[Federal Register Volume 86, Number 35 (Wednesday, February 24, 2021)]
[Notices]
[Pages 11379-11381]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03731]


-----------------------------------------------------------------------

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.

-----------------------------------------------------------------------

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 must be received on or before March 26, 2021.

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 [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: Reports Relating to Currency in Excess of $10,000 
Received in a Trade or Business, or Received as Bail by Court Clerks; 
Form 8300 (31 CFR 1010.330 and 31 CFR 1010.331).
    OMB Control Number: 1506-0018.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: FinCEN is issuing this notice to renew the OMB control 
number for the requirements for (1) any person in a trade or business 
who, in the course of the trade or business, receives more than $10,000 
in coin or currency in one or more related transactions to report it to 
FinCEN, and (2) any clerk of a federal or state court who receives more 
than $10,000 in currency as bail for any individual charged with a 
specified criminal offense to make report of information with respect 
to receipt of that currency. Reports under 31 CFR 1010.330 and 31 CFR 
1010.331 are filed through the joint FinCEN/IRS Form 8300 and must be 
maintained for five years after the date of filing.
    Form: Form 8300.
    Affected Public: Businesses or other for-profit institutions; and 
Not-for-profit institutions.
    Estimated Number of Respondents: 32,500.
    Frequency of Response: As required.
    Estimated Total Number of Annual Responses: 323,067.
    Estimated Total Annual Burden Hours: 161,534 hours.
    2. Title: Administrative rulings regulations (Subpart G--31 CFR 
1010.710 through 31 CFR 1010.717).
    OMB Control Number: 1506-0050.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: FinCEN is issuing this notice to renew the OMB control 
number for the administrative ruling regulations. 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. 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 another appropriate 
forum.
    Form: Not applicable.
    Affected Public: Businesses or other for-profit institutions; Not-
for-profit institutions; and Individuals or Households.
    Estimated Number of Respondents: 33.
    Frequency of Response: As required.
    Estimated Total Number of Annual Responses: 33.
    Estimated Time per Response: 2 hours.
    Estimated Total Annual Burden Hours: 66 hours.
    3. Title: AML program requirements for casinos (31 CFR 1021.210, 31 
CFR 1021.410(b)(10)).
    OMB Control Number: 1506-0051.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: FinCEN is issuing this notice to renew the OMB control 
number for the AML program regulatory

[[Page 11380]]

requirements for casinos. 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 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 a regulation 
requiring casinos to develop and implement written AML programs.
    Form: Not applicable.
    Affected Public: Businesses or other for-profit institutions; and 
Not-for-profit institutions.
    Estimated Number of Respondents: 993.
    Frequency of Response: As required.
    Estimated Time per Response: 1 hour per casino for maintaining and 
updating the AML program, 5 minutes per casino for storing the written 
AML program, 5 minutes per casino for producing a copy of the AML 
program if requested by regulatory examiners or law enforcement; and 99 
hours per casino for complying with the requirements in 31 CFR 
1021.210(b)(2)(v) and (vi).
    Estimated Total Annual Burden Hours: 99,466 hours.
    4. Title: Reports and records of certain domestic transactions (31 
U.S.C. 5326; 31 CFR 1010.370 and 1010.410(d)).
    OMB Control Number: 1506-0056.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: FinCEN is issuing this notice to renew the OMB control 
number for statutes and regulations requiring reports and records of 
certain domestic transactions. Congress amended the Bank Secrecy Act 
(BSA) in 1988 to give the Secretary the authority to issue orders under 
31 U.S.C. 5326 by passing Public Law 100-690, Title VI, Sec.  6185(c). 
This provision was later amended to permit issuance of confidential 
orders, lengthen the effective period of orders to 180 days, cover 
transactions involving transfers of funds, and to clarify that orders 
can be issued upon reasonable grounds for concluding that additional 
requirements are necessary to carry out the purposes of the subtitle of 
which 31 U.S.C. 5326 is a part, or to prevent evasions thereof. See 
Public Law 102-550, Title XV, Sec.  1514; Public Law 107-56, 353(d); 
Public Law 115-44, 275.
    Under 31 U.S.C. 5326(a), if the Secretary finds that reasonable 
grounds exist for concluding that additional recordkeeping and 
reporting are necessary to carry out the purpose of the BSA or to 
prevent evasions thereof, the Secretary may issue an order requiring 
any domestic financial institution or nonfinancial trade or business or 
group of domestic financial institutions or nonfinancial trades or 
businesses in a geographic area to obtain such information as the 
Secretary may describe in such order concerning certain transactions.
    The authority set forth in 31 U.S.C. 5326 to impose reporting and 
recordkeeping requirements is self-implementing. Section 5326(a) 
generally requires domestic financial institutions or nonfinancial 
trades or businesses in a geographic area that receive an order to 
report, in the manner and to the extent specified in an order, 
information concerning any transaction in which such financial 
institution or nonfinancial trade or business is involved for the 
payment, receipt, or transfer of funds (as the Secretary may describe 
in such order). An order typically will include the following terms: 
(i) The dollar amount of transactions subject to the reporting 
requirement; (ii) the type of transactions subject to or exempt from 
the reporting requirement; (iii) the appropriate form for reporting and 
the method for form submission; (iv) the starting and ending dates by 
which the transactions specified in the order are to be reported; (v) a 
point of contact at FinCEN for questions; (vi) the amount of time the 
reports and records of reports generated are required to be retained; 
and (vii) any other information deemed necessary to carry out the 
purpose of the order. Pursuant to 31 U.S.C. 5326(d), no order will 
prescribe a reporting period of more than 180 days unless it is renewed 
pursuant to 31 U.S.C. 5326(a). These orders are commonly referred to as 
geographic targeting orders (GTOs).
    31 CFR 1010.410(d) requires each financial institution or 
nonfinancial trade or business to retain the original or a copy or 
reproduction of a record of the information required to be reported in 
a GTO for the period of time specified in the order, not to exceed five 
years.
    Form: Not applicable.
    Affected Public: Businesses or other for-profit institutions; and 
Not-for-profit institutions.
    Estimated Number of Respondents: 353.
    Frequency of Response: As required.
    Estimated Total Number of Annual Responses: 13,719.
    Estimated Time per Response: 25 minutes.
    Estimated Total Annual Burden Hours: 5,716 hours.
    5. Title: Records to be made and retained by financial institutions 
(31 CFR 1010.410), records to be made and retained by banks (31 CFR 
1020.410), and additional records to be maintained by providers and 
sellers of prepaid access (31 CFR 1022.420).
    OMB Control Number: 1506-0058 and 1506-0059.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: FinCEN is issuing this notice to renew the OMB control 
numbers for regulations requiring certain financial institutions to 
make and retain records associated with certain types of transactions, 
including funds transfers, transmittals of funds, and prepaid access 
transactions, among other types of transactions.
    On January 3, 1995, Treasury and the Board jointly issued a 
recordkeeping rule (the ``Recordkeeping Rule'') that requires banks and 
nonbank financial institutions to collect and retain information 
related to funds transfers and transmittals of funds in amounts of 
$3,000 or more. The Recordkeeping Rule is intended to help law 
enforcement and regulatory authorities to detect, investigate, and 
prosecute money laundering, and other financial crimes by preserving an 
information trail about persons sending and receiving funds through the 
funds transfer system.
    At the same time, FinCEN issued a separate rule--the ``Travel 
Rule''--that requires banks and nonbank financial institutions to 
transmit information on certain funds transfers and transmittals of 
funds to other banks or nonbank financial institutions participating in 
the transfer or transmittal. The Travel Rule and the Recordkeeping Rule 
complement each other. Generally, the Recordkeeping Rule requires 
financial institutions to collect and retain the information that, 
under the Travel Rule, must be included with transmittal orders, 
although the Recordkeeping Rule also has other applications apart from 
ensuring that information is available to include with funds transfers. 
FinCEN issued the Travel Rule pursuant to statutory authority that 
permits the Treasury to require domestic financial institutions or 
nonfinancial trades or businesses to maintain appropriate procedures to 
ensure compliance with the Bank Secrecy Act (BSA) or to guard against 
money laundering, and to establish AML programs.
    The Recordkeeping Rule is codified at 31 CFR 1020.410(a) and 
1010.410(e), and the Travel Rule is codified at 31 CFR 1010.410(f). 
This notice proposes to

