[Federal Register Volume 85, Number 247 (Wednesday, December 23, 2020)]
[Notices]
[Pages 84105-84113]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-28364]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Agency Information Collection Activities; Proposed Renewal; 
Comment Request; Renewal Without Change of Regulations Requiring 
Records to be Made and Retained by Financial Institutions, Banks, and 
Providers and Sellers of Prepaid Access

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 currently approved information collections found in 
existing Bank Secrecy Act regulations. Specifically,

[[Page 84106]]

the regulations covered by this notice and request for comments require 
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. Although no changes are proposed to the 
information collections themselves, this request for comments covers a 
future expansion of the scope of the annual hourly burden and cost 
estimates associated with these regulations. 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 
February 22, 2021.

ADDRESSES: Comments may be submitted by any of the following methods:
    <bullet> Federal E-rulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. Refer to Docket Number 
FINCEN-2020-0016 and the specific Office of Management and Budget (OMB) 
control numbers 1506-0058 and 1506-0059.
    <bullet> Mail: Policy Division, Financial Crimes Enforcement 
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2020-0016 and OMB control number 1506-0058 and 1506-0059.
    Please submit comments by one method only. Comments will also be 
incorporated into FinCEN's review of existing regulations, as provided 
by Treasury's 2011 Plan for Retrospective Analysis of Existing Rules. 
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 Regulatory Support Section 
at 1-800-767-2825, or electronically at <a href="/cdn-cgi/l/email-protection#fb9d8998bb9d9295989e95d59c948d"><span class="__cf_email__" data-cfemail="fd9b8f9ebd9b94939e9893d39a928b">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION:

I. Statutory and Regulatory Provisions

    The legislative framework generally referred to as the Bank Secrecy 
Act (BSA) consists of the Currency and Financial 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) and other 
legislation. The BSA is codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-
1959, 31 U.S.C. 5311-5314 and 5316-5332, and notes thereto, with 
implementing regulations at 31 CFR Chapter X.
    The BSA authorizes the Secretary of the Treasury, 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 anti-money laundering (AML) programs and compliance 
procedures.\1\ Regulations implementing the BSA appear at 31 CFR 
Chapter X. The authority of the Secretary of the Treasury (the 
``Secretary'') to administer the BSA has been delegated to the Director 
of FinCEN.\2\
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    \1\ 31 U.S.C. 5311. Section 358 of the USA PATRIOT Act added 
language expanding the scope of the BSA to intelligence or counter-
intelligence activities to protect against international terrorism.
    \2\ Treasury Order 180-01 (re-affirmed Jan. 14, 2020).
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    The Annunzio-Wylie Anti-Money Laundering Act of 1992 (Public Law 
102-550) (Annunzio-Wylie) amended the BSA framework. Annunzio-Wylie 
authorizes the Secretary and the Board of Governors of the Federal 
Reserve System (the ``Board'') to jointly issue regulations requiring 
insured depository institutions to maintain records of domestic funds 
transfers.\3\ The Secretary, but not the Board, is authorized to 
promulgate recordkeeping requirements for domestic wire transfers by 
nonbank financial institutions.\4\ In addition, Annunzio-Wylie 
authorizes the Secretary and the Board, after consultation with state 
banking supervisors, to jointly issue regulations requiring insured 
depository institutions and certain nonbank financial institutions to 
maintain records of international funds transfers and transmittals of 
funds.\5\
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    \3\ 12 U.S.C. 1829b(b)(2).
    \4\ 12 U.S.C. 1953.
    \5\ 12 U.S.C. 1829b(b)(3). The terms ``funds transfer,'' 
``originator,'' ``beneficiary,'' and ``payment order'' apply only in 
the context of banks. The term ``transmittal of funds'' includes a 
funds transfer and is its counterpart in the context of nonbank 
financial institutions. See 31 CFR 1010.100(ddd). Transmittors, 
recipients, and transmittal orders in the context of nonbank 
financial institutions play the same role as originators, 
beneficiaries, and payment orders in the context of banks.
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A. Information Required To Be Collected, Retained, and Transmitted 
under the Recordkeeping and Travel Rules (31 CFR 1020.410(a) and 31 CFR 
1010.410(e) and (f)).

    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.\6\ 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.
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    \6\ 60 FR 220 (Jan. 3, 1995).
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    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.\7\ The Travel Rule and the Recordkeeping 
Rule complement each other. Generally, as noted below, 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 BSA or to guard 
against money laundering, and to establish AML programs.\8\
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    \7\ 60 FR 234 (Jan. 3, 1995).
    \8\ Id.; see also 31 U.S.C. 5218(a)(2) and (h).
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    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).\9\ 
This notice proposes to 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.\10,11\
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    \9\ Recordkeeping requirements for banks are set forth in 31 CFR 
1020.410(a). Recordkeeping requirements for nonbank financial 
institutions are set forth in 31 CFR 1010.410(e). The Travel Rule--
codified at 31 CFR 1010.410(f)--applies by its terms to both bank 
and nonbank financial institutions.
    \10\ OMB control number 1506-0058 applies to 31 CFR 1010.410 and 
31 CFR 1022.420. OMB control number 1506-0059 applies to 31 CFR 
1020.410.
    \11\ On October 27, 2020, the Board and FinCEN (collectively, 
the ``Agencies'') issued a joint notice of proposed rulemaking to 
modify the thresholds in the Recordkeeping Rule and the Travel Rule 
The proposed modification would reduce these thresholds from $3,000 
to $250 for funds transfers and transmittals of funds that begin or 
end outside the United States. The proposed modification would also 
clarify the meaning of ``money'' as used in the Recordkeeping Rule 
and Travel Rule to ensure that the rules apply to domestic and 
cross-border transactions involving convertible virtual currency 
(CVC), which is a medium of exchange (such as cryptocurrency) that 
either has an equivalent value as currency, or acts as a substitute 
for currency, but lacks legal tender status. The Agencies further 
proposed to clarify that these rules apply to domestic and cross-
border transactions involving digital assets that have legal tender 
status. See 85 FR 68005 (October 27, 2020).

