[Federal Register Volume 76, Number 110 (Wednesday, June 8, 2011)]
[Notices]
[Pages 33413-33415]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-14068]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Renewal Without Change; Comment Request; Nine Bank 
Secrecy Act Recordkeeping Requirements

ACTION: Notice and request for comments.

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SUMMARY: As part of our continuing effort to reduce paperwork and 
respondent burden, we invite comment on a proposed renewal, without 
change, to recordkeeping requirements found in existing regulations 
requiring financial institutions to keep records pertaining to Bank 
Secrecy Act (BSA) reportable activities. 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 
August 8, 2011.

ADDRESSES: Written comments should be submitted to: Financial Crimes 
Enforcement Network, P.O. Box 39, Vienna, VA 22183, Attention: BSA 
Recordkeeping Requirements 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, 
``BSA Recordkeeping Requirements Comments.''

FOR FURTHER INFORMATION CONTACT: Financial Crimes Enforcement Network, 
Regulatory Policy and Programs Division at (800) 949-2732, option 6.

SUPPLEMENTARY INFORMATION: 
    Abstract: The Director of the Financial Crimes Enforcement Network 
(FinCEN) is the delegated administrator of the BSA. The BSA authorizes 
the Director to issue regulations to require all financial institutions 
defined as such in the BSA to maintain or file certain reports or 
records that have been determined to have a high degree of usefulness 
in criminal, tax, or regulatory investigations or proceedings, or in 
the conduct of intelligence or counter-intelligence activities, 
including analysis, to protect against international terrorism, and to 
implement anti-money laundering programs and compliance procedures.\1\
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    \1\ Public Law 91-508, as amended and codified at 12 U.S.C. 
1829b, 12 U.S.C. 1951-1959 and 31 U.S.C. 5311-5332. Language 
expanding the scope of the BSA 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 of 2001, Pubic Law 107-56.
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    Regulations implementing section 5318(h)(1) of the BSA are found in 
part at 31 CFR chapter X. In general, the regulations require financial 
institutions, as defined in 31 U.S.C. 5312(a)(2) and 31 CFR 1010.100 to 
maintain financial records of BSA covered transactions.
    1. Title: Special rules for casinos 31 CFR 1021.210(b), 31 CFR 
1021.100(a)-(e)(Old Ref. 31 CFR 103.64), and 31 CFR 1010.430 (Old Ref. 
31 CFR 103.38).
    OMB Number: 1506-0051.
    Current Action: There is no change to the existing regulation.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses and other for-profit institutions.
    Burden: The estimated number of recordkeepers is 925. The estimated 
annual recordkeeping burden per recordkeeper is 100 hours, for a total 
estimated annual recordkeeping burden of 92,500 hours.
    2. Title: Additional records to be made and retained by currency 
dealers or exchangers (31 CFR 1022.410 (Old Ref. 31 CFR 103.37) and 31 
CFR 1010.430 (Old Ref. 31 CFR 103.38) .
    OMB Number: 1506-0052.
    Current Action: There is no change to the existing regulation.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses and other for-profit institutions.
    Burden: The estimated number of recordkeepers is 2,300. The 
estimated annual recordkeeping burden per recordkeeper is 16 hours, for 
a total estimated annual recordkeeping burden of 368,000 hours.
    3. Title: Additional records to be made and retained by brokers or 
dealers in securities (31 CFR 1023.410 (Old Ref. 31 CFR 103.35) and 31 
CFR 1010.410 (Old Ref. 103.38).
    OMB Number: 1506-0053.
    Current Action: There is no change to the existing regulation.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses and other for-profit institutions.

[[Page 33414]]

