Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Notices 84105 

4Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

5The number of respondents, 353, is the average 

for 2018 (377), 2019 (259), and 2020 (424). Note that 

FinCEN may issue a GTO to any business in the 

United States. Generally, a GTO is issued to a 

specific sector or business type. 

6The number of responses, 13,719, is the average 

number of responses for 2018 (12,866), 2019 

(14,046), and 2020 (14,244). 

7Although the burden is stated as an annual 

burden in accordance with the PRA, the estimated 

annual burden is not intended to indicate that there 

is a GTO in effect throughout a year or in each year. 

8The 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/oes/tables.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. The May 2019 Bureau of Labor 

Statistics average hourly wage for ‘‘43–3099 

Financial Clerk’’ is $20.40. ($20.40 × 1.50 = $30.60). 

The Financial Clerk average hourly wage is being 

used here because there is a great deal of variation 

across industries and geographies in who is 

responsible for responding to a GTO. 

transactions subject to the reporting 

requirement; (ii) the type of transactions 

subject to or exempt from the reporting 

requirement; (iii) the appropriate form 

for reporting and the method for form 

submission; (iv) the starting and ending 

dates by which the transactions 

specified in the order are to be reported; 

(v) a point of contact at FinCEN for 

questions; (vi) the amount of time the 

reports and records of reports generated 

are required to be retained; and (vii) any 

other information deemed necessary to 

carry out the purpose of the order. 

Pursuant to 31 U.S.C. 5326(d), no order 

will prescribe a reporting period of more 

than 180 days unless it is renewed 

pursuant to 31 U.S.C. 5326(a). These 

orders are commonly referred to as 

geographic targeting orders (GTOs). 

31 CFR 1010.410(d) requires each 

financial institution or nonfinancial 

trade or business to retain the original 

or a copy or reproduction of a record of 

the information required to be reported 

in a GTO for the period of time specified 

in the order, not to exceed five years. 

II. Paperwork Reduction Act of 1995 

(PRA) 4

Title: Reports and records of certain 

domestic transactions (31 U.S.C. 5326; 

31 CFR 1010.370 and 1010.410(d)). 

OMB Control Number: 1506–0056. 

Report Number: Not applicable. 

Abstract: FinCEN is issuing this 

notice to renew the OMB control 

number for statutes and regulations 

requiring reports and records of certain 

domestic transactions. 

Affected Public: Businesses or other 

for-profit institutions, and non-profit 

institutions. 

Type of Review: Renewal without 

change of a currently approved 

information collection. 

Frequency: As required. 

Estimated Number of Respondents: 

353 domestic financial institutions and/ 

or nonfinancial trades or businesses.5

Estimated Total Annual Responses: 

13,719 responses.6

Estimated Reporting and 

Recordkeeping Burden: 

Generally the information required to 

be recorded and reported as a result of 

a GTO is basic information to which a 

domestic financial institution or 

nonfinancial trade or business would 

have access in the normal course of 

doing business. For instance, a domestic 

financial institution or nonfinancial 

trade or business involved in a payment, 

receipt or transfer of funds, would have 

access to the information required to be 

reported. The information required to be 

reported for a GTO, generally, includes 

the following: (i) The dollar amount of 

the transaction; (ii) the type of 

transaction; (iii) information identifying 

a party to the transaction, such as name, 

address, date of birth, and tax 

identification number; (iv) the role of a 

party in the transaction (i.e., originator 

or beneficiary); and (v) the name, 

address, and contact information for the 

domestic financial institution or 

nonfinancial trade or business. 

As noted above, FinCEN will specify 

the form and method for reporting. For 

GTOs, FinCEN has used modified 

currency transaction reports and Form 

8300s, and has also created reports 

unique to the GTO when appropriate. 

All responses to GTOs are submitted to 

FinCEN electronically, such as through 

the BSA E-Filing System. 

Because the information to be 

reported is readily available to a 

domestic financial institution or 

nonfinancial trade or business, FinCEN 

estimates that reporting this information 

will take 20 minutes on average. 

