7778 Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices 

2FMCSA derived the annual hourly burden by 

applying the following formula: Time spent on 

shipper transaction record keeping per day × 

number of work days × the number of brokers. The 

calculation was 15 minutes per day × 240 workdays 

× 543 brokers, which resulted in an annual burden 

of 32,580 hours. 

about broker services, the HHG brokers 

must collect the following information 

and distribute it to HHG shippers: 

1. A list of motor carriers with whom 

it has agreements (49 CFR 371.109(a)); 

and 

2. A statement indicating the broker is 

not a motor carrier and that the broker 

is only arranging transportation of the 

shipper’s goods (49 CFR 371.109(b)). 

III. Third Phase: ‘‘Estimate’’ 

When HHG shippers request 

estimates, the HHG brokers must collect 

the following information and distribute 

it to HHG shippers and/or store the 

information received: 

1. FMCSA’s published information 

materials: (1) ‘‘Ready to Move?—Tips 

for a Successful Interstate Move’’ and (2) 

‘‘Your Rights and Responsibilities When 

you Move’’ (49 CFR 371.111(a)(1),(a)(2), 

& (a)(3)); 

2. A document signed by the shipper, 

showing he/she received FMCSA’s 

published information material (49 CFR 

371.111(c)); 

3. A written estimate based on the 

motor carrier’s physical survey of 

household items (49 CFR 371.113(a)), 

with estimates based on published 

motor carrier rates (49 CFR 371.113(b)); 

4. If applicable, the shipper must sign 

a ‘‘Waiver’’ receipt, showing he/she has 

waived his/her right to a physical 

survey of his/her household items by 

the motor carrier. The HHG broker must 

collect the ‘‘Waiver’’ receipt and store 

the record (49 CFR 371.113(b)). 

IV. Fourth Phase: ‘‘Agreement’’ 

Should the shipper find the shipping 

estimate and broker services reasonable 

and wish to contract the broker’s 

services, the two parties must enter into 

an agreement. At this point, it is 

standard practice for shippers to pay 

either a deposit or make full payment. 

However, before collecting any 

payment, the broker must collect the 

following information and distribute it 

to the HHG shipper: 

• An agreement document with 

required specifications as laid out by 49 

CFR 371.115; and 

• An agreement document which 

highlights the broker’s and/or motor 

carrier’s refund policy for cancellation 

of agreements (49 CFR 371.117(a)). 

The information provided in phases I, 

II, III, and IV supports the requirements 

of 49 CFR part 371, subpart B, and the 

Department’s secondary mission to 

support HHG consumer protection. 

The complete collection of 

information required by the referenced 

final rule assists HHG shippers in their 

business dealings with interstate HHG 

brokers. The information collected is 

used by prospective HHG shippers to 

make informed decisions about 

contracts, services ordered, executed, 

and settled. The HHG broker is often the 

earliest contact for individual HHG 

shippers in an interstate moving 

transaction; therefore, it makes sense for 

HHG brokers to provide HHG shippers 

with consumer protection information. 

FMCSA revises the total annual 

burden to 72,808 hours. This is a 2,723 

annual burden hour increase from the 

currently approved 70,085 annual 

burden estimate. This increase is due to 

the following: (1) The previous iteration 

did not account for the time brokers use 

to complete a ‘‘waiver’’ should shippers 

choose to waive their rights to a 

physical survey, if applicable to a 

shipper, as required by 49 CFR 

371.113(c)(1), (c)(2), and (c)(3); (2) the 

previous iteration did not clarify a 

reproducible frequency formula used to 

calculate the number of times brokers 

collect information and submit 

information to shippers. To produce a 

reproducible frequency formula, the 

updated information collection 

introduced the concept of ‘‘phases,’’ 

which created a frequency number 

based on business interactions between 

brokers and shippers as explained 

above; and (3) FMCSA’s records 

indicate the number of household goods 

brokers increased from 543 brokers to 

652 brokers. 

