[Federal Register Volume 73, Number 45 (Thursday, March 6, 2008)]
[Notices]
[Pages 12250-12251]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-4290]


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DEPARTMENT OF THE TREASURY


Financial Crimes Enforcement Network; Agency Information 
Collection Activities; Proposed Collection; Comment Request; Renewal 
Without Change of the Designation of Exempt Person Form, FinCEN Form 
110

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

ACTION: Notice and request for comments.

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SUMMARY: FinCEN, a bureau of the U.S. Department of the Treasury 
(``Treasury''), invites all interested parties to comment on its 
continuing collection of information through its ``Designation of 
Exempt Person'' form used by banks and other depository institutions to 
designate their eligible customers as exempt from the requirement to 
report transactions in currency over $10,000.

DATES: Written comments are welcome and must be received on or before 
May 5, 2008.

ADDRESSES: Written comments should be submitted to: Office of 
Regulatory Policy and Programs Division, Financial

[[Page 12251]]

Crimes Enforcement Network, Department of the Treasury, P.O. Box 39, 
Vienna, Virginia 22183, Attention: PRA Comments--Designation of Exempt 
Person (DOEP), FinCEN Form 110. 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--Designation of Exempt Person (DOEP), FinCEN 
Form 110''.
    Inspection of comments: Comments may be inspected, between 10 a.m. 
and 4 p.m., in the FinCEN reading room in Vienna, VA. Persons wishing 
to inspect the comments submitted must request an appointment with the 
Disclosure Officer by telephoning (703) 905-5034 (Not a toll free 
call).

FOR FURTHER INFORMATION CONTACT: The FinCEN Regulatory helpline at 
(800) 949-2732 and select Option 3.

SUPPLEMENTARY INFORMATION: Pursuant to the Paperwork Reduction Act of 
1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)), FinCEN is soliciting 
comments on the collection of information described below.
    Title: Designation of Exempt Person.
    OMB Number: 1506-0012.
    Form Number: FinCEN Form 110.
    Abstract: 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; 5316-5332, authorizes the Secretary of the 
Treasury, among other things, 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; 5316-5332) 
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.
    The reporting by financial institutions of transactions in currency 
in excess of $10,000 has long been a major component of the Treasury's 
implementation of the Bank Secrecy Act. The reporting requirement is 
imposed by 31 CFR 103.22, a rule issued under the broad authority 
granted to the Secretary of the Treasury by 31 U.S.C. 5313(a) to 
require reports of domestic coins and currency transactions.
    The Money Laundering Suppression Act of 1994, Title IV of the 
Riegle Community Development and Regulatory Improvement Act (Pub. L. 
103-325) amended 31 U.S.C. 5313. The statutory amendments mandate 
exemptions from currency transaction reporting in the case of customers 
that are other banks, certain governmental entities, or businesses for 
which reporting would serve little or no law enforcement purpose. The 
amendments also authorize Treasury to exempt certain other businesses.
    On September 8, 1997, and September 30, 1998, Treasury issued final 
rules regarding these statutory amendments (62 FR 47141 and 63 FR 
50147, respectively). The final rules reform and simplify the process 
by which banks may exempt eligible customers. The final rules, as 
further amended by 65 FR 46356, are set forth at 31 CFR 103.22(d).
    Under the simplified exemption rules, a key requirement is a 
``designation'' sent to the Treasury indicating that a customer will be 
treated by the bank as an exempt person, so that no further currency 
transaction reports will be filed on the customer's cash transactions 
exceeding $10,000. As part of the simplification process, Treasury 
previously issued a form specifically for making that designation. The 
information collected on the form, Designation of Exempt Person, FinCEN 
Form 110, is required to exempt bank customers from currency 
transaction reporting. The information is used to help determine 
whether a bank has properly exempted its customers. The collection of 
information is mandatory.
    Current Actions: There are no proposed changes to the current DOEP, 
FinCEN Form 110.
    The form is available on the FinCEN website at: http://www.fincen.gov/forms/fin110_dep.pdf.
    Type of Review: Renewal without change of a currently approved 
collection.
    Affected Public: Business or other for-profit institutions.
    Frequency: As required.
    Estimated Number of Respondents: 19,000.
    Estimated Total Annual Responses: 65,000.
    Estimated Total Annual Burden Hours: 97,500 hours. (Reporting 
average of 30 minutes per response; recordkeeping average of 1 hour per 
response).
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for Office of 
Management and Budget approval. All comments will become a matter of 
public record. Comments are invited on: (1) Whether the collection of 
information is necessary for the proper performance of the agency, 
including whether the information shall have practical utility; (b) the 
accuracy of the agency's estimate of the burden collection of 
information; (c) ways to enhance 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: February 26, 2008.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
 [FR Doc. E8-4290 Filed 3-5-08; 8:45 am]
BILLING CODE 4810-02-P