[Federal Register Volume 85, Number 209 (Wednesday, October 28, 2020)]
[Notices]
[Pages 68417-68418]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-23801]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple Financial Crimes Enforcement Network 
Information Collection Requests

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments should be received on or before November 27, 2020 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Molly Stasko by emailing

[[Page 68418]]

[email protected], calling (202) 622-8922, or viewing the entire 
information collection request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Financial Crimes Enforcement Network (FinCEN)

    1. Title: Anti-Money Laundering programs and compliance procedures.
    OMB Control Number: 1506-0020, 1506-0030, and 1506-0035.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The legislative framework generally referred to as the 
Bank Secrecy Act (BSA) consists of the Currency and Financial 
Transactions Reporting Act of 1970, as amended by the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) (Pub. L. 
107-56) and other legislation. The BSA is codified at 12 U.S.C. 1829b, 
12 U.S.C. 1951-1959, 31 U.S.C. 5311-5314 and 5316-5332, and notes 
thereto, with implementing regulations at 31 CFR Chapter X.
    The BSA 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 anti-money laundering (AML) programs and compliance 
procedures. Regulations implementing Title II of the BSA appear at 31 
CFR Chapter X.
    Section 352 of the USA PATRIOT Act added subsection (h) to 31 
U.S.C. 5318 of the BSA. Section 352 mandates that financial 
institutions establish AML programs in order to guard against money 
laundering. Such AML programs must include, at a minimum, the 
following: (a) The development of internal policies, procedures, and 
controls, (b) the designation of a compliance officer, (c) an ongoing 
employee training program, and (d) an independent audit function to 
test programs. Pursuant to section 352, FinCEN issued regulations 
requiring money services businesses (MSBs) (31 CFR 1022.210), mutual 
funds (31 CFR 1024.210), insurance companies (31 CFR 1025.210), dealers 
in precious metals, precious stones, or jewels (31 CFR 1027.210), 
operators of credit card systems (31 CFR 1028.210), and loan or finance 
companies (31 CR 1029.210) to develop and implement written AML 
programs. This notice renews the OMB control numbers associated with 
these specific AML program regulations.
    Form: Not applicable.
    Affected Public: Businesses or other for-profit institutions; Not-
for-profit institutions.
    Estimated Number of Respondents: 305,897.
    Frequency of Response: As required.
    Estimated Total Number of Annual Responses: 305,897.
    Estimated Time per Response: 2 to 60 minutes.
    Estimated Total Annual Burden Hours: 215,976 hours.

    Authority: 44 U.S.C. 3501 et seq.

    Dated: October 22, 2020.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2020-23801 Filed 10-27-20; 8:45 am]
BILLING CODE 4810-02-P