In addition to the above, an 

adjustment was made to this ICR 

revision from the previous ICR renewal 

with regards to the annual hourly 

burden estimate for broker ‘‘transaction 

records’’(49 CFR 371.3). The annual 

hourly burden was removed from this 

ICR revision because the burden is for 

the collection of information that the 

broker would ordinarily record for other 

standard business practices such as tax 

purposes. As a result, the associated 

annual hourly burden estimate is 

removed. The previous ICR accounted 

32,580 annual burden hours 2 for 

‘‘transaction records,’’ while this ICR 

revises the annual burden to 0 hours. 

Title: Practices of Household Goods 

Brokers. 

OMB Control Number: 2126–0048. 

Type of Request: Revision of currently 

approved collection. 

Respondents: Brokers of Household 

Goods. 

Estimated Number of Respondents: 

652. 

Estimated Number of Responses: 

500,084 responses. 

Expiration Date: January 31, 2021. 

Frequency of Response: On occasion. 

Estimated Total Annual Burden: 

72,808 hours. 

Public Comments Invited: You are 

asked to comment on any aspect of this 

information collection, including: (1) 

Whether the proposed collection is 

necessary for the FMCSA to perform its 

functions; (2) the accuracy of the 

estimated burden; (3) ways for the 

FMCSA to enhance the quality, 

usefulness, and clarity of the collected 

information; and (4) ways that the 

burden could be minimized without 

reducing the quality of the collected 

information. 

Issued under the authority delegated in 49 

CFR part 1.87. 

Thomas P. Keane, 

Associate Administrator, Office of Research 

and Registration. 

[FR Doc. 2021–02021 Filed 1–29–21; 8:45 am] 

BILLING CODE 4910–EX–P 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

Agency Information Collection 

Activities; Proposed Renewal; 

Comment Request; Renewal Without 

Change of Regulations Requiring 

Additional Records To Be Made and 

Retained by Dealers in Foreign 

Exchange and Additional Records To 

Be Made and Retained by Brokers or 

Dealers in Securities 

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 a currently approved information 

collections found in existing Bank 

Secrecy Act regulations. Specifically, 

the regulations require dealers in foreign 

exchange and brokers or dealers in 

securities to secure and maintain a 

record of the taxpayer identification 

number for individuals for whom a 

transaction or brokerage account is 

opened, or for whom a line of credit is 

extended, subject to certain exceptions. 

The regulations also require that the 

dealers in foreign exchange and brokers 

or dealers in securities retain originals 

or copies of specified documents 

relating to account and transaction 

records. Although no changes are 

proposed to the information collections 

Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices 7779 

1Section 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. Section 6101 

of the Anti-Money Laundering Act of 2020 (‘‘the 

AML Act’’) added language further expanding the 

scope of the BSA but did not disturb these 

longstanding purposes. The AML Act is Division F 

of Public Law 116–283 (January 1, 2021). 

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

2020). 

3 31 CFR 1010.430(a). 

4 31 CFR 1010.430(d). 

themselves, this request for comments 

covers a future expansion of the scope 

of the annual hourly burden and cost 

estimate 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 April 

2, 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–2021– 

0003 and the specific Office of 

Management and Budget (OMB) control 

numbers 1506–0052 and 1506–0053. 

• Mail: Policy Division, Financial 

Crimes Enforcement Network, P.O. Box 

39, Vienna, VA 22183. Refer to Docket 

Number FINCEN–2021–0003 and OMB 

control numbers 1506–0052 and 1506– 

0053. 

