.
    2. What is the estimated hourly recordkeeping burden for a single 
record of the type described above?
    3. What is the specific estimated burden for each recordkeeping 
section of 31 CFR Part 103? If the answer to this question is not the 
product of the answers to questions 1 and 2, please provide an 
explanation.
    4. How was this estimate made? Please include an explanation of any 
statistical estimation used.
    5. Are these records independently required to be kept by any other 
law, or regulation? If so, please cite.
    6. Are these records required to be kept as a part of standard 
business practices for an industry? If so, please list industry.
    7. Are there any 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?
    8. Are there any additional costs associated with the recordkeeping 
requirements in these sections? If so, please be specific, and provide 
an estimate of these costs, and a description of the methodology of how 
these estimates were derived.
    Responses to this notice will be summarized and included in 
FinCEN's second notice, in the form of a notice for comment, the 
results of which will be submitted for Office of Management and Budget 
approval. All comments will become a matter of public record.

    Dated: September 27, 1996.
Stanley E. Morris,
Director, Financial Crimes Enforcement Network.
[FR Doc. 96-26906 Filed 10-18-96; 8:45 am]
BILLING CODE 4820-03-P