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[[Page 84107]]

    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 
transmittor's financial institution must collect and retain the 
following information: (a) Name and address of the originator or 
transmittor; (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 transmittor 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 transmittor's financial institution must retain 
the following information if it receives that information from the 
originator or transmittor: (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 transmittor'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.\12\ 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.
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    \12\ The term ``established customer'' is defined at 31 CFR 
1010.100(p).
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    Under the Travel Rule, the originator's bank or transmittor'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.

B. Additional Records To Be Made and Retained by Financial Institutions 
(31 CFR 1010.410(a) Through (c))

    31 CFR 1010.410(a) through (c) \13\ require financial institutions 
\14\ to retain either the original or a copy of the following:
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    \13\ 31 CFR 1010.410(d) requires the retention of a record of 
information for a period of time as the Secretary may require in an 
order issued under 31 CFR 1010.370(a), not to exceed five years. The 
recordkeeping burden for 31 CFR 1010.410(d) is accounted for under 
OMB control number 1506-0056, which applies to 31 CFR 1010.370(a).
    \14\ Except for 31 CFR 1010.410(e), which only applies to 
financial institutions other than banks, each of the requirements of 
31 CFR 1010.410 applies to ``financial institutions'' as defined in 
31 CFR 1010.100(t). This provision defines a financial institution 
to include each agent, agency, branch, or office within the United 
States of any person doing business, whether or not on a regular 
basis or as an organized business concern, in one or more of the 
following capacities: (1) A bank (except bank credit card systems); 
(2) a broker or dealer in securities; (3) a money services business 
as defined in 31 CFR 1010.100(ff); (4) A telegraph company; (5) a 
casino; (6) a card club; (7) a person subject to supervision by any 
state or Federal bank supervisory authority; (8) a futures 
commission merchant; (9) an introducing broker in commodities; or 
(10) a mutual fund.
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    <bullet> A record of each extension of credit in excess of $10,000, 
except if the extension of credit is secured by an interest in real 
property. The record must include the name and address of the person to 
whom the extension of credit is made, and the amount, purpose, and date 
of the extension of credit.\15\
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    \15\ 31 CFR 1010.410(a).
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    <bullet> A record of each request received or given regarding any 
transaction resulting in, or intended to result in but later canceled 
if such a record is normally made, the transfer of currency or other 
monetary instruments, funds, checks, investment securities, or credit 
of more than $10,000 to or from any person, account, or place outside 
the United States.\16\
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    \16\ 31 CFR 1010.410(b).
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    <bullet> A record of each request given to another financial 
institution or other person located in or outside of the United States, 
regarding a transaction intended to result in a transfer of funds, or 
of currency, other monetary instruments, checks, investment securities, 
or credit, of more than $10,000 to a person, account, or place outside 
the United States.\17\
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    \17\ 31 CFR 1010.410(c).
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C. Additional Records To Be Made and Retained by Banks (31 CFR 1020.410 
(c))

    31 CFR 1020.410(c), requires banks to retain either the original or 
a copy of the following: \18\
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    \18\ Note that 31 CFR 1020.410(b) is obsolete on its face 
because the recordkeeping requirements apply to requirements that 
apply within 30 days of the sale or redemption of certificates of 
deposit after May 31, 1978 and before October 1, 2003, or the 
opening of deposit or share account after June 30, 1972 and before 
October 1, 2003.
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    <bullet> Each document granting signature authority over each 
deposit or share account, including any notations, if such are normally 
made, of specific identifying information to verify the identity of the 
signer.\19\
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    \19\ 31 CFR 1020.410(c)(1).
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    <bullet> A record on each deposit or share account, showing each 
transaction in, or with respect to, that account.\20\
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    \20\ 31 CFR 1020.410(c)(2).
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    <bullet> Each check, clean draft, or money order drawn on the bank 
or issued and payable by it, with certain exceptions.\21\
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    \21\ 31 CFR1020.410(c)(3). See a list of exceptions to the 
recordkeeping requirement at 31 CFR 1020.410(c)(3).
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    <bullet> A record of each item in excess of $100 comprising a debit 
to a customer's deposit or share account, with certain exceptions.\22\
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    \22\ 31 CFR 1020.410(c)(4).
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    <bullet> A record of each item, including checks, drafts, or 
transfers of credit of more than $10,000 remitted or transferred to a 
person, account, or place outside the United States.\23\
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    \23\ 31 CFR 1020.410(c)(5).
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    <bullet> A record of each remittance or transfer of funds, or of 
currency, other monetary instruments, checks, investment securities, or 
credit, of more than $10,000 to a person, account or place outside the 
United States.\24\
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    \24\ 31 CFR 1020.410(c)(6).
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    <bullet> Each check or draft in excess of $10,000 drawn on or 
issued by a foreign bank which the domestic bank has paid or presented 
to a nonbank drawee for payment.\25\
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    \25\ 31 CFR 1020.410(c)(7).
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    <bullet> Each item, including checks, drafts or transfers of credit 
of more than $10,000 received directly and not through a domestic 
financial institution, by letter, cable or any other means, from a 
bank, broker or dealer in foreign exchange outside the United 
States.\26\
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    \26\ 31 CFR 1020.410(c)(8).
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    <bullet> A record of each receipt of currency, other monetary 
instruments, investment securities or checks, and of each transfer of 
funds or credit, of more than $10,000 received on any one occasion 
directly and not through a domestic financial institution, from a