Please submit comments by one 

method only. Comments will also be 

taken into account in FinCEN’s review 

of existing regulations, consistent with 

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) (Pub. L. 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 to 

administer the BSA has been delegated 

to the Director of FinCEN.2

a. 31 CFR 1022.410—Additional 

Records To Be Made and Retained by 

Dealers in Foreign Exchange 

31 CFR 1022.410(a) requires a dealer 

in foreign exchange to make and 

maintain a record of the taxpayer 

identification number of certain persons 

for whom a transaction account is 

opened or a line of credit is extended, 

within 30 days of opening such an 

account or extending such a line of 

credit, or longer if the person has 

applied for a taxpayer identification or 

social security number. A dealer in 

foreign exchange must also maintain a 

list containing the names, addresses, 

and account or credit line numbers of 

those persons from whom it has been 

unable to secure such information 

despite reasonable efforts. A dealer in 

foreign exchange need not attempt to 

secure such information if the person is 

an agency or instrumentality of a 

Federal, state, local, or foreign 

government using an account for public 

funds, one of several categories of aliens 

that are not permanent resident aliens, 

or an unincorporated subordinate unit 

of a tax exempt organization covered by 

a group exemption letter. 

Under 31 CFR 1022.410(b), a dealer in 

foreign exchange must also retain the 

original or a copy of nine types of 

documents: (1) Statements of accounts 

from banks, including documents 

representing the entries reflected on 

such statements; (2) daily work records, 

including documents needed to identify 

and reconstruct currency transactions 

with customers and foreign banks; (3) a 

record of each exchange of currency 

involving transactions in excess of 

$1,000, including the customer’s name 

and address (and passport or tax 

identification number unless received 

by mail or common carrier), the date 

and amount of the transaction, and the 

currency name, country, and total 

amount of each foreign currency; (4) 

signature cards or other documents 

evidencing signature authority over 

each deposit or security account, 

containing specified items of 

information about the customer 

(including a record of the actual owner 

of the account if customer accounts are 

maintained in a code name); (5) each 

item, including checks, drafts, and 

transfers of credit, of more than $10,000 

remitted or transferred to a person, 

account, or place outside the United 

States; (6) a record of each receipt of 

currency, other monetary instruments, 

investment securities and 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 any 

person, account, or place outside the 

United States; (7) records prepared or 

received by the dealer in foreign 

exchange in the ordinary course of 

business that would be needed to 

reconstruct an account and trace a check 

in excess of $100 deposited in such an 

account through its internal 

recordkeeping system to its depository 

institution, or to supply a description of 

such a deposited check; (8) a record of 

the name, address and taxpayer 

identification number of any person 

presenting a certificate of deposit for 

payment, as well as a description of the 

instrument and the date of the 

transaction; and (9) a system of books 

and records that enables the dealer in 

foreign exchange to prepare an accurate 

balance sheet and income statement. To 

the extent that these records include 

originals or copies of checks, drafts, 

monetary instruments, investment 

securities, or other similar instruments, 

copies of front and back of such 

instruments must generally be retained.3

The required records must be 

maintained for five years.4

b. 31 CFR 1023.410—Additional 

Records To Be Made and Retained by 

Brokers or Dealers in Securities 

Until October 1, 2003, 31 CFR 

1023.410(a) required a broker or dealer 

in securities to make a record of certain 

information. Until October 1, 2008, a 

broker or dealer in securities was 

required to maintain all such records, as 

well as a list containing the names, 

addresses, and account or credit line 

numbers of those persons from whom it 

had been unable to secure the required 

information despite reasonable efforts. 

The customer identification program 

requirement for brokers or dealers in 

7780 Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices 

5 31 CFR 1023.220. The burden associated with 

these requirement is calculated under OMB control 

number 1506–0034. 

6 31 CFR 1010.430(a). 

7 31 CFR 1010.430(d). 

8Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

9Table 1 below sets forth a breakdown of the 

types of financial institutions covered by this 

notice. 

10This number is derived from self-reported 

information in MSB registrations submitted to 

FinCEN. FinCEN’s MSB registration database is 

available at https://www.fincen.gov/msb-stateselector. 

