[Federal Register Volume 65, Number 63 (Friday, March 31, 2000)]
[Notices]
[Pages 17341-17342]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-8036]


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DEPARTMENT OF THE TREASURY


Financial Crimes Enforcement Network; Agency Information 
Collection Activities; Proposed Collection; Comment Request; Currency 
Transaction Report

AGENCY: Financial Crimes Enforcement Network (``FinCEN'').

ACTION: Notice.

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SUMMARY: To comply with the requirements of the Paperwork Reduction Act 
of 1995 concerning proposed extensions of information collection 
requirements, FinCEN is soliciting comments on currency transactions on 
the Currency Transaction Report (``CTR''), Internal Revenue Service 
Form 4789.

DATES: Submit written comments by May 30, 2000 to be assured of 
consideration.

ADDRESSES: Direct all written comments to the Financial Crimes 
Enforcement Network, Office of Chief Counsel, ATTN: CTR 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 Therese Wiese, Deputy 
Assistant Director, Office of Compliance and Regulatory Enforcement, 
FinCEN at 202-354-6400 or Cynthia L. Clark, Deputy Chief Counsel, 
FinCEN at 905-3590. A copy of the CTR form can be obtained through the 
Internet at http://www.treas.gov/fincen/forms.html#4789.

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

[[Page 17342]]

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. 5913(a). 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 CTR, 
Internal Revenue Service Form 4789.
    Information collected on the CTR 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.
    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 4789 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.
    Form Number: IRS Form 4789.
    OMB Number: 1506-0004.
    Description of Respondents: Certain United States financial 
institutions, other than casinos.
    Estimated Number of Respondents: 10,000,000.
    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 = 3,166,667 hours; recordkeeping burden estimate = 833,333 
hours. Estimated combined total of 4,000,000 hours.
    Type of Request: Extension, without revision.
    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; (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) 
estimate of capital or startup costs of operation, maintenance, and 
purchase of services to provide information.

    Dated: March 27, 2000.
James F. Sloan,
Director, Financial Crimes Enforcement Network.
[FR Doc. 00-8036 Filed 3-30-00; 8:45 am]
BILLING CODE 4820-03-P