[[Page 11381]]

renew the regulations that implement the Recordkeeping Rule and the 
Travel Rule, along with all of the other regulatory requirements under 
31 CFR 1010.410, 1020.410, and 1022.420.
    The Recordkeeping Rule and Travel Rule collectively require banks 
and nonbank financial institutions to collect, retain, and transmit 
information on funds transfers and transmittals of funds in amounts of 
$3,000 or more.
    Under the Recordkeeping Rule, the originator's bank or 
transmitter's financial institution must collect and retain the 
following information: (a) Name and address of the originator or 
transmitter; (b) the amount of the payment or transmittal order; (c) 
the execution date of the payment or transmittal order; (d) any payment 
instructions received from the originator or transmitter with the 
payment or transmittal order; and (e) the identity of the beneficiary's 
bank or recipient's financial institution. In addition, the 
originator's bank or transmitter's financial institution must retain 
the following information if it receives that information from the 
originator or transmitter: (a) Name and address of the beneficiary or 
recipient; (b) account number of the beneficiary or recipient; and (c) 
any other specific identifier of the beneficiary or recipient. The 
originator's bank or transmitter's financial institution is required to 
verify the identity of the person placing a payment or transmittal 
order if the order is made in person and the person placing the order 
is not an established customer. Similarly, should the beneficiary's 
bank or recipient's financial institution deliver the proceeds to the 
beneficiary or recipient in person, the bank or nonbank financial 
institution must verify the identity of the beneficiary or recipient--
and collect and retain various items of information identifying the 
beneficiary or recipient--if the beneficiary or recipient is not an 
established customer. Finally, an intermediary bank or financial 
institution--and the beneficiary's bank or recipient's financial 
institution--must retain originals or copies of payment or transmittal 
orders.
    Under the Travel Rule, the originator's bank or transmitter's 
financial institution is required to include information, including all 
information required under the Recordkeeping Rule, in a payment or 
transmittal order sent by the bank or nonbank financial institution to 
another bank or nonbank financial institution in the payment chain. An 
intermediary bank or financial institution is also required to transmit 
this information to other banks or nonbank financial institutions in 
the payment chain, to the extent the information is received by the 
intermediary bank or financial institution.
    Under 31 CFR 1022.420, Providers and sellers of prepaid access are 
a type of money services business (MSB), as defined in Sec.  
1010.100(ff). BSA regulations specific to MSBs are found at 31 CFR 
Chapter X. Providers and sellers of prepaid access must maintain access 
to transactional records generated in the ordinary course of business 
that would be needed to reconstruct prepaid access activation, loads, 
reloads, purchases, withdrawals, transfers, or other prepaid-related 
transactions.
    Form: Not applicable.
    Affected Public: Businesses or other for-profit institutions; and 
Not-for-profit institutions.
    Estimated Number of Respondents: 28,567.
    Frequency of Response: As required.
    Estimated Total Annual Burden Hours: 2,908,942 hours.

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

    Dated: February 18, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021-03731 Filed 2-23-21; 8:45 am]
BILLING CODE 4810-02-P