29 January 1998 Source: http://www.access.gpo.gov/su_docs/aces/aces140.html ----------------------------------------------------------------------- [Federal Register: January 29, 1998 (Volume 63, Number 19)] [Notices] [Page 4521-4522] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr29ja98-161] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network; Proposed Collection; Comment Request AGENCY: Financial Crimes Enforcement Network, Treasury. ACTION: Notice and request for comments. ----------------------------------------------------------------------- SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Financial Crimes Enforcement Network (``FinCEN'') is soliciting comments concerning certain regulations in 31 CFR part 103 relating to Financial Recordkeeping and Reporting of Currency and Foreign Transactions, and TD F 90-22.1, Report of Foreign Bank and Financial Accounts. DATES: Written comments should be received on or before March 30, 1998 to be assured of consideration. ADDRESSES: Direct all written comments to: Office of Legal Counsel, Financial Crimes Enforcement Network, Department of the Treasury, Suite 200, 2070 Chain Bridge Road, Vienna, VA 22182-2536, Attention: Extension of OMB Number 1506-0009. Comments also may be submitted by electronic mail to the following Internet address: ``regcomments@fincen.treas.gov'' with the caption in the body of the text, ``Attention: Extension of OMB Number 1506-0009.'' FOR FURTHER INFORMATION CONTACT: Requests for information should be directed to Charles Klingman, Financial Institutions Policy Specialist, FinCEN, at (703) 905-3602. SUPPLEMENTARY INFORMATION: Title: Financial Recordkeeping and Reporting of Currency and Foreign Transactions, and TD F 90-22.1, Report of Foreign Bank and Financial Accounts. OMB Number: 1506-0009. (This collection was formerly assigned Control Number 1505-0063.) Form Number: TD F 90-22.1. Abstract: The Bank Secrecy Act, Titles I and II of Pub. L. 91-508, as amended, codified at 12 U.S.C. 1829, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5330, authorizes the Secretary of the Treasury, inter alia, to issue regulations requiring records and reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. Regulations implementing Title II of the Bank Secrecy Act (codified at 31 U.S.C. 5311-5330) appear at 31 CFR part 103. The authority of the Secretary to administer the Bank Secrecy Act regulations has been delegated to the Director of FinCEN. Money laundering is a vital component of, not only drug trafficking, but other illegal operations throughout the world. The reporting and recordkeeping requirements of the Bank Secrecy Act, codified at 12 U.S.C. 1829, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311- 5330, aid in creating a paper trail to trace drug and other proceeds back to their illegal sources and help to identify the sources, volume, and movements of domestic and international currency. The Secretary of the Treasury has determined that the records and reports required by the Bank Secrecy Act have a high degree of usefulness in criminal, tax, or regulatory investigations. The information collected and retained under these regulations and the information collected on form TD F 90- 22.1 (as well as other Bank Secrecy Act reporting and recordkeeping requirements that are not the subject of this notice) assist federal, state and local law enforcement in the identification, investigation, and prosecution of individuals involved in money laundering, tax evasion, narcotics trafficking, organized crime, fraud, embezzlement and other crimes. The information also assists in tax collection and examination and other regulatory matters. The implementing regulations have been issued in 31 CFR part 103 and provide, to the extent covered by this control number, as follows: 1. 103.22--Financial institutions must report transactions in currency that exceed $10,000 in one business day (103.22(a); 103.27(a), (d), (e); 103.28). Financial institutions must satisfy requirements for exempt customers (103.22(f), (g), and (h)). Financial institutions must keep exemption statements of customers that have been unilaterally exempted from the reporting requirements of 103.22(a) (103.22(d)). Financial institutions may [[Page 4522]] apply to the Internal Revenue Service for additional exemption authority not granted under 103.22(b) (103.22(e)).1 --------------------------------------------------------------------------- \1\ The exemption system is currently being re-examined. See the notice of proposed rulemaking published September 8, 1997. (62 FR 47156). --------------------------------------------------------------------------- 2. 103.23--Reports required on the international transportation and receipt of currency or monetary instruments that exceed $10,000 (103.23; 103.27(b), (d), (e)). 3. 103.24--Reports must be filed by persons with foreign bank or other financial accounts (103.24; 103.27(c), (d), and (e)). 4. 103.25--Reports of transactions with foreign financial agencies are required on a targeted basis. 5. 103.26--Reports of certain domestic coin and currency transactions must be made as required on a geographically targeted basis. 6. 103.27--Reports required by 103.22, 103.23, and 103.24 must be filed as provided in 103.27. 7. 103.28--Before concluding any transaction with respect to which a report must be filed under 103.22, a financial institution must verify and record the name of the individual presenting the transaction and must record certain other information about the individual. 8. 103.29--Financial institutions must maintain logs of the cash sale of bank checks or drafts, cashier's checks, money orders and traveler's checks between $3,000-$10,000, and must provide the logs to Treasury, upon request. 9. 103.32--Records must be maintained by persons having financial interests in foreign financial accounts. 10. 103.33--This section addresses records that must be made and retained by all financial institutions. 11. 103.34--This section addresses additional records required to be made and retained by banks. 12. 103.35--This section addresses additional records required to be made and retained by brokers or dealers in securities. 13. 103.36--This section addresses additional records required to be made and retained by casinos. 14. 103.37--This section addresses additional records required to be made and retained by currency dealers or exchangers. 15. 103.38--This section addresses the nature of records and retention period. 16. 103.43--This section addresses the availability of information. 17. 103.45--The Secretary may grant exceptions and exemptions, including exemptions for casinos in states whose regulatory system substantially meets the reporting and recordkeeping requirements of 31 CFR part 103. 18. 103.54--This section addresses special rules for casinos, including a written compliance program. 19. 103.71, 103.72, 103.73, 103.75, 103.76, and 103.77--These sections address administrative rulings under the Bank Secrecy Act. They explain how to submit a ruling request (103.71), how nonconforming requests are handled (103.72), how oral communications are treated (103.73), how rulings are issued (103.75), how rulings are modified or rescinded (103.76), and how information may be disclosed (103.77). Form TD F 90-22-1 is filed by persons with foreign bank or other financial accounts. Current Actions: This document does not change the existing regulations or the form. Type of Review: Extension of a currently approved collection. Affected Public: Business or other for-profit institutions, not- for-profit institutions, individuals, (and in limited situations) federal, state, local, and tribal governments. Estimated Number of Respondents: 140,000. Estimated Total Annual Responses: 13,000,000. Estimated Total Annual Burden Hours: 11,529,711. The following paragraph applies to all of the collections of information covered by this notice: 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 Bank Secrecy Act must be retained for five years. Generally, information collected pursuant to the Bank Secrecy Act is confidential, but may be shared as provided by law with regulatory and law enforcement authorities. 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: (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 and costs of operation, maintenance and purchase of services to provide information. Dated: January 23, 1998. Stanley E. Morris, Director, Financial Crimes Enforcement Network. [FR Doc. 98-2189 Filed 1-28-98; 8:45 am] BILLING CODE 4820-03-P