11According 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. 

securities has effectively superseded 

these requirements.5

Under 31 CFR 1023.410(b), a broker or 

dealer in securities must retain an 

original or copy of: (1) Each document 

granting signature or trading authority 

over each customer’s account; (2) a 

record of each remittance or transfer of 

funds, currency, checks, other monetary 

instruments, investment securities, or 

credit, of more than $10,000 to a person, 

account, or place outside the United 

States; (3) 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 on any one occasion, not 

through a domestic financial institution, 

from any person, account, or place 

outside the United States; and (4) each 

record described in paragraphs (1), (2), 

(3), (5), (6), (7), (8), and (9) of 17 CFR 

240.17a–3(a), covering records to be 

made by certain exchange members, 

brokers and dealers as identified in 17 

CFR 240.17a–3. To the extent that these 

records include originals or copies of 

checks, drafts, monetary instruments, 

investment securities, or other similar 

instruments, copies of front and back of 

such instruments must generally be 

retained.6 The required records must be 

maintained for five years.7

II. Paperwork Reduction Act of 1995 

(PRA) 8

Title: Additional records to be made 

and retained by dealers in foreign 

exchange and additional records to be 

made and retained by brokers or dealers 

in securities (31 CFR 1022.410 and 31 

CFR 1023.410). 

OMB Control Numbers: 1506–0052 

and 1506–0053. 

Report Number: Not applicable. 

Abstract: FinCEN is issuing this 

notice to renew the OMB control 

numbers for record-keeping 

requirements for dealers in foreign 

exchange and brokers or dealers in 

securities. 

Affected Public: Businesses or other 

for-profit institutions, and non-profit 

institutions. 

Type of Review: 

• Renewal without change of a 

currently approved information 

collection. 

• 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 of the scope of the 

PRA burden (the ‘‘future annual PRA 

burden’’). 

Frequency: As required. 

Estimated Number of Respondents: 

4,563 financial institutions.9

Estimated Recordkeeping Burden: In 

Part 1 of this notice, FinCEN describes 

the breakdown of the estimated number 

of financial institutions, by type, 

affected by each of the regulatory 

requirements. 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. 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 unique 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 

unique 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) the method proposed to 

be more granular in the calculation of 

burden per unique recordkeeping 

requirement, within the regulations, to 

establish a future annual PRA burden; 

(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: 

TABLE 1—BREAKDOWN OF FINANCIAL INSTITUTIONS COVERED BY THIS NOTICE, BY TYPE OF FINANCIAL INSTITUTION

Type of financial institution 

Number of 

financial 

institutions 

Dealers in foreign exchange ....................................................................................................................................................................... 10 923 

Brokers or dealers in securities .................................................................................................................................................................. 11 3,640 

Total number of financial institutions ....................................................................................................................................................... 4,563 

Part 2. Traditional Annual PRA Burden 

and Cost 

OMB Control Number 1506–0052 

31 CFR 1022.410(a) 

Each dealer in foreign exchange must 

make and maintain a record of the 

taxpayer identification number of 

certain persons for whom a transaction 

account is opened or a line of credit is 

extended within 30 days of opening 

such an account or extending such a 

line of credit, or longer if the person has 

applied for a taxpayer identification or 

social security number. A dealer in 

foreign exchange must also maintain a 

list containing the names, addresses, 

and account or credit line numbers of 

those persons from whom it has been 

unable to secure such information 

despite reasonable efforts. 

31 CFR 1022.410(b) 

Each dealer in foreign exchange must 

retain the original or a copy of nine 

types of documents as described in 

Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices 7781 

12 82 FR 31686, 31687 (July 7, 2017). 

13See Table 1, supra. 

14 82 FR 31686, 31687 (July 7, 2017). 

15See Table 1, supra. 

16The 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. 

17By ‘‘in general,’’ FinCEN means without regard 

to outliers (e.g., financial institutions with accounts 

or transactions that require recordkeeping that is 

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. 

Section I—Statutory and Regulatory 

Provisions above. 

Due to the challenges of obtaining the 

total number of such records required to 

be maintained by dealers in foreign 

exchange under 31 CFR 1022.410, in its 

most recent control number renewal, 

FinCEN estimated that the annual 

recordkeeping burden per dealer in 

foreign exchange for these requirements 

was 16 hours.12 FinCEN continues to 

estimate that the annual hourly burden 

of complying with 31 CFR 1022.410 is 

16 hours per dealer in foreign exchange. 