    Burden: The estimated number of recordkeepers is 8,300. The 
estimated annual recordkeeping burden per recordkeeper is 100 hours, 
for a total estimated annual recordkeeping burden of 830,000 hours.
    4. Title: Additional records to be made and retained by casinos (31 
CFR 1021.410 (Old Ref. 103.36) (except 31 CFR 1021.410(b)(10)) (Old 
Ref. except 103.36(b)(10)), and 31 CFR 1010.430 (Old Ref. 31 CFR 
103.38) .
    OMB Number: 1506-0054.
    Current Action: There is no change to the existing regulation.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses and other for-profit institutions.
    The burden for the action will be as follows:
    31 CFR 1021.410(a)&(b)(1)-(8). The estimated number of 
recordkeepers is 480. The estimated annual recordkeeping burden per 
recordkeeper is 100 hours, for a total estimated annual recordkeeping 
burden of 48,000.
    31 CFR 1021.410(b)(9). The estimated number of recordkeepers is 
480. The estimated annual recordkeeping burden per recordkeeper is 7.5 
hours, for a total estimated annual recordkeeping burden of 3,600 
hours.
    31 CFR 1021.410(b)(11). The estimated number of recordkeepers is 
62. The estimated number of transactions is 215,000 annually and the 
total estimated annual recordkeeping burden is 686 hours.
    31 CFR 1021.410(c). The estimated number of recordkeepers is 480. 
The estimated annual recordkeeping burden per recordkeeper is 4 hours, 
for a total estimated annual recordkeeping burden of 1,920 hours. For a 
total estimated annual recordkeeping burden of 54,206 hours.
    5. Title: Reports of transactions with foreign financial agencies 
31 CFR 1010.360 (Old Ref. 31 CFR 103.25).\2\
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    \2\ Treasury may, by regulation, require specified financial 
institutions to report transactions by persons with designated 
foreign financial agencies.
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    OMB Number: 1506-0055.
    Current Action: There is no change to the existing regulation.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
    Burden: The estimated number of respondents per year is 1. The 
estimated number of responses is 1, with a reporting burden of 1 hour 
per respondent, for a total annual recordkeeping burden of 1 hour.\3\
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    \3\ Should FinCEN issue regulations under this authority, it 
will provide a burden estimate specific to those regulations.
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    6. Title: Reports of certain domestic coin and currency 
transactions. 31 CFR 1010.370 (Old Ref. 31 CFR 103.26), 31 CFR 
1010.410(d) (Old Ref. 31 CFR 103.33(d).
    OMB Number: 1506-0056.
    Current Action: There is no change to the existing regulation.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
    Burden: The estimated number of respondents per year is 3,200. The 
estimated number of responses is 17,000, with a reporting burden of 19 
minutes per response and a recordkeeping burden of 5 minutes per 
response. Total estimated annual recordkeeping burden is 6,800 
hours.\4\
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    \4\ Although the burden is stated as an annual burden in 
accordance with the Paperwork Reduction Act, the estimated annual 
burden is not intended to indicate that there is a geographic 
targeting order in effect throughout a year or in each year.
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    7. Title: Purchases of bank checks and drafts, cashier's checks, 
money orders and traveler's checks. 31 CFR 1010.415 (Old Ref. 31 CFR 
103.29), 31 CFR 1010.430 (Old Ref. 31 CFR 103.38).
    OMB Number: 1506-0057.
    Current Action: There is no change to the existing regulation.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
    Burden: The estimated number of recordkeepers is 60,900. The 
average burden per recordkeeper is 7.5 hours, for a total estimated 
annual recordkeeping burden of 456,750 hours.
    8. Title: Records to be made and retained by financial institutions 
(31 CFR 1010.410 (Old Ref. 31 CFR 103.33) (except 1010.410(d) (Old Ref. 
31 CFR 103.33(d)) and 31 CFR 1010.430, (Old Ref. 31 CFR 103.38).
    OMB Number: 1506-0058.
    Current Action: There is no change to the existing regulation.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
    The burden for this action will be as follows:
    31 CFR 1010.410(a)-(c). The estimated number of recordkeepers is 
22,900. The estimated annual recordkeeping burden per recordkeeper is 
50 hours, for a total estimated annual recordkeeping burden of 
1,145,000 hours.
    31 CFR 1010.410(e)-(f). The estimated number of recordkeepers is 
35,500. The estimated annual recordkeeping burden per recordkeeper is 
16 hours, for a total estimated annual recordkeeping burden of 568,000.
    31 CFR 1010.410(g). The estimated number of recordkeepers is 
35,500. The estimated annual recordkeeping burden per recordkeeper is 
12 hours, for a total estimated annual recordkeeping burden of 426,000, 
for a total of 2,139,000 hours.
    9. Title: Additional records to be made and retained by banks (31 
CFR 1020.410 (Old Ref. 31 CFR 103.34) and 31 CFR 1010.430 (Old Ref. 31 
CFR 103.38).
    OMB Number: 1506-0059.
    Current Action: There is no change to the existing regulation.
    Type of Review: Extension without change of a currently approved 
information collection.
    Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
    Burden: The estimated number of recordkeepers is 22,900. The 
estimated annual recordkeeping burden per recordkeeper is 100 hours for 
a total annual recordkeeping burden of 2,290,000 hours.
    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 (OMB). 
Records required to be retained under the BSA must be retained for five 
years. Generally, information collected pursuant to the BSA 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 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

[[Page 33415]]

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 31, 2011.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2011-14068 Filed 6-7-11; 8:45 am]
BILLING CODE 4810-02-P