[[Page 84108]]

bank, broker or dealer in foreign exchange outside the United 
States.\27\
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    \27\ 31 CFR 1020.410(c)(9).
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    <bullet> Records prepared or received by a bank in the ordinary 
course of business, which would be needed to reconstruct a transaction 
account and to trace a check in excess of $100 deposited in such 
account through its domestic processing system or to supply a 
description of a deposited check in excess of $100. This requirement is 
only applicable to demand deposits.\28\
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    \28\ 31 CFR 1020.410(c)(10).
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    <bullet> A record containing the name, address, and taxpayer 
identification number (TIN), if available, of the purchaser of each 
certificate of deposit, as well as a description of the instrument, 
notation of the method of payment, and the date of the 
transactions.\29\
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    \29\ 31 CFR 1020.410(c)(11).
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    <bullet> A record containing the name, address, and TIN, if 
available, of any person presenting a certificate of deposit for 
payment, as well as a description of the instrument and the date of the 
transaction.\30\
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    \30\ 31 CFR 1020.410(c)(12).
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    <bullet> Each deposit slip or credit ticket reflecting a 
transaction in excess of $100 or the equivalent record for direct 
deposit or other wire transfer deposit transactions. The record must 
include the amount of any currency involved.\31\
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    \31\ 31 CFR 1020.410(c)(13).
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D. Additional Records To Be Maintained by Providers and Sellers of 
Prepaid Access (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)(4). 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.

II. Paperwork Reduction Act of 1995 (PRA) \32\
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    \32\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
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    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).\33\
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    \33\ All of the records required to be made and retained under 
31 CFR 1010.410, 1020.410, and 1022.420 are required to be retained 
for five years pursuant to 31 CFR 1010.430(d).
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    OMB Control Number: 1506-0058 and 1506-0059.\34\
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    \34\ OMB control number 1506-0058 applies to 31 CFR 1010.410 and 
31 CFR 1022.420. OMB control number 1506-0059 applies to 31 CFR 
1020.410.
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    Report Number: Not applicable.
    Abstract: 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.
    Affected Public: Businesses or other for-profit institutions, and 
non-profit institutions.
    Type of Review:
    <bullet> Renewal without change of a currently approved information 
collections.
    <bullet> Propose for review and comment a renewal of the portion of 
the PRA burden that has been subject to notice and comment in the past 
(the ``traditional annual PRA burden'').
    <bullet> Propose for review and comment a future expansion and 
clarification of the scope of the PRA burden (the ``future annual PRA 
burden'').
    Frequency: As required.
    Estimated Number of Respondents: 28,567 financial institutions.\35\
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    \35\ Table 1 below sets forth a breakdown 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 breakdown of the estimated number of financial 
institutions, by type, impacted by each regulatory requirement. In Part 
2, FinCEN proposes for review and comment a renewal of the estimate of 
the traditional annual PRA hourly burden, which includes an annual 
hourly burden estimate per financial institution similar to that used 
in the past, with the incorporation of a more robust cost estimate. The 
scope and methodology used in the past assigned a total annual hourly 
burden estimate, per financial institution, to multiple recordkeeping 
requirements within the regulations, and did not assign an annual 
hourly burden estimate, per financial institution, to each 
recordkeeping requirement. The prior renewals also did not include an 
estimate of the number of transactions, by type, for which records are 
required to be made and retained. FinCEN assesses that the volume of a 
given type of transaction by financial institution, for which a record 
is required to be made and retained, would be the best indication of 
the annual hourly burden estimate per financial institution. In Part 3, 
FinCEN proposes for review and comment a methodology to estimate the 
hourly burden and the cost of a future estimate of an annual PRA burden 
that includes the burden and cost broken down by each type of 
recordkeeping requirement covered by the regulations being renewed. The 
methodology also includes identifying estimates for the number of 
transactions conducted annually per financial institution, which would 
trigger each recordkeeping requirement. Finally, in Part 4, FinCEN 
solicits input from the public about: (a) The accuracy of the estimate 
of the traditional annual PRA burden; (b) a more granular proposed 
method to estimate a future annual PRA burden by calculating the burden 
per recordkeeping requirement; (c) the criteria, metrics, and most 
appropriate questions FinCEN should consider when researching the 
information to estimate the future annual PRA burden, according to the 
methodology proposed; and (d) any other comments about the regulations 
and the current and proposed future hourly burden and cost estimates of 
these requirements.

