[Federal Register Volume 89, Number 119 (Thursday, June 20, 2024)]
[Notices]
[Pages 51940-51944]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-13590]


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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 Customer Identification 
Program Regulatory Requirements for Certain Financial Institutions

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, of existing information collection requirements found 
in Bank Secrecy Act regulations that require banks, savings 
associations, credit unions, certain non-federally regulated banks and 
trust companies (collectively hereinafter ``banks''), brokers-dealers, 
mutual funds, futures commission merchants, and introducing brokers in 
commodities, to develop and implement customer identification programs 
designed to allow the financial institutions to form a reasonable 
belief that they know the true identity of each of their customers. 
This request for comments is made pursuant to the Paperwork Reduction 
Act of 1995 (PRA).

DATES: Written comments are welcome and must be received on or before 
August 19, 2024.

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-2023-0015 and Office of Management and Budget (OMB) control 
numbers 1506-0022, 1506-0026, 1506-0033, and 1506-0034.
     Mail: Policy Division, Financial Crimes Enforcement 
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket

[[Page 51941]]

Number FINCEN-2023-0015 and OMB control numbers 1506-0022, 1506-0026, 
1506-0033, and 1506-0034.
    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: FinCEN's 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 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) \1\ and other legislation, 
including the Anti-Money Laundering act of 2020 (AML Act).\2\ The BSA 
is codified at 12 U.S.C. 1829b and 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\ USA PATRIOT Act, Public Law 107-56.
    \2\ 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 (NDAA).
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    The BSA authorizes the Secretary of the Treasury (Secretary) to, 
inter alia, require financial institutions to keep records and file 
reports that are determined to have a high degree of usefulness in 
criminal, tax, or regulatory matters, risk assessments or proceedings, 
or in the conduct of intelligence or counter-intelligence activities to 
protect against terrorism, and to implement anti-money laundering/
countering the financing of terrorism (AML/CFT) programs and compliance 
procedures.\3\ The authority of the Secretary to administer the BSA has 
been delegated to the Director of FinCEN.\4\
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    \3\ 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.'' See 12 
U.S.C. 1829b(a). Section 6101 of the AML Act further expanded the 
purpose of the BSA to cover such matters as preventing money 
laundering, tracking illicit funds, assessing risk, and establishing 
appropriate frameworks for information sharing. See 31 U.S.C. 5311.
    \4\ Treasury Order 180-01 (Jan. 14, 2020).
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    31 U.S.C. 5318(l) requires the Secretary to issue regulations 
prescribing minimum standards for customer identification programs 
(CIPs) for financial institutions.\5\ Regulations implementing section 
5318(l) are as follows: (i) banks (31 CFR 1020.220); (ii) brokers-
dealers (31 CFR 1023.220); \6\ (iii) mutual funds (31 CFR 1024.220); 
\7\ and (iv) futures commission merchants and introducing brokers in 
commodities (31 CFR 1026.220).\8\
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    \5\ Section 5318(l)(2) prescribes that the regulations, at a 
minimum, require financial institutions to implement reasonable 
procedures for: (1) verifying the identity of any person seeking to 
open an account, to the extent reasonable and practicable; (2) 
maintaining records of the information used to verify the person's 
identity, including name, address, and other identifying 
information; and (3) determining whether the person appears on any 
lists of known or suspected terrorists or terrorist organizations 
provided to the financial institution by any government agency. 
Section 5318(l)(3) further directs that the regulations take into 
consideration the types of accounts maintained by financial 
institutions, the methods of opening accounts, and the types of 
identifying information available.
    \6\ ``Broker-dealer'' means a person registered or required to 
be registered as a broker or dealer with the Commission under the 
Securities Exchange Act of 1934 (15 U.S.C. 77a et seq.), except 
persons who register pursuant to 15 U.S.C. 78o(b)(11). 31 CFR 
1023.100(b).
    \7\ ``Mutual fund'' means an ``investment company'' (as the term 
is defined in section 3 of the Investment Company Act (15 U.S.C. 
80a-3)) that is an ``open-end company'' (as that term is defined in 
section 5 of the Investment Company Act (15 U.S.C. 80a-5)) that is 
registered or is required to register with the Commission under 
section 8 of the Investment Company Act (15 U.S.C. 80a-8). 31 CFR 
1010.100(gg).
