[Federal Register Volume 88, Number 69 (Tuesday, April 11, 2023)]
[Notices]
[Pages 21746-21747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-07540]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Agency Information Collection Activities; Proposed Renewal; 
Comment Request; Renewal Without Change of the Registration of Money 
Services Businesses Regulation and FinCEN Form 107

AGENCY: Financial Crimes Enforcement Network (FinCEN), 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, to an information collection requirement contained in 
FinCEN's regulations and FinCEN Form 107--Registration of Money 
Services Business (RMSB). Under the regulations, money services 
businesses (MSBs) must register with FinCEN using FinCEN Form 107, 
renew their registration every two years, and maintain a list of their 
agents. 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 
June 12, 2023.

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-2023-0005 and the Office of Management and Budget (OMB) control 
number 1506-0013.
     Mail: Policy Division, Financial Crimes Enforcement 
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2023-0005 and OMB control number 1506-0013.
    Please submit comments by one method only. Comments will be 
reviewed consistent with the PRA and applicable OMB regulations and 
guidance. 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 Resource Center 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 Foreign 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), Public Law 107-56 (October 26, 
2001), and other legislation, including the Anti-Money Laundering Act 
of 2020 (AML Act).\1\ The BSA is codified at 12 U.S.C. 1829b, 12 U.S.C. 
1951-1960, and 31 U.S.C. 5311-5314 and 5316-5336, and notes thereto, 
with implementing regulations at 31 CFR chapter X.
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    \1\ The AML Act was enacted as Division F, sections 6001-6511, 
of the William M. (Mac) Thornberry National Defense Authorization 
Act for Fiscal Year 2021, Public Law 116-283, 134 Stat. 3388 (2021).
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    The BSA authorizes the Secretary of the Treasury (the 
``Secretary''), 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 AML programs and compliance 
procedures.\2\ 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.\3\
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    \2\ Section 358 of the USA PATRIOT Act expanded the purpose of 
the BSA, by including a reference to reports and records ``that have 
a high degree of usefulness in intelligence or counterintelligence 
activities to protect against international terrorism.'' Section 
6101 of the AML Act added language further expanding the purpose of 
the BSA.
    \3\ Treasury Order 180-01 (Jan. 14, 2020).
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    Under 31 U.S.C. 5330 and its implementing regulation (31 CFR 
1022.380), MSBs \4\ must file an initial registration form with FinCEN, 
renew their registration every two years, re-register under certain 
circumstances, and maintain a list of their agents.
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    \4\ See 31 CFR 1010.100(ff).
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Registration

    Each MSB, with a few exceptions, must register with the FinCEN. The 
information required by 31 U.S.C 5330 and any other information 
required by FinCEN Form 107 must be reported in the manner and to the 
extent required by FinCEN Form 107.\5\ The registration form for the 
initial registration period must be filed on or before the end of the 
180-day period beginning on the day following the date the business is 
established.\6\ The initial registration period is the two-calendar 
year period beginning with the calendar year in which the MSB is first 
required to be registered.\7\ MSBs must renew their registrations, with 
the first renewal due on or before the last day of the initial 
registration period (December 31st) and subsequent renewals due every 
two years thereafter.\8\ MSBs must re-register with FinCEN not later 
than 180 days after the following: a change in ownership that requires 
the MSB to be re-registered under state law, transfer of 10 percent 
voting or equity interest, or 50 percent increase in agents.\9\ MSBs 
must maintain a copy of any registration form filed under 31 CFR 
1022.380 at a location in the United States for a period of five 
years.\10\
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    \5\ See 31 CFR 1022.380(b)(1)(i); Registration of Money Services 
Business (RMSB) Electronic Filing Instructions. Release Date July 
2014--Version 1.0. https://www.fincen.gov/sites/default/files/shared/FinCENRMSB_ElectronicFilingInstructions.pdf.
    \6\ See 31 CFR 1022.380(b)(3).
    \7\ See 31 CFR 1022.380(b)(2).
    \8\ See 31 CFR 1022.380(b)(2), (b)(3).
    \9\ See 31 CFR 1022.380(b)(4).
    \10\ See 31 CFR 1010.430(d); 31 CFR 1022.380(b)(1)(iii).
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Maintenance of an Agent List

    A person that is an MSB solely because that person serves as an 
agent of another MSB is not required to register.\11\ However, MSBs are 
required to prepare and maintain a list of their agents.\12\ The list 
must be revised each January 1 for the immediately preceding 12-month 
period.\13\ The list is not filed with the registration form but must 
be maintained at a branch office or location in the United States 
reported on the registration form.\14\ MSBs must make the list of 
agents available, upon request, to FinCEN, an appropriate law 
enforcement agency, and the examination function of the Internal 
Revenue Service, in its capacity as delegee of BSA examination 
authority.\15\
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    \11\ See 31 CFR 1022.380(a)(3).
    \12\ See 31 CFR 1022.380(d).
    \13\ Id.
    \14\ Id.
    \15\ Id.
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II. Paperwork Reduction Act (PRA) 16
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    \16\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
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    Title: Registration of Money Services Businesses (31 CFR 1022.380).