Part 1. Breakdown of the Financial Institutions Covered by This Notice

    The breakdown of financial institutions, by type, covered by this 
notice is reflected in Table 1 below:

[[Page 84109]]



 Table 1--Breakdown, by Type, of Financial Institutions Covered by This
                                 Notice
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                                                             Number of
              Type of financial institution                  financial
                                                           institutions
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Banks...................................................     \36\ 10,542
Brokers or dealers in securities........................      \37\ 3,640
Futures commission merchants............................         \38\ 61
Money services businesses (MSBs) that conduct money          \39\ 12,692
 transmission...........................................
MSBs that are providers and sellers of prepaid access...      \40\ 1,632
                                                         ---------------
    Total number of financial institutions..............          28,567
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31 CFR 1010.410(a) Through (c)
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    \36\ According to the Federal Deposit Insurance Corporation 
(FDIC) there were 5,103 FDIC-insured banks as of March 31, 2020. 
According to the Federal Reserve Board (FRB), there were 203 other 
entities supervised by the FRB, as of June 16, 2020, that fall 
within the definition of bank (20 Edge Act institutions, 15 
agreement corporations (as defined in 12 CFR 28.2), and 168 foreign 
banking organizations). According to the National Credit Union 
Administration there were 5,236 federally regulated credit unions as 
of December 31, 2019.
    \37\ According to the Securities and Exchange Commission (SEC), 
there were 3,640 brokers or dealers in securities registered with 
the SEC, as of March 31, 2020.
    \38\ According to the Commodities and Futures Trading Commission 
(CFTC), there were 61 futures commission merchants registered with 
the CFTC, as of March 31, 2020.
    \39\ As of June 2020, there were 12,692 MSBs registered with 
FinCEN that indicated they were conducting money transmission.
    \40\ FinCEN's MSB registration database. See https://www.fincen.gov/msb-state-selector.
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    Description of Recordkeepers: Financial institutions providing 
extensions of credit in excess of $10,000 (other than those secured by 
real property), and engaging in transfers of funds, currency, other 
monetary instruments, checks, investment securities, or credit of more 
than $10,000 to or from the United States. Although the regulations on 
their face would apply to all financial institutions, only banks, 
credit unions, brokers or dealers in securities, futures commission 
merchants (FCMs), and money transmitters would be likely to issue 
extensions of credit in excess of $10,000, or transfer funds, currency, 
monetary instruments, checks, investment securities, or credit of more 
than $10,000 to or from the United States.
31 CFR 1010.410(d)
    As noted above, the recordkeeping burden for 31 CFR 1010.410(d) is 
accounted for under OMB control number 1506-0056, which applies to 31 
CFR 1010.370(a). A notice to renew OMB control number 1506-0056 will 
also be published in the Federal Register in December 2020.
31 CFR 1010.410(e)
    Description of Recordkeepers: Financial institutions other than 
banks that conduct transmittals of funds, including funds transfers, in 
the amount of $3,000 or more. Although the regulation on its face would 
apply to all nonbank financial institutions, mostly money transmitters 
that conduct transmittals of funds would be impacted.
31 CFR 1010.410(f)
    Description of Recordkeepers: Financial institutions that are the 
transmitting or intermediary financial institution in a funds transfer 
or transmittal of funds. Although the regulation on its face would 
apply to all financial institutions, only banks, including credit 
unions, and money transmitters that conduct funds transfers or 
transmittals of funds would be impacted.
31 CFR 1020.410
    Description of Recordkeepers: Banks, including credit unions, that 
conduct funds transfers by acting as the transmitting, intermediary, or 
recipient bank outlined in 31 CFR 1020.410(a), and banks that conduct 
transactions outlined in 31 CFR 1020.410(c).
31 CFR 1022.420
    Description of Recordkeepers: MSBs that are provider and sellers of 
prepaid access, as defined in 31 CFR 1010.100(ff)(4) and (7), that 
conduct prepaid access-related transactions.

