[Federal Register Volume 64, Number 156 (Friday, August 13, 1999)]
[Notices]
[Page 44267]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-20966]


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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: 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 concerning Internal Revenue Service 
(``IRS'') Form 8362, Currency Transaction Report by Casinos (``CTRC''), 
which is filed for currency transactions involving casinos and card 
clubs under the Bank Secrecy Act regulations.

DATES: Written comments must be received on or before October 12, 1999.

ADDRESSES: Direct all written comments to the Financial Crimes 
Enforcement Network, Office of Program Development, Attn.: CTRC 
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, Senior 
Financial Enforcement Officer; Office of Program Development, (703) 
905-3931; or Stacie A. Larson, Office of Chief Counsel, (703) 905-3590. 
A copy of the CTRC form, as well as all other forms required by the 
Bank Secrecy Act, can be obtained through the Internet at http://
www.treas.gov/fincen/.

SUPPLEMENTARY INFORMATION: The Bank Secrecy Act (Titles I and II of 
Public Law 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.
    Section 5313(a) 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.'' 
Regulations implementing section 5313(a) are found at 31 CFR 103.22. In 
general, the regulations require the reporting of transactions in 
currency in excess of $10,000 a day. Casinos as defined in 31 U.S.C. 
5312(a)(2)(X) and 31 CFR 103.11(n)(7)(i) are financial institutions 
subject to the currency transaction reporting requirement. Card clubs, 
as defined in 31 CFR 103.11(n)(8)(i), are casinos subject to currency 
transaction reporting. (See 63 FR 1919, January 13, 1998.) The Currency 
Transaction Report by Casinos, IRS Form 8362, is the form casinos and 
card clubs use to comply with the currency transaction reporting 
requirements.
    Information collected on the CTRC is made available, in accordance 
with strict safeguards, to appropriate criminal law enforcement and 
regulatory personnel solely in the official performance of their 
duties. The information contained is used in investigations involving 
international and domestic money laundering, tax violations, fraud, and 
other financial crimes.
    This notice proposes no changes to the current text of the Form 
8362 or its instructions.
    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. (Since the number of 
respondents has increased during 1998 because of the inclusion of card 
clubs under the Bank Secrecy Act, the estimates below are based on 1998 
filings.)
    Title: Currency Transaction Report by Casinos.
    Form Number: IRS Form 8362.
    OMB Number: 1506-0005.
    Description of Respondents: All United States casinos and card 
clubs having gross annual gaming revenues in excess of $1 million, 
except for casinos in Nevada.
    Estimated Number of Respondents: 550.
    Estimated Number of Annual Responses: 140,000.
    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 = 44,333 hours; recordkeeping burden estimate = 11,667 hours. 
Estimated combined total of 56,000 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 
$1,120,000.
    Estimate of Total Other Annual Costs to Respondents: None.
    Type of Request: Extension of a currently approved 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 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, 1999.
James F. Sloan,
Director, Financial Crimes Enforcement Network.
[FR Doc. 99-20966 Filed 8-12-99; 8:45 am]
BILLING CODE 4820-03-P