[[Page 21747]]

    OMB Number: 1506-0013.
    Form Number: FinCEN Form 107--RMSB.
    Abstract: FinCEN is issuing this notice to renew the OMB control 
number for the registration of money services business regulations at 
31 CFR 1022.380 and FinCEN Form 107--RMSB.
    Type of Review: Renewal without change of a currently approved 
information collection.
    Affected Public: Business or other for-profit institutions.

Initial Registration

    Frequency: As required.
    Estimated Burden per Respondent: FinCEN estimates that the hourly 
burden of filing and maintaining a copy of the initial RMSB form is 1 
hour and 10 minutes. (1 hour to fill out the form and file it, and 10 
minutes to save the form electronically and print out a copy to 
maintain). FinCEN stipulates that the information required to be 
included on the form is basic information MSBs need to maintain to 
conduct business. The e-filing system prompts MSBs to save the 
registration form after submission.
    Estimated Number of Respondents: 3,603 MSBs.\17\
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    \17\ FinCEN looked at the number of initial RMSBs filed in each 
of the calendar years 2018 through 2022. The average number of 
initial filings for the period of five years is 3,603.
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    Estimated Total Annual Burden Hours: 4,204 hours.\18\
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    \18\ 3,603 MSBs multiplied by 70 minutes and converted to hours 
is 4,204 hours.
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Registration Renewal

    Frequency: Every two years.
    Estimated Burden per Respondent: FinCEN estimates that the hourly 
burden of filing and maintaining a copy of the renewal of the RMSB form 
is 40 minutes (30 minutes to revise the form and file it, and 10 
minutes to save the form electronically and print out a copy to 
maintain). FinCEN stipulates that the information required to be 
included on the form is basic information MSBs need to maintain to 
conduct business. In addition, FinCEN's e-filing system allows MSBs to 
open a previously filed RMSB form and the electronic form is pre-
populated with the information from the prior filing. MSBs can amend 
Part I by selecting item 1b (renewal) and submit the form. MSBs can 
update any information required on the form prior to submitting the 
form electronically. The e-filing system prompts MSBs to save the 
registration form after submission.
    Estimated Number of Respondents: 8,429 MSBs.\19\
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    \19\ FinCEN looked at the number of RMSB renewals filed in each 
of the calendar years 2018 through 2022. The average number of 
renewals for the period of five years is 8,429.
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    Estimated Total Annual Burden Hours: 5,619 hours.\20\
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    \20\ 8,429 MSBs multiplied by 40 minutes and converted to hours 
equals 5,619 hours.
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Re-Registration

    Frequency: As required.
    Estimated Burden per Respondent: FinCEN estimates that the hourly 
burden of filing and maintaining a copy of the re-registration of the 
RMSB form is 40 minutes (30 minutes to revise the form and file it, and 
10 minutes to save the form electronically and print out a copy to 
maintain). FinCEN stipulates that the information required to be 
included on the form is basic information MSBs need to maintain to 
conduct business. In addition, FinCEN's e-filing system allows MSBs to 
open a previously filed RMSB form and the electronic form is pre-
populated with the information from the prior filing. MSBs can amend 
Part I by selecting item 1d (re-registration) and selecting the 
appropriate response in item 2. MSBs can amend the applicable 
information required on the form and submit it electronically. The e-
filing system prompts MSBs to save the registration form after 
submission.
    Estimated Number of Respondents: 201 MSBs.\21\
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    \21\ FinCEN looked at the number of RMSBs re-registered in each 
of the calendar years 2018 through 2022. The average number of re-
registrations for the period of five years is 201.
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    Estimated Total Annual Burden Hours: 134 hours.\22\
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    \22\ 201 MSBs multiplied by 40 minutes and converted to hours is 
134 hours.
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Maintenance of Agent List

    Frequency: Annually.
    Estimated Burden: FinCEN estimates that the hourly burden of 
drafting an agent list and revising it annually is 30 minutes per MSB. 
FinCEN stipulates that the information required to be included on an 
agent list is basic information MSBs need to maintain to conduct 
business. FinCEN does not require the MSB to maintain the list in any 
particular format; therefore, the MSB can leverage its business records 
to create and revise the list.
    Estimated Number of Respondents: 26,276.\23\
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    \23\ As of March 3, 2023 there were 26,276 MSBs registered with 
FinCEN.
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    Estimated Total Annual Burden Hours: 13,138 hours.\24\
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    \24\ 26,276 MSBs multiplied by 30 minutes and converted to hours 
is 13,138 hours.
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    Total Annual Burden Hours for this Information Collection: 23,095 
hours.\25\
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    \25\ The grand total annual burden hours for this information 
collection represents the total annual burden hours to file initial 
RMSBs, renewals, and re-registrations, and to maintain agent lists 
(4,204 + 5,619 + 134 + 13,138 = 23,095).
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    Records required to be retained under the BSA must be retained for 
five years. Generally, information reported pursuant to the BSA is 
confidential or otherwise protected from disclosure but may be shared 
as provided by law with regulatory and law enforcement authorities.

Request for Comments

Specific Request for Comments

     Is there a public source FinCEN can reference to better 
estimate the number of entities operating as agent-MSBs?

General Request for Comments

    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 
OMB control number. 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 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, costs of operation and 
maintenance, and cost involved in purchasing services.

Himamauli Das,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. 2023-07540 Filed 4-10-23; 8:45 am]
BILLING CODE 4810-02-P