[Federal Register Volume 88, Number 121 (Monday, June 26, 2023)]
[Notices]
[Pages 41466-41467]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-13514]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Financial Crimes Enforcement Network (FinCEN).

AGENCY: Financial Crimes Enforcement Network, U.S. Department of the 
Treasury.

ACTION: Notice.

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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: Comments should be received on or before July 26, 2023 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.
    Copies of the submissions may be obtained from Melody Braswell by 
emailing [email protected], calling (202) 622-1035, or viewing the 
entire information collection request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Financial Crimes Enforcement Network (FinCEN)

    Title: Registration of Money Services Businesses.
    OMB Control 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: Extension 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.
    Estimated Total Annual Burden Hours: 4,204 hours.

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.
    Estimated Total Annual Burden Hours: 5,619 hours.

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

[[Page 41467]]

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.
    Estimated Total Annual Burden Hours: 134 hours.

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.
    Estimated Total Annual Burden Hours: 13,138 hours.
    Total Annual Burden Hours for this Information Collection: 23,095 
hours.
    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.
    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2023-13514 Filed 6-23-23; 8:45 am]
BILLING CODE 4810-02-P