[Federal Register Volume 68, Number 96 (Monday, May 19, 2003)]
[Notices]
[Pages 27143-27149]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-12372]


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DEPARTMENT OF THE TREASURY


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

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 comment on a proposed revision to the 
Currency

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Transaction Report (``CTR'') and editorial changes to the instructions. 
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 are welcome and must be received on or before 
July 18, 2003.

ADDRESSES: Written comments should be submitted to: Office of Chief 
Counsel, Financial Crimes Enforcement Network, Department of the 
Treasury, P.O. Box 39, Vienna, Virginia 22183, Attention: PRA 
Comments--CTR Form. Comments also may be submitted by electronic mail 
to the following Internet address: [email protected], again 
with a caption, in the body of the text, ``Attention: PRA Comments--CTR 
Form.''
    Inspection of comments. Comments may be inspected, between 10 a.m. 
and 4 p.m., in the FinCEN reading room in Washington, DC. Persons 
wishing to inspect the comments submitted must request an appointment 
by telephoning (202) 354-6400.

FOR FURTHER INFORMATION CONTACT: Russell Stephenson, Senior Compliance 
Administration Specialist, Office of Compliance and Regulatory 
Enforcement, FinCEN, at (202) 354-6015; and Judith R. Starr, Chief 
Counsel and Christine L. Schuetz, Attorney-Advisor, Office of Chief 
Counsel, FinCEN, at (703) 905-3590.

SUPPLEMENTARY INFORMATION:
    Title: Currency Transaction Report (CTR).
    OMB Number: 1506-0004.
    Form Number: FinCEN Form 104 (Formerly 4789).
    Abstract: The statute generally referred to as 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. 5311-5332, authorizes 
the Secretary of the Treasury, inter alia, to require financial 
institutions to keep records and file reports that are determined to 
have a high degree of usefulness in criminal, tax, and regulatory 
matters, or in the conduct of intelligence or counter-intelligence 
activities, to protect against international terrorism, and to 
implement counter-money laundering programs and compliance 
procedures.\1\ Regulations implementing Title II of the Bank Secrecy 
Act appear at 31 CFR Part 103. The authority of the Secretary to 
administer the Bank Secrecy Act has been delegated to the Director of 
FinCEN.
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    \1\ Language expanding the scope of the Bank Secrecy Act to 
intelligence or counter-intelligence activities to protect against 
international terrorism was added by Section 358 of the Uniting and 
strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (the 
``USA Patriot Act''), Pub. L. 107-56.
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    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. Financial institutions as defined 
in 31 U.S.C. 5312(a)(2) and 31 CFR 103.11 are subject to the currency 
transaction reporting requirement. The Currency Transaction Report, 
FinCEN 104 (Formally Form 4789), is the form financial institutions use 
to comply with the currency transaction reporting requirements.
    Action: This revision adds two data collection blocks to Part II--
item ``26a'' for Foreign cash in'' and item ``27a'' for ``Foreign cash 
out--'' and adds item ``37a'' to Part III for listing a foreign country 
code. The CTR instructions have been revised to address new items 26a, 
27a and 37a.
    Several editorial changes are also being made in this revision. As 
part of an effort to standardize BSA forms, FinCEN is renumbering the 
form, consistent with its new numbering system, as FinCEN Form 104. In 
other editorial changes, the Commodity Futures Trading Commission 
(``CFTC'') has been added to the list of Federal Regulators for Part 
III,\2\ and item 43 is clarified by noting that a Magnetic Ink 
Character Recognition (MICR) number is the financial institutions 
routing number. Finally, the Paperwork Reduction Act notice has been 
moved to page four.
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    \2\ On May 5, 2003, FinCEN published a notice of proposed 
rulemaking that would amend the definition of financial institution 
to include futures commission merchants and introducing brokers in 
commodities. See, 68 FR 23653. Once the proposal is finalized, these 
businesses, which are regulated by the CFTC, will become subject to 
the general BSA reporting requirements, including reporting under 31 
CFR 103.22.
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    Type of Review: Regular with changes to a currently approved 
information collection.
    Affected public: Business or other for-profit and non-profit 
institutions.
    Frequency: As required.
    Estimated Burden: Reporting average of 19 minutes per response. 
Form record keeping average of 5 minutes per response, for a total of 
24 minutes.
    Estimated number of respondents = 19,000.
    Estimated Total Annual Responses = 12,400,000.
    Estimated Total Annual Burden Hours: 4,960,000
    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.

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: May 8, 2003.
James F. Sloan,
Director, Financial Crimes Enforcement Network.
[Attachment: Currency Transaction Report, FinCEN Form 104 (Formally 
Form 4789.]

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[FR Doc. 03-12372 Filed 5-16-03; 8:45 am]
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