Part 2. Traditional Annual PRA Burden and Cost

OMB Control Number 1506-0058
31 CFR 1010.410(a) Through (c)
    Each financial institution must retain an original or a copy of 
records related to extensions of credit in excess of $10,000 (other 
than those secured by real property), and an original or copy of 
records related to transfers of funds, currency, other monetary 
instruments, checks, investment securities, or credit of more than 
$10,000 to or from the United States.\41\ Due to the challenges of 
obtaining the total number of such records required to be maintained 
per financial institution, in its most recent control number renewal, 
FinCEN estimated that the annual recordkeeping burden per financial 
institution for these requirements was 50 hours.\42\ FinCEN continues 
to estimate that the annual hourly burden of complying with 31 CFR 
1010.410(a) through (c) is 50 hours per financial institution.
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    \41\ 31 CFR 1010.410(a) through (c).
    \42\ 82 FR 31686, 31688 (July 7, 2017).
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    26,935 financial institutions \43\ multiplied by 50 hours, results 
in a total annual hourly burden estimate of 1,346,750 hours.
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    \43\ See Table 1, supra. 26,935 represents the number of 
financial institutions listed in the title of this notice, other 
than MSBs that are providers and sellers of prepaid access, because 
such MSBs would not conduct transactions described in 31 CFR 
1010.410(a) through (c).
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31 CFR 1010.410(e)
    Each nonbank financial institution must collect and retain 
information related to transmittals of funds in amounts of $3,000 or 
more. Due to the challenges of obtaining the total number of 
transmittals of funds of $3,000 or more conducted per nonbank financial 
institution, FinCEN estimated, in its most recent control number 
renewal, that the annual recordkeeping burden per financial institution 
was 16 hours.\44\ FinCEN continues to estimate that the annual hourly 
burden to comply with 31 CFR 1010.410(e) is 16 hours per financial 
institution.
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    \44\ 82 FR 31686, 31688 (July 7, 2017). Note that, due to an 
administrative error, the 2017 control number renewal inadvertently 
describes this 16 hour burden as applicable to the requirements of 
both 31 CFR 1010.410(e) and 31 CFR 1010.410(f).
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    12,692 MSBs \45\ providing money transmission services multiplied 
by 16 hours, results in a total annual hourly burden estimate of 
203,072 hours.
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    \45\ See Table 1 supra for the estimated number of MSBs that 
provide money transmission services.
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31 CFR 1010.410(f)
    Each financial institution must transmit information on funds 
transfers and transmittals of funds when acting as the transmitting or 
intermediary financial institution. Due to the challenges of obtaining 
the total number of funds transfers or transmittals of funds for which 
a financial institution was acting as the transmitting or intermediary 
financial institution, FinCEN estimated, in its most recent control 
number renewal, that the annual recordkeeping burden per financial 
institution was 12 hours.\46\ FinCEN continues to estimate that the 
annual hourly burden to comply with 31 CFR 1010.410(f) is 12 hours per 
financial institution.
---------------------------------------------------------------------------

    \46\ 82 FR 31686, 31688 (July 7, 2017). Note that, due to an 
administrative error, the 2017 control number renewal inadvertently 
describes this 12 hour burden as applicable to the requirements of 
31 CFR 1010.410(g) rather than 31 CFR 1010.410(f).

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

[[Page 84110]]

    23,234 banks and MSBs conducting money transmission,\47\ multiplied 
by 12 hours, results in a total annual hourly burden estimate of 
278,808 hours.
---------------------------------------------------------------------------

    \47\ See Table 1 supra. 23,234 equates to 10,542 banks and 
12,692 MSBs that provide money transmission services.
---------------------------------------------------------------------------

31 CFR 1022.420
    Each provider or seller of prepaid access is required to 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. Due to the challenges of obtaining the total 
number of prepaid access transactions, FinCEN estimated, in its most 
recent control number renewal, that the annual recordkeeping burden per 
financial institution was 16 hours. FinCEN continues to estimate that 
the annual hourly burden to comply with 31 CFR 1022.420 is 16 hours per 
financial institution.
    1,632 MSBs which are providers or sellers of prepaid access,\48\ 
multiplied by 16 hours, results in a total annually hourly burden 
estimate of 26,112 hours.
---------------------------------------------------------------------------

    \48\ See Table 1 supra for the total number of MSBs that are 
providers or sellers of prepaid access.
---------------------------------------------------------------------------

    Total Annual Traditional PRA Hourly Burden for OMB Control Number 
1506-0058: 1,854,742 hours (1,346,750 + 203,072 + 278,808 + 
26,112).\49\
---------------------------------------------------------------------------

    \49\ 1,346,750 hours (31 CFR 1010.410(a)-(c)) + 203,072 hours 
(31 CFR 1010.410(e)) + 278,808 hours (31 CFR 1010.410(f)) + 26,112 
hours (31 CFR 1022.420) = 1,854,742 hours.
---------------------------------------------------------------------------

OMB Control Number 1506-0059
31 CFR 1020.410
    Banks, including credit unions, are required to (i) collect and 
retain information on funds transfers when acting as the transmitting, 
intermediary, or recipient bank, and (ii) retain an original or copy of 
records, when conducting transactions outlined in 31 CFR 1020.410(c). 
Due to the challenges of obtaining the total number of funds transfers 
of $3,000 or more conducted by each bank acting as the transmitting, 
intermediary, or recipient bank, and the challenges of obtaining the 
total number of transactions that would trigger each of the 
recordkeeping requirements per bank, as required by 31 CFR 1020.410(c), 
FinCEN estimated, in its most recent control number renewal, that the 
annual recordkeeping burden per bank was 100 hours. FinCEN continues to 
estimate that the annual hourly burden to comply with all of the 
recordkeeping requirements in 31 CFR 1020.410 is 100 hours per bank.
    10,542 banks \50\ multiplied by 100 hours results in a total annual 
hourly burden estimate of 1,054,200 hours.
---------------------------------------------------------------------------

    \50\ See Table 1 supra for the total number of banks.
---------------------------------------------------------------------------

    Total Annual Traditional PRA Hourly Burden for OMB Control Number 
1506-0059: 1,054,200 hours.
    Total Annual Traditional PRA Hourly Burden for OMB Control Numbers 
1506-0058 and 1506-0059.
    FinCEN's estimate of the total traditional annual PRA burden for 
each of the recordkeeping requirements being renewed in this notice is 
2,908,942 hours, as detailed in Table 2 below:

  Table 2--Breakdown of Financial Institutions Impacted by Each Regulatory Requirement, and the Estimated Total
                                       Annual Burden Hours per Requirement
----------------------------------------------------------------------------------------------------------------
                                                                                    Traditional
                                                                                   annual burden   Total annual
                                            Type of financial        Number of     estimate per    burden hours
        Regulatory requirement           institution impacted by     financial       financial    per regulatory
                                             the requirement       institutions     institution     requirement
                                                                                      (hours)
----------------------------------------------------------------------------------------------------------------
31 CFR 1010.410(a)-(c)................  Banks, brokers or                 26,935              50       1,346,750
                                         dealers in securities,
                                         FCMs, and MSBs that
                                         conduct money
                                         transmission.
31 CFR 1010.410(e)....................  MSBs that conduct money           12,692              16         203,072
                                         transmission.
31 CFR 1010.410(f)....................  Banks and MSBs the                23,234              12         278,808
                                         conduct money
                                         transmission.
31 CFR 1022.420.......................  MSBs that are providers            1,632              16          26,112
                                         or sellers of prepaid
                                         access.
31 CFR 1020.410.......................  Banks...................          10,542             100       1,054,200
                                       -------------------------------------------------------------------------
    Total annual hour burden hours....  ........................  ..............  ..............       2,908,942
----------------------------------------------------------------------------------------------------------------

    To calculate the hourly costs of the burden estimate, FinCEN 
identified three roles and corresponding staff positions involved in 
maintaining records as required by 31 CFR 1010.410, 1020.410, and 
1022.420: (i) General supervision (providing process oversight); (ii) 
direct supervision (reviewing operational-level work and cross-checking 
all or a sample of the work product against supporting documentation); 
and (iii) clerical work (engaging in recordkeeping).
    FinCEN calculated the fully-loaded hourly wage for each of these 
three roles by using the median wage estimated by the U.S. Bureau of 
Labor Statistics (BLS),\51\ and computing an additional benefits cost 
as follows:
---------------------------------------------------------------------------

    \51\ The U.S. Bureau of Labor Statistics, Occupational 
Employment Statistics-National, May 2019, available at https://www.bls.gov/oes/tables.htm. The most recent data from the BLS 
corresponds to May 2019. For the benefits component of total 
compensation, see U.S. Bureau of Labor Statistics, Employer's Cost 
per Employee Compensation as of December 2019, available at https://www.bls.gov/news.release/ecec.nr0.htm. The ratio between benefits 
and wages for financial activities is $15.95 (hourly benefits)/
$32.05 (hourly wages) = 0.50. The benefit factor is 1 plus the 
benefit/wages ratio, or 1.50. Multiplying each hourly wage by the 
benefit factor produces the fully-loaded hourly wage per position.

  Table 3--Fully-Loaded Hourly Wage by Role and BLS Job Position for All Financial Institutions Covered by This
                                                     Notice
----------------------------------------------------------------------------------------------------------------
                                                                   Median hourly                   Fully-loaded
             Role                  BLS-code         BLS-name           wage       Benefit factor    hourly wage
----------------------------------------------------------------------------------------------------------------
General supervision...........         11-3031  Financial                 $62.45            1.50          $93.68
                                                 Manager.
Direct supervision............         13-1041  Compliance                 33.20            1.50           49.80
                                                 Officer.
Clerical work (research,               43-3099  Financial Clerk.           20.40            1.50           30.60
 review, and recordkeeping).
----------------------------------------------------------------------------------------------------------------


[[Page 84111]]

    FinCEN estimates that, in general and on average,\52\ each role 
would spend different amounts of time on each portion of the 
traditional annual PRA burden, as follows:
---------------------------------------------------------------------------

    \52\ By ``in general,'' FinCEN means without regard to outliers 
(e.g., financial institutions that conduct transactions that trigger 
the recordkeeping requirements described in this notice with 
complexities or volumes that are uncommonly higher or lower than 
those of the population at large). By ``on average,'' FinCEN means 
the mean of the distribution of each subset of the population.
---------------------------------------------------------------------------

    The cost of each hour of burden, broken down by role, to produce 
and maintain records as outlined in 31 CFR 1010.410, 1020.410, and 
1022.420 would be $37.00 as set out in Table 4 below:

                   Table 4--Weighted Average Hourly Cost of Making and Maintaining the Records
----------------------------------------------------------------------------------------------------------------
       General supervision              Direct supervision                 Clerical work             Weighted
------------------------------------------------------------------------------------------------- average hourly
     % Time         Hourly cost       % Time        Hourly cost       % Time        Hourly cost        cost
----------------------------------------------------------------------------------------------------------------
5                          $4.68              15           $7.47              80          $24.48          $37.00
----------------------------------------------------------------------------------------------------------------
$36.63 rounded to $37.00.