923 dealers in foreign exchange 13

multiplied by 16 hours, results in a total 

annual hourly burden estimate of 14,768 

hours. 

OMB Control Number 1506–0053 

31 CFR 1023.410(a) 

As noted above, brokers or dealers in 

securities have no recordkeeping 

responsibilities under this provision; 

the obligation on brokers or dealers in 

securities to maintain customer 

identification programs pursuant to 31 

CFR 1023.220 has effectively replaced 

these responsibilities. 

31 CFR 1023.410(b) 

Each broker or dealer in securities 

must retain an original or copy of 

certain types of documents as described 

in Section I—Statutory and Regulatory 

Provisions above. 

Due to the challenges of obtaining the 

total number of such records required to 

be maintained by brokers or dealers in 

securities, in its most recent control 

number renewal, FinCEN estimated that 

the annual recordkeeping burden per 

broker or dealer in securities for these 

requirements was 100 hours.14 FinCEN 

continues to estimate that the annual 

hourly burden of complying with 31 

CFR 1023.410 is 100 hours per broker or 

dealer in securities. 

3,640 brokers or dealers in 

securities 15 multiplied by 100 hours, 

results in a total annual hourly burden 

estimate of 364,000 hours. 

Total Annual Traditional PRA Hourly 

Burden for OMB Control Numbers 

1506–0052 and 1506–0053 

FinCEN’s estimate of the traditional 

annual PRA burden, therefore, is 

378,768 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 1022.410—OMB Control Number 

1506–0052.

Dealers in foreign exchange .......................... 923 16 14,768 

31 CFR 1023.410—OMB Control Number 

1506–0053.

Brokers or dealers in securities ..................... 3,640 100 364,000 

Total annual hour burden hours .............. ......................................................................... ........................ ........................ 378,768 

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 1022.410 

and 1023.410: (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),16 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 

FinCEN estimates that, in general and 

on average,17 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 

7782 Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices 

18Net 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 account or transaction, a financial institution 

may be collecting and maintaining some of the 

same information on an account or transaction that 

is required to be recorded in 31 CFR 1022.410 and 

31 CFR 1023.410 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. 

1022.410 and 31 CFR 1023.410 would 

be $37.00 as set out in Table 4 below: 

TABLE 4—WEIGHTED AVERAGE HOURLY COST OF MAKING AND RETAINING 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 is 

$14,014,416, as reflected in Table 5 

below: 

TABLE 5—TOTAL COST OF TRADITIONAL ANNUAL PRA BURDEN

OMB control No./regulation Hourly burden Hourly cost Total cost 

1506–0052 (31 CFR 1022.410) ................................................................................................... 14,768 $37 $546,416 

1506–0053 (31 CFR 1023.410) ................................................................................................... 364,000 37 13,468,000 

Total cost .............................................................................................................................. ........................ ........................ 14,014,416 

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 1022.410(a) 

Each dealer in foreign exchange must 

make and maintain a record of the 

taxpayer identification number of 

certain persons for whom a transaction 

account is opened or a line of credit is 

extended within 30 days of opening 

such an account or extending such a 

line of credit, or longer if the person has 

applied for a taxpayer identification or 

social security number. A dealer in 

foreign exchange must also maintain a 

list containing the names, addresses, 

and account or credit line numbers of 

those persons from whom it has been 

unable to secure such information 

despite reasonable efforts. In order to 

more accurately estimate the related 

PRA burden in the future, FinCEN 

intends to obtain a better understanding 

of the volume of transaction accounts 

and lines of credit opened per year by 

dealers in foreign exchange. 