    \8\ ``Futures commissions merchants'' means any person 
registered or required to be registered as a futures commission 
merchant with the Commodity Futures Trading Commission (``CFTC'') 
under the Commodity Exchange Act (7 U.S.C. 1 et seq.), except 
persons who register pursuant to Section 4f(a)(2) of the Commodity 
Exchange Act (7 U.S.C. 6f(a)(2)). 31 CFR 1026.100(f). ``Introducing 
broker'' means any person registered or required to be registered as 
an introducing broker with the CFTC under the Commodity Exchange Act 
(7 U.S.C. 1 et seq.), except persons who register pursuant to 
Section 4f(a)(2) of the Commodity Exchange Act (7 U.S.C. 6f(a)(2)). 
31 CFR 1026.100(g).
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    All covered financial institutions \9\ are required to implement a 
CIP appropriate for its size and type of business. The CIP must include 
at a minimum the following five requirements:
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    \9\ The term ``covered financial institution'' applies to all 
financial institutions with a CIP regulatory requirement, namely 
banks, brokers-dealers, mutual funds, futures commission merchants, 
and introducing brokers in commodities.
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    (1) Written CIP appropriate for the financial institution's size 
and type of business (if a financial institution is required to have an 
AML compliance program,\10\ the CIP must be part of the written AML 
compliance program); \11\
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    \10\ 31 CFR 1020.210; 1023.210; 1024.210; and 1026.210.
    \11\ 31 CFR 1020.220(a)(1); 1023.220(a)(1); 1024.220(a)(1); and 
1026.220(a)(1).
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    (2) Identity verification procedures (risk-based procedures for 
verifying the identity of each customer to the extent reasonable and 
practicable that enable the financial institution to form a reasonable 
belief that it knows the true identity of the customer); \12\
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    \12\ 31 CFR 1020.220(a)(2); 1023.220(a)(2); 1024.220(a)(2); and 
1026.220(a)(2).
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    (3) Recordkeeping (procedures for making and maintaining a record 
of all information obtained under the CIP requirements); \13\
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    \13\ 31 CFR 1020.220(a)(3); 1023.220(a)(3); 1024.220(a)(3); and 
1026.220(a)(3).
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    (4) Consultation of government lists (procedures to determine 
whether the customer appears on any list of known or suspected 
terrorists or terrorist organizations issued by any Federal government 
agency and designated as such by Treasury in consultation with the 
Federal functional regulators); \14\ and
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    \14\ 31 CFR 1020.220(a)(4); 1023.220(a)(4); 1024.220(a)(4); and 
1026.220(a)(4).
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    (5) Customer notice (procedures for providing bank customers with 
adequate notice that the bank is requesting information to verify their 
identities).\15\
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    \15\ 31 CFR 1020.220(a)(5); 1023.220(a)(5); 1024.220(a)(5); and 
1026.220(a)(5).
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    The CIP may also include procedures specifying when a financial 
institution may rely on another financial institution to perform any of 
the financial institution's CIP procedures, provided certain conditions 
are met.\16\
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    \16\ 31 CFR 1020.220(a)(6); 1023.220(a)(6); 1024.220(a)(6); and 
1026.220(a)(6).
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II. Paperwork Reduction Act of 1995 17
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    \17\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
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    Title: Customer identification programs (CIPs) for certain 
financial institutions (31 CFR 1020.220, 1023.220, 1024.220, and 
1026.220).
    OMB Control Numbers: 1506-0022, 1506-0026, 1506-0033, and 1506-
0034.\18\
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    \18\ The CIP regulatory requirements are currently covered under 
the following OMB control numbers: 1506-0022 (31 CFR 1026.220--
Customer identification programs for futures commission merchants 
and introducing brokers); 1506-0026 (31 CFR 1020.220--Customer 
identification programs for banks); 1506-0033 (31 CFR 1024.220--
Customer identification programs for mutual funds); and 1506-0034 
(31 CFR 1023.220--Customer identification programs for brokers-
dealers).
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    Form Number: Not applicable.
    Abstract: FinCEN is issuing this notice to renew the OMB control 
numbers for the CIP regulatory requirements for covered financial 
institutions.
    Affected Public: Businesses or other for-profit institutions, and 
non-profit institutions.
    Type of Review: Renewal without change of currently approved 
information collections.