    The total estimated cost of the traditional annual PRA burden for 
the regulatory requirements being renewed in this notice is 
$107,630,854, as reflected in Table 5 below:

                              Table 5--Total Cost of Traditional Annual PRA Burden
----------------------------------------------------------------------------------------------------------------
                         OMB control No.                           Hourly burden    Hourly cost     Total Cost
----------------------------------------------------------------------------------------------------------------
1506-0058.......................................................       1,854,742             $37     $68,625,454
1506-0059.......................................................       1,054,200              37      39,005,400
                                                                 -----------------------------------------------
    Total cost..................................................  ..............  ..............     107,630,854
----------------------------------------------------------------------------------------------------------------

Part 3--Future Annual PRA Burden

    In the future, FinCEN will include the burden and cost for each 
type of recordkeeping requirement covered by the regulations being 
renewed. The future burden estimate will also include estimates of the 
number of transactions conducted annually per financial institution, 
which trigger each recordkeeping requirement.
31 CFR 1010.410(a) Through (c)
    As noted above, each financial institution must retain an original 
or a copy of records related to extensions of credit in excess of 
$10,000 (other than those secured by real property), and an original or 
copy of records related to transfers of funds, currency, other monetary 
instruments, checks, investment securities, or credit of more than 
$10,000 to or from the United States. In order to more accurately 
estimate the related PRA burden in the future, FinCEN intends to obtain 
a better understanding of how many types of financial institutions 
conduct these transactions, and the average volume of such transactions 
per financial institution.
31 CFR 1010.410(e)
    As described in greater detail in Section I above, each nonbank 
financial institution must collect and retain information related to 
transmittals of funds in amounts of $3,000 or more. In order to more 
accurately estimate the related PRA burden in the future, FinCEN 
intends to obtain a better understanding of the volume of transmittals 
of funds conducted by MSBs, and determine the average volume of 
transmittals of funds per the transmitting, intermediary, or recipient 
MSB.
31 CFR 1010.410(f)
    As described in greater detail in Section I above, each financial 
institution must transmit information on funds transfers and 
transmittals of funds when acting as the transmitting or the 
intermediary financial. In order to more accurately estimate the 
related PRA burden in the future, FinCEN intends to obtain a better 
understanding of the volume of funds transfers and transmittals of 
funds conducted by banks and MSBs, and determine the average volume of 
funds transfer per bank and transmittals of funds per transmitting or 
intermediary bank or MSB.
31 CFR 1022.420
    Each provider or seller of prepaid access is required to 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. In order to more accurately estimate the related 
PRA burden in the future, FinCEN intends to obtain a better 
understanding of the volume of prepaid access transactions conducted by 
MSBs, and determine the average volume of prepaid transactions per MSB.
31 CFR 1020.410(a)
    As described in greater detail in Section I above, banks, including 
credit unions, are required to collect and retain information on funds 
transfers in amounts of $3,000 or more, conducted by the bank acting as 
the transmitting, intermediary, or recipient bank. In order to more 
accurately estimate the PRA burden in the future, FinCEN intends to 
obtain a better understanding of the volume of funds transfers 
conducted by banks, and determine the average volume of funds transfer 
per transmitting, intermediary, or recipient bank.
31 CFR 1020.410(c)
    As described in greater detail in Section I, banks, including 
credit unions, are required to retain an original or copy of the 
records outlined in 31 CFR 1020.410(c). In order to more accurately 
estimate the PRA burden in the future, FinCEN intends to obtain a 
better understanding of how many banks conducted each of the 13 types 
of transactions described in 31 CFR

[[Page 84112]]

1020.410(c), and determine the average volume of these transactions per 
bank.
    FinCEN does not have the information needed to estimate the number 
of annual transactions that trigger each recordkeeping requirement 
being renewed in this notice. For that reason, FinCEN is relying on 
estimates used in prior renewals of these OMB control numbers and the 
applicable regulations. FinCEN further recognizes that after receiving 
public comments as a result of this notice, future annual PRA hourly 
burden and cost estimates may vary significantly. In order to arrive at 
more precise estimates of net BSA hourly burden and cost, FinCEN 
intends to conduct more granular studies in the near future, regarding 
the types and volume of transactions conducted annually, which trigger 
each recordkeeping requirement, and the time it takes to collect and 
record the information required for each recordkeeping requirement.\53\ 
The data obtained in these studies also may result in a significant 
variation of the estimated annual PRA burden.
---------------------------------------------------------------------------

    \53\ Net hourly burden and cost are the burden and cost a 
financial institution incurs to comply with requirements that are 
unique to the BSA, and that do not support any other business 
purpose or regulatory obligation of the financial institution. 
Burden for purposes of the PRA does not include the time and 
financial resources needed to comply with an information collection, 
if the time and resources are for things a business (or other 
person) does in the ordinary course of its activities if the agency 
demonstrates that the reporting activities needed to comply are 
usual and customary. 5 CFR 1320.3(b)(2). For example, depending on 
the nature of the transaction, a financial institution may be 
collecting and maintaining some of the same information on funds 
transfers, transmittals of funds, prepaid access transactions, as 
well as other transactions that are required to be recorded in 31 
CFR 1010.410, 1020.410, and 1022.420 in order to satisfy other 
obligations. Those obligations may include (i) protecting the 
financial institution from fraud against itself or its customers, 
(ii) complying with other non-BSA regulatory requirements such as 
those imposed by the specific Federal functional regulator, or (iii) 
maintaining proper accounting information.
---------------------------------------------------------------------------

    Estimated Number of Respondents: 28,567, as set out in Table 1.
    Estimated Total Annual Recordkeeping Burden: The estimated total 
annual PRA burden is 2,908,942 hours, as set out in Table 2.
    Estimated Total Annual Recordkeeping Cost: The estimated total 
annual PRA cost is $107,630,854, as set out in Table 5.
    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.