Additionally, the GTO information is 

filed electronically, which allows the 

filer to save an electronic version of the 

form and satisfy the recordkeeping 

requirement. Therefore, FinCEN 

estimates that the recordkeeping 

requirement will take 5 minutes on 

average. FinCEN estimates the total 

hourly burden of reporting and 

recordkeeping for each reportable 

transaction under a GTO is 25 minutes. 

Estimated Total Annual Reporting 

and Recordkeeping Burden: The average 

number of reportable transactions under 

GTOs is 13,719 responses. 13,719 

responses multiplied by 25 minutes per 

response and converted to hours equals 

5,716 hours.7

Estimated Total Annual Reporting 

and Recordkeeping Cost: 5,716 hours × 

$30.60 per hour 8 = $174,909.60. 

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. 

General Request for Comments: 

Comments submitted in response to this 

notice will be summarized and/or 

included in the request for OMB 

approval. Comments are invited on: (i) 

Whether the recordkeeping 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. 2020–28431 Filed 12–22–20; 8:45 am] 

BILLING CODE 4810–02–P 

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. 

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, 


jbell on DSKJLSW7X2PROD with NOTICES
84106 Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Notices 

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. 

2Treasury Order 180–01 (re-affirmed Jan. 14, 

2020). 

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. 

6 60 FR 220 (Jan. 3, 1995). 

7 60 FR 234 (Jan. 3, 1995). 

8 Id.; see also 31 U.S.C. 5218(a)(2) and (h). 

9Recordkeeping 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. 

10OMB 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. 

11On 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 crossborder transactions involving convertible virtual 

currency (CVC), which is a medium of exchange 

(such as cryptocurrency) that either has an 

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: 

• 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. 

• 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 

frc@fincen.gov. 

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

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

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. 

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

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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Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Notices 84107 

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). 

12The term ‘‘established customer’’ is defined at 

31 CFR 1010.100(p). 

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). 

14Except 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. 

15 31 CFR 1010.410(a). 

16 31 CFR 1010.410(b). 

17 31 CFR 1010.410(c). 

18Note 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. 

19 31 CFR 1020.410(c)(1). 

20 31 CFR 1020.410(c)(2). 

21 31 CFR1020.410(c)(3). See a list of exceptions 

to the recordkeeping requirement at 31 CFR 

1020.410(c)(3). 

22 31 CFR 1020.410(c)(4). 

23 31 CFR 1020.410(c)(5). 

24 31 CFR 1020.410(c)(6). 

25 31 CFR 1020.410(c)(7). 

26 31 CFR 1020.410(c)(8). 

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. 

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: 

• 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

• 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

• 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

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

• 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

• A record on each deposit or share 

account, showing each transaction in, or 

with respect to, that account.20

• Each check, clean draft, or money 

order drawn on the bank or issued and 

payable by it, with certain exceptions.21

• A record of each item in excess of 

$100 comprising a debit to a customer’s 

deposit or share account, with certain 

exceptions.22

• 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

• 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

• 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

• 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

• 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 


jbell on DSKJLSW7X2PROD with NOTICES
84108 Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Notices 

27 31 CFR 1020.410(c)(9). 

28 31 CFR 1020.410(c)(10). 

29 31 CFR 1020.410(c)(11). 

30 31 CFR 1020.410(c)(12). 

31 31 CFR 1020.410(c)(13). 

32Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

33All 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). 

34OMB 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. 

35Table 1 below sets forth a breakdown of the 

types of financial institutions covered by this 

notice. 

bank, broker or dealer in foreign 

exchange outside the United States.27

• 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

• 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

• 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

• 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

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 

§ 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 prepaidrelated transactions. 

II. Paperwork Reduction Act of 1995 

(PRA) 32

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

OMB Control Number: 1506–0058 and 

1506–0059.34

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: 

• Renewal without change of a 

currently approved information 

collections. 

• 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’’). 

• 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

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: 


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36According 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. 

37According 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. 

38According to the Commodities and Futures 

Trading Commission (CFTC), there were 61 futures 

commission merchants registered with the CFTC, as 

of March 31, 2020. 

39As of June 2020, there were 12,692 MSBs 

registered with FinCEN that indicated they were 

conducting money transmission. 

