[Federal Register Volume 65, Number 196 (Tuesday, October 10, 2000)]
[Notices]
[Pages 60246-60251]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-25950]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Collection; Comment Request

AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: As part of its continuing effort to reduce paperwork and 
respondent burden, FinCEN invites the general public and other Federal 
agencies to comment on a proposed information collection contained in a 
new form, ``Registration of Money Services Business.'' The form will be 
used by check cashers, currency exchangers, money order and traveler's 
check businesses, and money transmitters to register with the 
Department of the Treasury as required by statute. This request for 
comments is being made pursuant to the Paperwork Reduction Act of 1995, 
Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).

DATES: Written comments should be received on or before December 11, 
2000 to be assured of consideration.

ADDRESSES: Direct all written comments to: Office of Chief Counsel, 
Financial Crimes Enforcement Network, Department of the Treasury, Suite 
200, 2070 Chain Bridge Road, Vienna, VA 22182-2536, Attention: PRA 
Comments--Registration of Money Services Business. 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: PRA Comments--Registration of Money Services 
Business.''

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Eileen Mayer, Special Assistant to the Director, 
(202) 354-6400, or Cynthia Clark, Deputy Chief Counsel, FinCEN, and 
Christine Schuetz, Attorney-Advisor, FinCEN, at 703-905-3590. A copy of 
the form may be obtained through the Internet at http://www.treas.gov/fincen.

SUPPLEMENTARY INFORMATION:
    Title: Registration of Money Services Business.

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    OMB Number: Unassigned.
    Form Number: TD F 90-22.55.
    Abstract: 31 U.S.C. 5330, a part of the Bank Secrecy Act,\1\ 
requires money services businesses to register with the Department of 
the Treasury and maintain a list of their agents.\2\ Money services 
businesses include certain (i) check cashers, (ii) currency exchangers, 
(iii) issuers, sellers, and redeemers of money orders, (iv) issuers, 
sellers, and redeemers of traveler's checks, and (v) money 
transmitters. See 31 CFR 103.11(uu).
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    \1\ 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. 5311-5330, 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 Title II of the 
Bank Secrecy Act has been delegated to the Director of FinCEN.
    \2\ Section 5330 was added to the Bank Secrecy Act by section 
408 of the Money Laundering Suppression Act of 1994, Title IV of the 
Riegle Community Development and Regulatory Improvement Act of 1994, 
Public Law 103-325 (September 23, 1994).
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    On August 20, 1999, the Department of the Treasury issued a final 
rule regarding the registration of money services businesses (64 FR 
4538). Under the final rule, money services businesses must register 
with the Department of the Treasury and renew their registration every 
two years. 31 CFR 103.41. Registration will be made by filing a new 
form TD F 90-22.55, Registration of Money Services Business. Agents of 
money services businesses are not required to register regardless of 
the dollar volume of their money services activities unless they engage 
in money service activities both on their own behalf and as an agent of 
others.
    The information collected on the new form is required to comply 
with 31 U.S.C. 5330 and its implementing regulations. The information 
will be used to assist supervisory and law enforcement agencies in the 
enforcement of criminal, tax, and regulatory laws and to prevent money 
services businesses from use by those engaging in money laundering. The 
collection of information is mandatory.
    Money services businesses are advised that the draft form that 
appears at the end of this notice is presented only for purposes of 
soliciting public comment on the form. They should not try to use the 
draft form to register with Treasury. A final version of the form will 
be made available at a later date to be used for registration.
    Type of Review: New information collection.
    Affected Public: Business or other for-profit institutions.
    Estimated Number of Respondents: 8500.
    Estimated Total Annual Responses: 8500.\3\
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    \3\ The estimated number of responses is for the year in which a 
registration form must be filed; because the form is generally 
required to be filed only every other year, the estimated annual 
number of responses would be lower.
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    Estimated Total Annual Burden Hours: Reporting average of 30 
minutes per response; recordkeeping average of 15 minutes per response. 
Estimated total annual burden hours: Reporting burden of 4250 hours; 
recordkeeping burden of 2125 hours, for an estimated combined total of 
6375 hours.\4\
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    \4\ The estimated burden is for the year in which a registration 
form must be filed; because the form is generally required to be 
filed only every other year, the estimated annual burden would be 
lower.
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    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: September 29, 2000.
James F. Sloan,
Director, Financial Crimes Enforcement Network.

Attachment: Registration of Money Services Business Form TD F 90-
22.55

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[FR Doc. 00-25950 Filed 10-6-00; 8:45 am]
BILLING CODE 4820-03-C