Part 4--Request for Comments

(a) Specific Request for Comments on the Traditional Annual PRA Hourly 
Burden and Cost
    FinCEN invites comments on any aspect of the traditional annual PRA 
burden, as set out in Part 2 of this notice. In particular, FinCEN 
seeks comments on the adequacy of: (i) FinCEN's assumptions underlying 
its estimate of the burden; (ii) the estimated number of hours required 
by each portion of the burden; and (iii) the organizational levels of 
the financial institution engaged in each portion of the burden, their 
estimated hourly remuneration, and the estimated proportion of 
participation by each role. FinCEN encourages commenters to include any 
publicly available sources for alternative estimates or methodologies.
(b) Specific Request for Comments on the Proposed Criteria for 
Determining the Scope of the Future Annual PRA Hourly Burden and Cost 
Estimate
    FinCEN invites comments on any aspect of the criteria for a future 
estimate of the annual PRA burden, as set out in Part 3 of this notice.
(c) Specific Request for Comments on the Appropriate Criteria, 
Methodology, and Questionnaire Required To Obtain Information to More 
Precisely Estimate the Future Annual PRA Hourly Burden and Cost
    FinCEN invites comments on the most appropriate and comprehensive 
means to question financial institutions about the annual hourly burden 
and cost attributable solely to the regulations covered by this notice 
(i.e., the hourly burden and cost of complying with the recordkeeping 
requirements imposed exclusively by the BSA, which are not used to 
satisfy contractual obligations, other regulatory requirements, or 
business purposes of the financial institution). The future annual PRA 
hourly burden and cost estimate must take into consideration only the 
information collected and recorded that is used exclusively to comply 
with requirements under 31 CFR 1010.410, 1020.410, and 1022.420.
    FinCEN seeks comments from the public regarding any questions we 
should consider posing in future notices, in addition to the specific 
questions for comment outlined directly below. Also, due to the 
difficulty involved in estimating the number of transmittals of funds 
conducted by MSBs, the number of funds transfers conducted by banks, 
and the number of prepaid transactions conducted by MSBs, along with 
the number of other types of transactions conducted financial 
institutions, as described in this notice, FinCEN welcomes any 
suggestions as to how to derive these estimates by using publicly 
available financial information.
(d) Specific Questions for Comment Associated With Making and Retaining 
Records Required by the Regulations Described in This Notice
(1) Complying With 31 CFR 1010.410(a) Through (c)
    <bullet> Is FinCEN's assertion correct that banks, credit unions, 
FCMs, and MSBs are the only financial institutions that conduct 
extensions of credit in excess of $10,000 (other than those secured by 
real property)?
    <bullet> On average, how many extensions of credit in excess of 
$10,000 (other than those secured by real property) does your financial 
institution issue annually, which trigger the recordkeeping requirement 
in 31 CFR 1010.410(a)?
    <bullet> Is FinCEN's assertion correct that banks, credit unions, 
FCMs, and MSB are the only financial institutions that conduct 
transactions which trigger the recordkeeping requirements in 31 CFR 
1010.410(b) and (c)?
    <bullet> On average, how many transfers does your financial 
institution conduct annually which trigger the recordkeeping 
requirements in 31 CFR 1010.410(b) and (c)?
(2) Complying With 31 CFR 1010.410(e)
    <bullet> Is FinCEN's assertion correct that money transmitters are 
the only nonbank financial institutions that conduct transmittals of 
funds in the amount of $3,000 or more?
    <bullet> On average, how many transmittals of funds in the amount 
of $3,000 or more does your MSB conduct annually when acting as the 
transmitting, intermediary, or recipient MSB in a transmittal of funds?
    <bullet> On average, how long does it take your MSB to collect and 
retain the records required to be maintained when you are acting as the 
transmitting, intermediary, or recipient MSB in the transmittal of 
funds?
(3) Complying With 31 CFR 1010.410(f)
    <bullet> Is FinCEN's assertion correct that banks, credit unions, 
and money transmitters are the only financial institutions that act as 
an intermediary financial institution in a funds transfer or 
transmittal of funds?
    <bullet> On average, how often is your financial institution the 
intermediary in a funds transfer or transmittal of funds?

[[Page 84113]]

    <bullet> On average, how long does it take your financial 
institution to record and transmit the required information on a funds 
transfer or transmittal of funds?
(4) Complying With 31 CFR 1020.410(a)
    <bullet> On average, how many funds transfers in the amount of 
$3,000 or more does your bank conduct annually as the transmitting, 
intermediary, or recipient bank in a funds transfer?
    <bullet> On average, how long does it take your financial 
institution to collect and retain the records required to be maintained 
when you are acting as the transmitting, intermediary, or recipient 
bank in a funds transfer?
(5) Complying With 31 CFR 1020.410(c)
    <bullet> On average, how often does you bank conduct each of the 
transactions described in 31 CFR 1020.410(c) as explained in further 
detail in Section I?
    <bullet> On average, how long does it take your bank to collect and 
retain the records required to be maintained when you conduct one of 
the transactions described in 31 CFR 1020.410(c)?
(6) Complying With 31 CFR 1022.420
    <bullet> On average, how many of the following prepaid transactions 
does your financial institution conduct: Access activations, loads, 
reloads, purchases, withdrawals, transfers, and other prepaid access-
related transactions?
(e) General 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.

Michael Mosier,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2020-28364 Filed 12-22-20; 8:45 am]
BILLING CODE 4810-02-P


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