[Federal Register Volume 63, Number 19 (Thursday, January 29, 1998)]
[Notices]
[Pages 4521-4522]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-2189]


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DEPARTMENT OF THE TREASURY


Financial Crimes Enforcement Network; Proposed Collection; 
Comment Request

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, 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 proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the Financial Crimes Enforcement Network 
(``FinCEN'') is soliciting comments concerning certain regulations in 
31 CFR part 103 relating to Financial Recordkeeping and Reporting of 
Currency and Foreign Transactions, and TD F 90-22.1, Report of Foreign 
Bank and Financial Accounts.

DATES: Written comments should be received on or before March 30, 1998 
to be assured of consideration.

ADDRESSES: Direct all written comments to: Office of Legal Counsel, 
Financial Crimes Enforcement Network, Department of the Treasury, Suite 
200, 2070 Chain Bridge Road, Vienna, VA 22182-2536, Attention: 
Extension of OMB Number 1506-0009. Comments also may be submitted by 
electronic mail to the following Internet address: 
``[email protected]'' with the caption in the body of the 
text, ``Attention: Extension of OMB Number 1506-0009.''

FOR FURTHER INFORMATION CONTACT: Requests for information should be 
directed to Charles Klingman, Financial Institutions Policy Specialist, 
FinCEN, at (703) 905-3602.

SUPPLEMENTARY INFORMATION:

    Title: Financial Recordkeeping and Reporting of Currency and 
Foreign Transactions, and TD F 90-22.1, Report of Foreign Bank and 
Financial Accounts.
    OMB Number: 1506-0009. (This collection was formerly assigned 
Control Number 1505-0063.)
    Form Number: TD F 90-22.1.
    Abstract: The Bank Secrecy Act, Titles I and II of Pub. L. 91-508, 
as amended, codified at 12 U.S.C. 1829, 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 
authority of the Secretary to administer the Bank Secrecy Act 
regulations has been delegated to the Director of FinCEN.
    Money laundering is a vital component of, not only drug 
trafficking, but other illegal operations throughout the world. The 
reporting and recordkeeping requirements of the Bank Secrecy Act, 
codified at 12 U.S.C. 1829, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-
5330, aid in creating a paper trail to trace drug and other proceeds 
back to their illegal sources and help to identify the sources, volume, 
and movements of domestic and international currency. The Secretary of 
the Treasury has determined that the records and reports required by 
the Bank Secrecy Act have a high degree of usefulness in criminal, tax, 
or regulatory investigations. The information collected and retained 
under these regulations and the information collected on form TD F 90-
22.1 (as well as other Bank Secrecy Act reporting and recordkeeping 
requirements that are not the subject of this notice) assist federal, 
state and local law enforcement in the identification, investigation, 
and prosecution of individuals involved in money laundering, tax 
evasion, narcotics trafficking, organized crime, fraud, embezzlement 
and other crimes. The information also assists in tax collection and 
examination and other regulatory matters. The implementing regulations 
have been issued in 31 CFR part 103 and provide, to the extent covered 
by this control number, as follows:
    1. 103.22--Financial institutions must report transactions in 
currency that exceed $10,000 in one business day (103.22(a); 103.27(a), 
(d), (e); 103.28). Financial institutions must satisfy requirements for 
exempt customers (103.22(f), (g), and (h)). Financial institutions must 
keep exemption statements of customers that have been unilaterally 
exempted from the reporting requirements of 103.22(a) (103.22(d)). 
Financial institutions may

[[Page 4522]]

apply to the Internal Revenue Service for additional exemption 
authority not granted under 103.22(b) (103.22(e)).1
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    \1\ The exemption system is currently being re-examined. See the 
notice of proposed rulemaking published September 8, 1997. (62 FR 
47156).
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    2. 103.23--Reports required on the international transportation and 
receipt of currency or monetary instruments that exceed $10,000 
(103.23; 103.27(b), (d), (e)).
    3. 103.24--Reports must be filed by persons with foreign bank or 
other financial accounts (103.24; 103.27(c), (d), and (e)).
    4. 103.25--Reports of transactions with foreign financial agencies 
are required on a targeted basis.
    5. 103.26--Reports of certain domestic coin and currency 
transactions must be made as required on a geographically targeted 
basis.
    6. 103.27--Reports required by 103.22, 103.23, and 103.24 must be 
filed as provided in 103.27.
    7. 103.28--Before concluding any transaction with respect to which 
a report must be filed under 103.22, a financial institution must 
verify and record the name of the individual presenting the transaction 
and must record certain other information about the individual.
    8. 103.29--Financial institutions must maintain logs of the cash 
sale of bank checks or drafts, cashier's checks, money orders and 
traveler's checks between $3,000-$10,000, and must provide the logs to 
Treasury, upon request.
    9. 103.32--Records must be maintained by persons having financial 
interests in foreign financial accounts.
    10. 103.33--This section addresses records that must be made and 
retained by all financial institutions.
    11. 103.34--This section addresses additional records required to 
be made and retained by banks.
    12. 103.35--This section addresses additional records required to 
be made and retained by brokers or dealers in securities.
    13. 103.36--This section addresses additional records required to 
be made and retained by casinos.
    14. 103.37--This section addresses additional records required to 
be made and retained by currency dealers or exchangers.
    15. 103.38--This section addresses the nature of records and 
retention period.
    16. 103.43--This section addresses the availability of information.
    17. 103.45--The Secretary may grant exceptions and exemptions, 
including exemptions for casinos in states whose regulatory system 
substantially meets the reporting and recordkeeping requirements of 31 
CFR part 103.
    18. 103.54--This section addresses special rules for casinos, 
including a written compliance program.
    19. 103.71, 103.72, 103.73, 103.75, 103.76, and 103.77--These 
sections address administrative rulings under the Bank Secrecy Act. 
They explain how to submit a ruling request (103.71), how nonconforming 
requests are handled (103.72), how oral communications are treated 
(103.73), how rulings are issued (103.75), how rulings are modified or 
rescinded (103.76), and how information may be disclosed (103.77).
    Form TD F 90-22-1 is filed by persons with foreign bank or other 
financial accounts.
    Current Actions: This document does not change the existing 
regulations or the form.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit institutions, not-
for-profit institutions, individuals, (and in limited situations) 
federal, state, local, and tribal governments.
    Estimated Number of Respondents: 140,000.
    Estimated Total Annual Responses: 13,000,000.
    Estimated Total Annual Burden Hours: 11,529,711.
    The following paragraph applies to all of 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. Records required to be 
retained under the Bank Secrecy Act must be retained for five years. 
Generally, information collected pursuant to the Bank Secrecy Act is 
confidential, but may be shared as provided by law with regulatory and 
law enforcement authorities.

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.

    Dated: January 23, 1998.
Stanley E. Morris,
Director, Financial Crimes Enforcement Network.
[FR Doc. 98-2189 Filed 1-28-98; 8:45 am]
BILLING CODE 4820-03-P