40FinCEN’s MSB registration database. See 

https://www.fincen.gov/msb-state-selector. 41 31 CFR 1010.410(a) through (c). 

42 82 FR 31686, 31688 (July 7, 2017). 

43See 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). 

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). 

45See Table 1 supra for the estimated number of 

MSBs that provide money transmission services. 

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). 

TABLE 1—BREAKDOWN, BY TYPE, OF

FINANCIAL INSTITUTIONS COVERED

BY THIS NOTICE

Type of financial institution 

Number of 

financial 

institutions 

Banks .................................... 36 10,542 

Brokers or dealers in securities ..................................... 37 3,640 

Futures commission merchants ................................ 38 61 

Money services businesses 

(MSBs) that conduct 

money transmission .......... 39 12,692 

MSBs that are providers and 

sellers of prepaid access .. 40 1,632 

Total number of financial 

institutions .................. 28,567 

31 CFR 1010.410(a) Through (c) 

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. 

26,935 financial institutions 43

multiplied by 50 hours, results in a total 

annual hourly burden estimate of 

1,346,750 hours. 

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. 

12,692 MSBs 45 providing money 

transmission services multiplied by 16 

hours, results in a total annual hourly 

burden estimate of 203,072 hours. 

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. 


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47See Table 1 supra. 23,234 equates to 10,542 

banks and 12,692 MSBs that provide money 

transmission services. 48See Table 1 supra for the total number of MSBs 

that are providers or sellers of prepaid access. 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. 

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

51The 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. 

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. 

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 prepaidrelated 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. 

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

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. 

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

Regulatory requirement Type of financial institution impacted by the requirement 

Number of 

financial 

institutions 

Traditional 

annual burden 

estimate per 

financial 

institution 

(hours) 

Total annual 

burden hours 

per regulatory 

requirement 

31 CFR 1010.410(a)–(c) .................................................. Banks, brokers or dealers in securities, FCMs, and 

MSBs that conduct money transmission.

26,935 50 1,346,750 

31 CFR 1010.410(e) ........................................................ MSBs that conduct money transmission ........................ 12,692 16 203,072 

31 CFR 1010.410(f) ......................................................... Banks and MSBs the conduct money transmission ....... 23,234 12 278,808 

31 CFR 1022.420 ............................................................ MSBs that are providers or sellers of prepaid access ... 1,632 16 26,112 

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: 

TABLE 3—FULLY-LOADED HOURLY WAGE BY ROLE AND BLS JOB POSITION FOR ALL FINANCIAL INSTITUTIONS COVERED

BY THIS NOTICE

Role BLS-code BLS-name Median hourly 

wage Benefit factor Fully-loaded hourly wage 

General supervision .......................... 11–3031 Financial Manager ............................ $62.45 1.50 $93.68 

Direct supervision ............................. 13–1041 Compliance Officer ........................... 33.20 1.50 49.80 

Clerical work (research, review, and 

recordkeeping).

43–3099 Financial Clerk ................................. 20.40 1.50 30.60 


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52By ‘‘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. 

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: 

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 cost % Time Hourly cost % Time Hourly cost % Time Hourly 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 prepaidrelated 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 


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53Net 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. 

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. 

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) 

• 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)? 

• 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)? 

• 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)? 

• 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) 

• 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? 

• 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? 

• 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) 

• 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? 

• On average, how often is your 

financial institution the intermediary in 

a funds transfer or transmittal of funds? 


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• 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) 

• 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? 

• 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) 

• 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? 

• 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 

• 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 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

Notice of OFAC Sanctions Actions 

Imposed on Persons Identified by the 

Secretary of State Pursuant to the 

Countering America’s Adversaries 

Through Sanctions Act 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Notice. 

SUMMARY: The U.S. Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is publishing the names 

of one or more persons that have been 

placed on OFAC’s Specially Designated 

Nationals and Blocked Persons List 

(SDN List) based on OFAC’s action to 

impose sanctions on persons identified 

by the Secretary of State pursuant to the 

Countering America’s Adversaries 

Through Sanctions Act. All property 

and interests in property subject to U.S. 

jurisdiction of these persons are 

blocked, and U.S. persons are generally 

prohibited from engaging in transactions 

with them. 

