[Federal Register Volume 65, Number 130 (Thursday, July 6, 2000)]
[Notices]
[Pages 41746-41747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-17007]


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DEPARTMENT OF THE TREASURY


Proposed Collection; Comment Request

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

DATES: Written comments must be received on or before September 5, 
2000.

ADDRESSES: Direct all written comments to the Financial Crimes 
Enforcement Network, Office of Compliance and Regulatory Enforcement, 
Attn.: CTRC-N 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, Regulatory 
Program Specialist (Team Leader), Office of Compliance and Regulatory 
Enforcement, (202) 354-6412, or; Stacie A. Larson, Office of Chief 
Counsel, (703) 905-3590. 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. 
(Also, comments maybe submitted by electronic mail to the following 
Internet address: ``[email protected]'' with the caption in 
the body of the text, ``Attention: PRA Comments--CTRC-N.'')

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 and 
31 CFR 103.45(c)(2)(ii). 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--Nevada, IRS Form 8852, 
is the form Nevada casinos use to comply with the currency transaction 
reporting requirements. Form 8852 was designed to take into account, 
among other things, that Nevada Regulation 6A, ``Cash Transactions 
Prohibitions, Reporting and Recordkeeping'' prohibits Nevada casinos 
from conducting some of the transaction types reportable on IRS Form 
8362, Currency Transaction Report by Casinos.
    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 no changes to the current text of the Form 
8852 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 8852 is presented to assist those persons wishing 
to comment on the information collection. (Since the number of 
respondents has increased mostly because of new Nevada casinos that 
have opened for business during 1998 and 1999, the estimates below are 
based on 1999 filings of Nevada CTRC-Ns.)
    Title: Currency Transaction Report by Casinos--Nevada.
    Form Number: IRS Form 8852.
    OMB Number: 1506-0003.
    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: 110.
    Estimated Number of Annual Responses: 128,000.
    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 = 40,533 hours; recordkeeping burden estimate = 10,667 hours. 
Estimated combined total of 51,200 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 
$1,024,400.
    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

[[Page 41747]]

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: June 27, 2000.
James F. Sloan,
Director, Financial Crimes Enforcement Network.
[FR Doc. 00-17007 Filed 7-5-00; 8:45 am]
BILLING CODE 4820-03-U