[Federal Register Volume 85, Number 239 (Friday, December 11, 2020)]
[Notices]
[Pages 80227-80228]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-27370]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Agency Information Collection Activities; Proposed Renewal; 
Comment Request; Renewal Without Change of Administrative Rulings 
Regulations

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Notice and request for comments.

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SUMMARY: As part of its continuing effort to reduce paperwork and 
respondent burden, FinCEN invites comments on the proposed renewal, 
without change, of a currently approved information collection found in 
existing Bank Secrecy Act (BSA) regulations. Specifically, the 
regulations provide procedures for requestors to seek, and for FinCEN 
to issue, administrative rulings. This request for comments is made 
pursuant to the Paperwork Reduction Act of 1995.

DATES: Written comments are welcome and must be received on or before 
February 9, 2021.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal E-rulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. Refer to Docket Number 
FINCEN-2020-0017 and the specific Office of Management and Budget (OMB) 
control number 1506-0050.
     Mail: Policy Division, Financial Crimes Enforcement 
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2020-0017 and OMB control number 1506-0050.
    Please submit comments by one method only. Comments will also be 
incorporated into FinCEN's review of existing regulations, as provided 
by Treasury's 2011 Plan for Retrospective Analysis of Existing Rules. 
All comments submitted in response to this notice will become a matter 
of public record. Therefore, you should submit only information that 
you wish to make publicly available.

FOR FURTHER INFORMATION CONTACT: The FinCEN Regulatory Support Section 
at 1-800-767-2825 or electronically at [email protected].

SUPPLEMENTARY INFORMATION:

I. Statutory and Regulatory Provisions

    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.\1\ Regulations implementing the BSA appear at 31 CFR 
Chapter X. The authority of the Secretary to administer the BSA has 
been delegated to the Director of FinCEN.\2\
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    \1\ Section 358 of the USA PATRIOT Act added language expanding 
the scope of the BSA to intelligence or counter-intelligence 
activities to protect against international terrorism.
    \2\ Treasury Order 180-01 (re-affirmed Jan. 14, 2020).
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    A FinCEN administrative ruling is a written ruling interpreting the 
relationship between the regulations implementing the BSA at 31 CFR 
Chapter X and each situation for which such a ruling has been requested 
in conformity with the regulatory requirements.\3\ The regulations 
implementing the procedures for requestors to submit, and for FinCEN to 
issue, administrative rulings appear in Part 1010, Subpart G--
Administrative Rulings. Specifically, the regulations address the 
following: (a) How to submit a request for an administrative ruling (31 
CFR 1010.711); (b) treatment of non-conforming requests (31 CFR 
1010.712); (c) treatment of oral communications (31 CFR 1010.713); (d) 
withdrawal of administrative ruling requests (31 CFR 1010.714); (e) 
issuance of administrative rulings (31 CFR 1010.715); (e) modification 
and rescission of administrative rulings (31 CFR 1010.716); and (f) 
disclosure of administrative ruling (31 CFR 1010.717). An 
administrative ruling has precedential value, and may be relied upon by 
others similarly situated, only if FinCEN makes them available to the 
public through publication on the FinCEN website or other appropriate 
forum.\4\
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    \3\ See 31 CFR 1010.715.
    \4\ Id. FinCEN's administrative rulings are collected on the 
FinCEN website at the following address: https://www.fincen.gov/resources/statutes-regulations/administrative-rulings.

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[[Page 80228]]

II. Paperwork Reduction Act of 1995 (PRA) \5\
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    \5\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
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    Title: Administrative rulings regulations (Subpart G--31 CFR 
1010.710 through 31 CFR 1010.717).
    OMB Control Number: 1506-0050.
    Report Number: Not applicable.
    Abstract: FinCEN is issuing this notice to renew the OMB control 
number for the administrative rulings regulations.
    Affected Public: Businesses or other for-profit institutions, non-
profit institutions, and individuals.
    Type of Review: Renewal without change of a currently approved 
information collection.
    Frequency: As required.
    Estimated Number of Requests Annually: 33 requests.\6\
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    \6\ In 2018, 2019, and 2020, FinCEN received a total of 98 
administrative ruling requests.
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    Estimated Recordkeeping Burden:
    FinCEN receives approximately 33 administrative ruling requests per 
year. FinCEN continues to estimate that it takes a requestor 
approximately two hours to draft and submit an administrative rule 
request to FinCEN.\7\ This results in an estimated total annual burden 
of 66 hours (33 administrative ruling requests multiplied by two hours 
per request).
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    \7\ When this OMB control number was last renewed in 2017, 
FinCEN estimated the total burden per requestor to draft and submit 
an administrative ruling request was two hours per requestor.
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    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 BSA must be retained for five years.

III. General 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: (i) 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; (ii) the accuracy of the agency's estimate of 
the burden of the collection of information; (iii) ways to enhance the 
quality, utility, and clarity of the information to be collected; (iv) 
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 (v) estimates 
of capital or start-up costs and costs of operation, maintenance, and 
purchase of services to provide information.

Michael G. Mosier,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2020-27370 Filed 12-10-20; 8:45 am]
BILLING CODE 4810-02-P