[Federal Register Volume 74, Number 48 (Friday, March 13, 2009)]
[Notices]
[Pages 10993-10994]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-5528]


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DEPARTMENT OF THE TREASURY


Financial Crimes Enforcement Network; Proposed Renewal Without 
Change; Comment Request; Customer Identification Programs for Various 
Financial Institutions

AGENCY: Financial Crimes Enforcement Network, Department of the 
Treasury.

ACTION: Notice and request for comments.

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SUMMARY: As part of its continuing effort to reduce paperwork and 
respondent burden, the Financial Crimes Enforcement Network invites 
comment on a proposed renewal, without change, to information 
collections found in regulations requiring futures commission 
merchants, introducing brokers, banks, savings associations, credit 
unions, certain non-federally regulated banks, mutual funds, and 
broker-dealers, to develop and implement customer identification 
programs reasonably designed to prevent those financial institutions 
from being used to facilitate money laundering and the financing of 
terrorist activities. This request for comment 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 
May 12, 2009.

ADDRESSES: Written comments should be submitted to: Regulatory Policy 
and Programs Division, Financial Crimes Enforcement Network, Department 
of the Treasury, P.O. Box 39, Vienna, VA 22183, Attention: Customer 
Identification Program Comments. 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: Customer Identification Program Comments.''
    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 Regulatory Policy and Programs 
Division at 800-949-2732 option 6.

SUPPLEMENTARY INFORMATION:
    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 of the 
Treasury to administer the Bank Secrecy Act has been delegated to the 
Director of the Financial Crimes Enforcement Network.
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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, Public Law No. 107-56.
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    Section 5318(l) of the Bank Secrecy Act authorizes the Secretary to 
issue regulations prescribing customer identification programs for 
financial institutions. The regulations must require that, at a 
minimum, financial institutions implement reasonable procedures for (1) 
verifying the identity of any person seeking to open an account, to the 
extent reasonable and practicable; (2) maintaining records of the 
information used to verify the person's identity, including name, 
address, and other identifying information; and (3) determining whether 
the person appears on any lists of known or suspected terrorists or 
terrorist organizations provided to the financial institution by any 
government agency. The regulations are to take into consideration the 
various types of accounts maintained by various types of financial 
institutions, the various methods of opening accounts, and the various 
types of identifying information available. Regulations implementing 
section 5318(l) are found at 31 CFR 103.121, 103.122, 103.123, and 
103.131.
    1. Title: Customer identification programs for banks, savings 
associations, credit unions, and certain non-federally regulated banks. 
(31 CFR 103.121).
    Office of Management and Budget Control Number: 1506-0026.
    Abstract: Banks, savings associations, credit unions, and certain 
non-federally regulated banks are required to develop and maintain 
customer identification programs and provide their customers with 
notice of the programs. (See FR 68, 25090, May 9, 2003).
    Current Action: There is no change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Business and other for profit institutions and 
non-profit institutions.
    Burden: Estimated Number of Respondents 22,060.
    Estimated average annual recordkeeping burden per respondent: 10 
hours.
    Estimated average annual disclosure burden per respondent: 1 hour
    Estimated Total Annual Respondent Burden: 242,660 hours.

[[Page 10994]]

    2. Title: Customer identification program for broker-dealers (31 
CFR 103.122).
    Office of Management and Budget Control Number: 1506-0034.
    Abstract: Broker-dealers are required to establish and maintain 
customer identification programs and provide their customers with 
notice of the programs. (See FR 68, 25113, May 9, 2003.)
    Current Action: There is no change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Business and other for profit institutions.
    Burden: Estimated Number of Respondents 5,448.
    Estimated Average Annual Burden Per Respondent: The estimated 
average burden associated with the notice requirement is two minutes 
per respondent.
    Estimated Number of Hours: 630,896.
    3. Title: Customer identification programs for futures commission 
merchants and introducing brokers (31 CFR 103.123)
    Office of Management and Budget Control Number: 1506-0022.
    Abstract: Futures commission merchants and introducing brokers are 
required to develop and maintain customer identification programs and 
provide their customers with notice of the programs. (See FR 68, 25149, 
May 9, 2003.)
    Current Action: There is no change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Business and other for profit institutions.
    Burden: Estimated Number of Respondents: 1856.
    Estimated Average Annual Burden Per Respondent: The estimated 
average burden associated with the notice requirement is two minutes 
per respondent.
    Estimated Number of Hours: 20,471.
    4. Title: Customer identification programs for mutual funds (31 CFR 
103.131).
    Office of Management and Budget Control Number: 1505-0033.
    Abstract: Mutual funds are required to establish and maintain 
customer identification programs and provide their customers with 
notice of the programs. (See FR 68, 25131, May 9, 2003.)
    Current Action: There is no change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Business and other for profit institutions.
    Burden: Estimated Number of Respondents: 2,296.
    Estimated Average Annual Burden Per Respondent: The estimated 
average burden associated with the notice requirement is 2 minutes per 
respondent.
    Estimated Number of Hours: 266,700.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a valid 
control number assigned by the Office of Management and Budget. 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 Office of Management and Budget 
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: March 9, 2009.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. E9-5528 Filed 3-12-09; 8:45 am]
BILLING CODE 4810-02-P