[Federal Register Volume 69, Number 247 (Monday, December 27, 2004)]
[Notices]
[Page 77320]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-28147]



[[Page 77320]]

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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Collection; Comment Request; Money Services Business 
Survey

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

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, Financial Crimes Enforcement 
Network (``FinCEN''), requires current information regarding the size, 
extent, income derived by and nature of the Money Services Business 
(``MSB'') industry to more effectively regulate and inform MSBs about 
Bank Secrecy Act regulations that include requiring MSBs to register 
with FinCEN and to file Suspicious Activity Reports. FinCEN places a 
high priority on effective and broad-reaching initiatives to facilitate 
the education of MSBs and their agents in their responsibilities under 
the Bank Secrecy Act. FinCEN proposes to conduct a survey that is 
intended to provide data that can be used to update the 1997 Coopers & 
Lybrand study of the MSB industry to determine the current profile or 
make up of this industry and to include issuers, sellers and redeemers 
of stored value (which were not included in the 1997 Coopers & Lybrand 
study). The survey will consist of questions that will enable the 
contractor to provide a statistical estimate of the size and other 
business characteristics for the following 5 MSB industry sectors: (1) 
Check cashers, (2) currency dealers or exchangers (limited to those 
that exchange or deal in actual legal tender such as bank notes and 
coins), (3) issuers of money orders, traveler's checks or stored value, 
(4) sellers or redeemers of money orders, traveler's checks or stored 
value, and (5) money transmitters. Other goals of this study are: To 
identify the extent to which such financial services, which are not 
their primary business, are currently being offered through businesses, 
and to identify the percentage of income generated by these financial 
services activities; to determine how many of each of these MSBs are 
currently within the United States as well as their geographical 
distribution; to analyze, by state or other geographic grouping, and by 
type of business, differences in the number of MSBs currently 
registered as compared to the number, size and geographic distribution 
of the MSB industry segments identified in the study; to determine the 
extent to which MSBs are predominantly or primarily engaged in 
providing financial services as opposed to those in which these 
services are ancillary to their chief purposes as convenience or other 
retail stores. 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 
February 25, 2005.

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--MSB Survey. Comments also may be submitted by electronic mail 
to the following Internet address: [email protected], with a 
caption in the body of the text, ``Attention: PRA Comments--MSB 
Survey.''
    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: Requests for additional information or 
requests for copies of the questions for the new MSB industry survey 
that is the subject of this notice should be directed to: Anna Fotias, 
Senior Regulatory Compliance Specialist, Office of Regulatory Policy, 
FinCEN, at (202) 354-6400; Christine Del Toro, Attorney-Advisor, 
FinCEN, at (703) 905-3590.

SUPPLEMENTARY INFORMATION:
    Title: Money Services Business Program Response.
    OMB Number: 1506-xxxx.
    Abstract: Survey to be conducted with business owners and managers 
in the Money Services Business industry. Survey asks respondents to 
report on financial services provided by their businesses.
    Type of Review: New information collection.
    Affected Public: Business or other for-profit institutions.
    Frequency: One time.
    Estimated Burden: Reporting average of 15 minutes per response.
    Estimated Number of Respondents: 24,000.
    Estimated Total Responses: 24,000.
    Estimated Total Annual Burden Hours: 6,000.
    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: December 15, 2004.
William J. Fox,
Director, Financial Crimes Enforcement Network.
[FR Doc. 04-28147 Filed 12-23-04; 8:45 am]
BILLING CODE 4810-02-P