[Federal Register Volume 70, Number 113 (Tuesday, June 14, 2005)]
[Notices]
[Pages 34521-34522]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-11808]


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DEPARTMENT OF THE TREASURY


Financial Crimes Enforcement Network; Proposed Collection; 
Comment Request; Customer Identification Programs for Futures 
Commission Merchants and Introducing Brokers.

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

ACTION: Notice and request for comments.

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SUMMARY: FinCEN invites comment on a proposed extension of a currently 
approved requirement that futures commission merchants and introducing 
brokers establish a customer identification program as required under 
section 326 of the Uniting and Strengthening America by providing 
Appropriate Tools Required to Intercept and Obstruct Terrorism (USA 
PATRIOT ACT) Act of 2001. This request for comments covers 31 CFR 
103.123. This request for comments is being made pursuant to the 
Paperwork Reduction Act of 1995, Pub. L. 104-13, 44 U.S.C. 
3506(c)(2)(A).

DATES: Written comments are welcome and must be received on or before 
August 15, 2005.

ADDRESSES: Written comments should be submitted to: Regulatory Policy 
and Programs Division, Financial Crimes Enforcement Network, Department 
of the Treasury, PO Box 39, Vienna, Virginia 22183, Attention: PRA 
Comments--CIP for FCMs and IBs. 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--CIP for FCMs and IBs.
    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: The FinCEN Regulatory Helpline at 800-
949-2732, select option 3, or contact Helene D. Schroeder, Special 
Counsel, Division of Clearing and Intermediary Oversight, Commodity 
Futures Trading Commission, 1155 21st Street, NW., Washington, DC 
20581, (202) 418-5450; or [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Customer Identification Programs For Futures Commission 
Merchants and Introducing Brokers, 31 CFR 103.123.
    OMB Number: 1506-0022.
    Form Number: N/A.
    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 Act of 2001 (the ``USA PATRIOT 
Act''), Pub. L. 107-56.
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    Section 326 of the USA PATRIOT Act added a new subsection (l) to 31 
U.S.C. 5318 of the Bank Secrecy Act that requires the Secretary of the 
Treasury to require financial institutions to establish and maintain 
programs to verify the identity of customers opening an account. On May 
9, 2003, FinCEN and the Commodity Futures Trading Commission issued a 
joint final rule (68 FR 25149) requiring futures commission merchants 
and introducing brokers to establish a customer identification program 
(``CIP rule''). The final CIP rule can also be found at 31 CFR 103.123.

[[Page 34522]]

    This notice, which has been developed jointly with the Commodity 
Futures Trading Commission, is presented only for purposes of 
soliciting public comment on the proposed extension without change of 
the current rule.
    Type of Review: Extension without change of a currently approved 
collection.
    Affected public: Business or other for-profit institutions.
    Frequency: As required. Estimated average annual burden for the 
recordkeeping requirements of the rule for each respondent: 10 hours.
    Estimated average annual burden for the disclosure requirements of 
the rule per each respondent: 1 hour.
    Estimated number of respondents: 1,861.
    Estimated Total Annual Reporting and Recordkeeping Burden: 20,471 
hours.
    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 recordkeeping requirement 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: June 2, 2005.
William J. Fox,
Director, Financial Crimes Enforcement Network.
[FR Doc. 05-11808 Filed 6-10-05; 12:58 pm]
BILLING CODE 4810-02-P