[[Page 51942]]

    Frequency: As required.
    Estimated Number of Respondents: 16,232 financial institutions.\19\
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    \19\ Table 1 below sets forth a distribution of the types of 
financial institutions covered by this notice.
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    Estimated Recordkeeping Burden:
    In Part 1 of this notice, FinCEN describes the distribution of the 
estimated number of covered financial institutions, by type, and the 
estimated number of new accounts opened per year, by type of covered 
financial institution. In addition, Part 1 describes the primary 
characteristics of covered financial institutions' CIP requirements. In 
Part 2, FinCEN proposes for review and comment a renewal of the 
calculation of the annual PRA burden that includes a scope and 
methodology similar to that used in the 2020 notice to renew the OMB 
control numbers associated with these information collections.\20\
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    \20\ See FinCEN, Agency Information Collections Activities; 
Proposed Renewal; Comment Request: Renewal Without Change of the 
Customer Identification Program Regulatory Requirements for Certain 
Financial Institutions, 85 FR 49425 (Aug. 13, 2020).
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Part 1. Distribution of the Financial Institutions and New Accounts 
Covered by This Notice

    The distribution of financial institutions and new accounts opened 
annually that are covered by this notice, by type of financial 
institution, is as follows:

  Table 1--Distribution of Financial Institutions and New Accounts Covered by This Notice, by Type of Financial
                                                   Institution
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                                                               Number of financial       Number of new accounts
               Type of financial institution                       institutions             opened annually
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Banks with a Federal functional regulator (FFR)...........                  \a\ 9,800              \f\ 9,305,000
Banks lacking an FFR......................................                    \b\ 600                \g\ 315,000
Brokers-dealers...........................................                  \c\ 3,478             \h\ 28,000,000
Mutual funds..............................................                  \d\ 1,400             \i\ 16,150,000
Futures commission merchants and introducing brokers in                       \e\ 954                \j\ 557,000
 commodities..............................................
                                                           -----------------------------------------------------
    Total.................................................                     16,232                 54,327,000
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\a\ This estimate is based on call report data, as publicly available for download at the end of June 2023, from
  the Federal Financial Institutions Examination Council (FFIEC) for certain types of banks, savings
  associations, thrifts, trust companies (https://cdr.ffiec.gov/public/pws/downloadbulkdata.aspx.) and from the
  NCUA for credit unions (https://www.ncua.gov/analysis/credit-union-corporate-call-report-data).
\b\ This estimate of active entries as of year-end 2023 incorporates data from both public and non-public
  sources, including: Call Reports; various State banking/financial institution regulators' websites and
  directories; the Federal Reserve Board of Governors' Master Account and Services database (https://federalreserve.gov/paymentsystems/master-account-and services-database-exisiting-access.htm); and data from
  the OCIF (Oficina del Comisionado de Instituciones Financieras); and was derived in consultation with staff
  from the Internal Revenue Service's Small Business/Self-Employed Division.
\c\ This estimate is based on a December 2023 file downloaded from data maintained by the U.S. Securities and
  Exchange Commission's (SEC). SEC, Company Information About Active Broker-Dealers available at https://www.sec.gov/help/foiadocsbdfoia (accessed on Feb. 28, 2024).
\d\ This estimate is based on the number of active mutual funds as of year-end 2023, which is based on Form N-
  CEN filings received by the SEC through January 20, 2023, as represented by data downloaded from SEC Open
  Data. SEC, Open Data, available at https://www.sec.gov/dera/data/form-ncen-data-sets (accessed Feb. 29, 2024).
\e\ This estimate is based on the number of futures commissions merchants as of December 31, 2023, and was
  obtained from data available through the Commodity Futures Trading Commission (CFTC). CFTC, Financial Data for
  Futures Commission Merchants, available at https://www.cftc.gov/MarketReports/financialfcmdata/index.htm
  (accessed Mar. 1, 2024). To prevent double counting in burden estimates, 35 covered financial institutions
  that are also affected entities as broker-dealers were removed from the count; the count of introducing
  brokers in commodities as of year-end 2023 was provided by the CFTC.
\f\ This estimate represents a lower bound of potential new accounts opened annually because it is based on
  limited available data. The public is invited to provide data, studies, or estimates that might revise this
  value. The current estimate is informed by consultation with staff from the National Credit Union Association
  (NCUA), which estimated that there are approximately 5,300,000 new accounts opened annually by credit unions
  with an FFR (based on the ten-year annual average growth rate in credit union membership computed using year
  end data from 2014 to 2023, as reported by Federally insured credit unions (FICUs)). It also includes an
  estimate of 4,005,000 new accounts opened annually by banks with an FFR, based on the observed number of bank-
  on accounts opened in calendar year 2022, see Bank On National Data Hub: Findings from 2022  St.
  Louis Fed (stlouisfed.org). This estimate does not include a number of traditional bank accounts opened
  annually, but as FinCEN assumes that such a value is strictly non-zero, it requests public comment to revise.
\g\ This estimate was calculated by applying an estimated growth rate (3.8%) provided by the NCUA to the average
  new members per institute derived from 2023-year end data on credit unions lacking an FFR (13,806 new members/
  accounts opened annually). Applied to all banks lacking an FFR in the category (per financial institution new
  members annually: ((1,353,017/98) x 0.038) equals approximately 315,000 total new members annually per: 600
  banks lacking an FFR multiplied by approximately 525 new members per financial institution.
\h\ According to the SEC, there were approximately 28,000,000 new accounts opened by broker or dealers in
  securities in 2023, based on forms filed with the SEC.
\i\ This estimate was derived, in consultation with SEC staff, using publicly available information from the
  Investment Company Institute (ICI) Fact Book available at: https://www.ici.org/fact-book). FinCEN notes that
  this estimate of new accounts per year may be overinclusive because the ICI data utilized covers all U.S.
  registered funds, and not only mutual funds and exchange-traded funds. Additionally, because this estimate
  reflects certain assumptions about the extent to which individuals who already invest in registered funds may
  open new accounts with different funds, it may approximate with greater imprecision the underlying number of
  unique new customers that are onboarded each year.
\j\ This estimate was formed in consultation with CFTC staff input based on data from the end of calendar year
  2023. Because this estimate pertains to the number of new accounts opened in a one-year period, which may be
  numerically distinct from the number of customers (who open such accounts), it can be treated as a potential
  upper bound on the number of instances that would incur a distinct CIP compliance burden.