DATES: See SUPPLEMENTARY INFORMATION

section for applicable date(s). 

FOR FURTHER INFORMATION CONTACT: 

OFAC: Associate Director for Global 

Targeting, tel.: 202–622–2420; Assistant 

Director for Sanctions Compliance & 

Evaluation, tel.: 202–622–2490; 

Assistant Director for Licensing, tel.: 

202–622–2480. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

The Specially Designated Nationals 

and Blocked Persons List and additional 

information concerning OFAC sanctions 

programs are available on OFAC’s 

website (www.treas.gov/ofac). 

Notice of OFAC Actions 

Background: Section 106(a) of the 

Countering America’s Adversaries 

Through Sanctions Act (CAATSA) 

requires the Secretary of State to submit 

to the appropriate congressional 

committees, no later than 90 days after 

August 2, 2017, the date of enactment of 

CAATSA, and annually thereafter, a list 

of each person the Secretary determines, 

based on credible evidence, on or after 

August 2, 2017: (1) Is responsible for 

extrajudicial killings, torture, or other 

gross violations of internationally 

recognized human rights committed 

against individuals in Iran who seek (A) 

to expose illegal activity carried out by 

officials of the Government of Iran; or 

(B) to obtain, exercise, defend, or 

promote internationally recognized 

human rights and freedoms, such as the 

freedoms of religion, expression, 

association, and assembly, and the 

rights to a fair trial and democratic 

elections; or (2) acts as an agent of or on 

behalf of a foreign person in a matter 

relating to an activity described in 

paragraph (1) above. Section 106(b) of 

CAATSA authorizes the Secretary of the 

Treasury, in consultation with the 

Secretary of State, pursuant to authority 

delegated by the President, to block all 

transactions in all property and interests 

in property of a person on the list 

required by section 106(a) of CAATSA 

in accordance with the International 

Emergency Economic Powers Act (50 

U.S.C. 1701 et seq.), if such property 

and interests in property are in the 

United States, come within the United 

States, or are or come within the 

possession or control of a United States 

person. 

The Secretary of State has identified 

the following persons in a list submitted 

to the appropriate congressional 

committees pursuant to section 106(a) of 

CAATSA. Accordingly, on September 

24, 2020, the Director of OFAC, acting 

pursuant to delegated authority, has 

taken the actions described below to 

impose the sanctions set forth in Section 

106(b)(1) of CAATSA with respect to the 

persons listed below. 

Entities 

1. ADEL ABAD PRISON (a.k.a. 

ADELABAD PRISON; a.k.a. SHIRAZ 

CENTRAL PRISON; a.k.a. ‘‘PROSPEROUS 

PLACE OF JUSTICE’’), Shiraz, Fars Province, 

Iran; Additional Sanctions Information— 

Subject to Secondary Sanctions [CAATSA— 

IRAN]. 

2. BRANCH 1 OF THE SHIRAZ 

REVOLUTIONARY COURT (a.k.a. FIRST 

BRANCH OF THE REVOLUTIONARY 

COURT OF SHIRAZ; a.k.a. FIRST BRANCH 

OF THE SHIRAZ REVOLUTIONARY 

COURT), New Quran Boulevard, District 3, 

Shiraz City, Fars Province, Iran; Additional 

Sanctions Information—Subject to Secondary 

Sanctions [CAATSA—IRAN]. 

3. ORUMIYEH PRISON (a.k.a. URMIA 

CENTRAL PRISON; a.k.a. URMIA PRISON), 

Orumiyeh City, West Azerbaijan Province, 

Iran; Additional Sanctions Information— 

Subject to Secondary Sanctions [CAATSA— 

IRAN]. 

4. VAKILABAD PRISON (a.k.a. MASHHAD 

CENTRAL PRISON; a.k.a. MASHHAD 

PRISON; a.k.a. VAKIL ABAD PRISON), 

Mashhad City, Mashhad Province, Iran; 

Additional Sanctions Information—Subject 

to Secondary Sanctions [CAATSA—IRAN]. 

Individuals 


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