[Federal Register Volume 62, Number 56 (Monday, March 24, 1997)]
[Notices]
[Pages 13935-13936]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-7365]


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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 new information collection 
requirements, the Financial Crimes Enforcement Network (FinCEN) is 
soliciting comments concerning Internal Revenue Service (IRS) Form 
8852, Currency Transaction Report by Casinos--Nevada (``CTRC-N'') which 
will be filed for currency transactions conducted by, at, or through 
Nevada casinos.

DATES: Written comments must be received on or before May 23, 1997.

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

[[Page 13936]]

Internet e-mail to RegC[email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
for a copy of the form should be directed to Leonard Senia, Senior 
Financial Enforcement Officer; Office of Regulatory Policy and 
Enforcement, (703) 905-3931, or by inquiry to the Internet e-mail 
address shown above. A copy of the CTRC-N 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 Currency and Foreign Transactions 
Reporting Act (commonly known as 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, 5316-5326, 5328-5330, 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 (BSA) (codified at 31 
U.S.C. 5311-5314, 5316-5326, 5328-5330) appear at 31 CFR part 103. The 
authority of the Secretary to administer the BSA regulations has been 
delegated to the Director of FinCEN.
    The Bank Secrecy Act specifically authorizes the Secretary 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 * * *'' See 31 U.S.C. 5313(a). The BSA also 
defines 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) to require 
domestic financial institutions to report certain transactions has been 
implemented through regulations promulgated at 31 CFR 103.22(a)(2) and 
31 CFR 103.45(c)(2)(ii) and, in part, through instructions to the CTRC-
N, IRS Form 8852.
    Information collected on the CTRC-N 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 collected is used for regulatory purposes 
and in investigations involving international and domestic money 
laundering, tax violations, fraud, and other financial crimes.
    This notice proposes a new information collection requirement, on 
Form 8852 and its accompanying instructions, which will replace 
existing currency reporting requirements for Nevada casinos. Currently, 
Nevada casinos meet reporting requirements by filing reports on state 
forms entitled ``Currency Transaction Report'' (CTR) and ``Currency 
Transaction Incidence Report'' (CTIR). Form 8852 will ensure greater 
consistency between currency transaction information to be reported by 
Nevada casinos on the new form, and that to be reported by other state 
and tribal casinos on revised Form 8362, Currency Transaction Report by 
Casinos. Form 8362 is used by all casinos, with gross annual gaming 
revenue in excess of $1 million, except for those in Nevada. However, 
Form 8852 also was designed to take into account, among other things, 
that some of the transaction types reportable on Form 8362 are 
prohibited by Nevada Regulation 6A, ``Cash Transactions Prohibitions, 
Reporting and Recordkeeping'' and thus would not lend themselves to 
reporting.
    FinCEN has requested that a different OMB Control Number be 
assigned for this collection requirement than the OMB Control Number 
assigned for Form 8362. This will facilitate FinCEN's oversight over 
its Bank Secrecy Act information collection requirements by obtaining a 
unique OMB Control Number for each specific form.
    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 8852 is presented to assist those persons wishing 
to comment on the information collection. The estimates below are based 
on 1996 filings of Nevada CTRs and CTIRs.
    Title: Currency Transaction Report by Casinos--Nevada.
    Form Number: IRS Form 8852.
    OMB Number: To be assigned.
    Description of Respondents: All Nevada casinos, with gross annual 
gaming revenue in excess of $10 million and having an annual table 
games statistical win in excess of $2 million.
    Estimated Number of Respondents: 94.
    Estimated Number of Annual Responses: 70,000.
    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=22,167 hours; recordkeeping burden estimate=5,833 hours. 
Estimated combined total of 28,000 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 
$560,000.
    Estimate of Total Other Annual Costs to Respondents: None.
    Type of Request: New information collection.

REQUEST FOR COMMENTS: 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 the questions posed by 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: March 17, 1997.
Stanley E. Morris,
Director, Financial Crimes Enforcement Network.
[FR Doc. 97-7365 Filed 3-21-97; 8:45 am]
BILLING CODE 4820-03-P