    In connection with a variety of initiatives FinCEN is undertaking 
to implement the AML Act, FinCEN intends to conduct, in the future, 
additional assessments of the PRA burden associated with BSA 
requirements.

Part 2. Annual PRA Burden and Cost

    For all covered financial institutions, FinCEN continues estimating 
the incremental annual PRA recordkeeping burden associated with 
maintaining and updating the CIP (``maintenance'') at ten hours per 
financial institution. This estimate covers: (a) an average of 
approximately nine hours per financial

[[Page 51943]]

institution per year associated with the burden of updating the records 
necessary to demonstrate compliance with CIP requirements to take into 
consideration any regulatory changes and any modifications required as 
a result of a financial institution making changes to the type of 
accounts maintained, the methods used to open accounts, and the types 
of documentary or non-documentary methods for verifying identifying 
information the financial institution intends to use; and (b) an 
average of approximately one hour per financial institution associated 
with the burden of presenting the updated CIP to the appropriate level 
of management within the financial institution and obtaining approval.
    In addition, FinCEN continues estimating the incremental annual PRA 
recordkeeping burden associated with providing customers with 
notification of the CIP (``notification'') at one hour per financial 
institution.
    FinCEN also continues estimating the incremental annual PRA 
recordkeeping burden associated with obtaining and verifying a 
customer's identity (i.e., verification and recordkeeping requirements, 
and consulting government lists) (``implementation'') at two minutes 
per new account opened.
    Under these assumptions, FinCEN's estimate of the annual 
incremental PRA burden is 1,989,452 hours, as detailed in tables 2 and 
3.\21\
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    \21\ The total estimate of the annual PRA burden is the 
summation of the total hourly burden of CIP maintenance (162,320), 
notification (16,232) and implementation (1,810,900) as set out in 
table 2 and 3, for a total of 1,989,452 hours.

  Table 2--Incremental Annual Burden Associated With Updating and Maintaining the CIP and Customer Notification for All Covered Financial Institutions
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                                                                                         Time per financial           Burden hours per step
                                                                     Number of       institution (hours) (hour)  ------------------------------   Total
                 Type of financial institution                       financial     ------------------------------                                burden
                                                                 institutions \22\   Maintenance   Notification    Maintenance   Notification     hours
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Banks with an FFR..............................................              9,800            10               1        98,000           9,800   107,800
Banks lacking an FFR...........................................                600            10               1         6,000             600     6,600
Brokers-dealers................................................              3,478            10               1        34,780           3,478    38,258
Mutual funds...................................................              1,400            10               1        14,000           1,400    15,400
Futures commission merchants and introducing brokers in                        954            10               1         9,540             954    10,494
 commodities...................................................
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    Totals.....................................................             16,232  ............  ..............       162,320          16,232   178,552
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    \22\ As set out in table 1 above.

  Table 3--Incremental Annual Burden Associated With Implementing the Identity Verification, Recordkeeping, and
                 Consulting Government Lists Requirements for All Covered Financial Institutions
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                                   Number of       New accounts    Time per new                    Total burden
Type of financial institution      financial        opened per        account      Total burden    converted to
                               institutions \23\       year          (minutes)      in minutes         hours
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Banks with an FFR............              9,800       9,305,000               2      18,610,000         310,167
Banks lacking an FFR.........                600         315,000               2         630,000          10,500
Brokers-dealers..............              3,478      28,000,000               2      56,000,000         933,333
Mutual funds.................              1,400      16,150,000               2      32,300,000         538,333
Futures commission merchants                 954         557,000               2       1,114,000          18,567
 and introducing brokers in
 commodities.................
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    Totals...................             16,232      54,327,000  ..............     108,654,000       1,180,900
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    \23\ As set out in table 1 above.
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    FinCEN is utilizing the same fully loaded composite hourly wage 
rate of $106.30 utilized in other OMB control number renewals and 
notices of proposed rulemakings (NPRMs) currently opened to public 
review and comment.\24\
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    \24\ See, e.g., FinCEN and SEC, NPRM Customer Identification 
Programs for Registered Investment Advisers and Exempt Reporting 
Advisers, 89 FR 44571 (May 21, 2024).
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    The total estimated cost of the annual PRA burden is 
$211,478,747.60, as reflected in table 4 below:

                Table 4--Total Cost of Annual PRA Burden
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                                    Hourly     Hourly
              Steps                 burden      cost       Total cost
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Maintaining and updating the CIP     162,320   $106.30    $17,254,616.00
Notifying customers of CIP            16,232    106.30      1,725,461.60
 requirements...................
Implementing the CIP               1,810,900    106.30    192,498,670.00
 (identifying and verifying
 customer information,
 maintaining records, and
 consulting government lists)...
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[[Page 51944]]

 
    Total cost..................  ..........  ........    211,478,747.60
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    Estimated Recordkeeping Burden: The average estimated annual PRA 
burden, measured in time per respondent is as follows:
    a. Ten hours annually per financial institution to maintain and 
update the CIP.
    b. One hour annually per financial institution to provide customers 
with notification of the CIP.
    c. Two minutes per account opened by a financial institution to 
obtain and verify a customer's identity (i.e., verification and 
recordkeeping requirements, and consulting government lists).
    Estimated Number of Respondents: 16,232, as set out in table 1.
    Estimated Total Annual Responses:
    a. 16,232 updated and board approved CIPs annually, as set out in 
table 2.
    b. 16,232 notifications to customers of CIP requirements, as set 
out in table 2.
    c. 54,327,000 new account relationships opened for which covered 
financial institutions obtained and verified customer identification, 
as set out in table 3.
    Estimated Total Annual Recordkeeping Burden: The estimated total 
annual PRA burden is 178,552 hours, as set out in table 2, plus 
1,810,900 hours, as set out in table 3, for a total of 1,989,452 hours.
    Estimated Total Annual Recordkeeping Cost: The estimated total 
annual PRA cost is $211,478,747.60, as set out in table 4.
    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.
    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.

Andrea M. Gacki,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2024-13590 Filed 6-18-24; 8:45 am]
BILLING CODE 4810-02-P