31 CFR 1022.410(b) 

As described in greater detail in 

Section I—Statutory and Regulatory 

Provisions above, each dealer in foreign 

exchange must retain the original or a 

copy of nine types of documents. In 

order to more accurately estimate the 

related PRA burden in the future, 

FinCEN intends to obtain a better 

understanding of the volume of 

transactions that trigger such 

recordkeeping requirements per year by 

dealers in foreign exchange. 

31 CFR 1023.410(b) 

Each broker or dealer in securities 

must retain an original or copy of 

certain types of documents as described 

in Section I—Statutory and Regulatory 

Provisions above. In order to more 

accurately estimate the related PRA 

burden in the future, FinCEN intends to 

obtain a better understanding of the 

volume of transactions that trigger such 

recordkeeping requirements per year by 

brokers or dealers in exchange. 

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.18 The data 

obtained in these studies also may result 

in a significant variation of the 

estimated annual PRA burden. 

Estimated Number of Respondents: 

4,563 financial institutions, as set out in 

Table 1. 

Estimated Total Annual 

Recordkeeping Burden: The estimated 

total annual PRA burden is 378,768 

hours, as set out in Table 2. 

Estimated Total Annual 

Recordkeeping Cost: The estimated total 

annual PRA cost is $14,014,416, 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. 

Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices 7783 

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 a 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 1022.410 

and 31 CFR 1023.410. 

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 

transaction accounts, lines of credit, and 

transactions that trigger recordkeeping 

requirements, 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 1022.410(a) 

• On average, how many transaction 

accounts or lines of credit does your 

dealer in foreign exchange open/extend 

annually, which trigger the 

recordkeeping requirement in 31 CFR 

1022.410(a)? 

• On average, how long does it take 

your dealer in foreign exchange to 

collect and retain the records required 

to be maintained when you open a 

transaction account or extend a line of 

credit? 

(2) Complying With 31 CFR 1022.410(b) 

• On average, how often does your 

dealer in foreign exchange conduct each 

of the transactions described in 31 CFR 

1022.410(b), as explained in further 

detail in Section I—Statutory and 

Regulatory Provisions? 

• On average, how long does it take 

your dealer in foreign exchange to 

collect and retain the records required 

to be maintained when you conduct one 

of the transactions described in 31 CFR 

1022.410(b)? 

(3) Complying With 31 CFR 1023.410(b) 

• On average, how often does your 

broker or dealer in securities conduct 

each of the transactions described in 31 

CFR 1023.410(b), as explained in further 

detail in Section I—Statutory and 

Regulatory Provisions? 

• On average, how long does it take 

your broker or dealer in securities to 

collect and retain the records required 

to be maintained when you conduct one 

of the transactions described in 31 CFR 

1023.410(b)? 

(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. 

Kenneth A. Blanco, 

Director, Financial Crimes Enforcement 

Network. 

[FR Doc. 2021–02064 Filed 1–29–21; 8:45 am] 

BILLING CODE 4810–02–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Open Meeting of the Taxpayer 

Advocacy Panel’s Special Projects 

Committee; Change 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice of meeting; change. 

SUMMARY: In the Federal Register notice 

that was originally published on January 

22, 2021, (Volume 86, Number 13, Page 

6740) the time for this meeting has 

changed from 1:30 p.m. Eastern Time to 

11:00 a.m. Eastern Time. All other 

meeting details remain the unchanged. 

DATES: The meeting will be held 

Wednesday, February 10, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Antoinette Ross at 1–888–912–1227 or 

202–317–4110. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given pursuant to Section 

10(a)(2) of the Federal Advisory 

Committee Act, 5 U.S.C. App. (1988) 

that an open meeting of the Taxpayer 

Advocacy Panel’s Special Projects 

Committee will be held Wednesday, 

February 10, 2021, at 11:00 a.m. Eastern 

Time. The public is invited to make oral 

comments or submit written statements 

for consideration. Due to limited time 

and structure of meeting, notification of 

intent to participate must be made with 

Antoinette Ross. For more information 

please contact Antoinette Ross at 1– 

888–912–1227 or 202–317–4110, or 

write TAP Office, 1111 Constitution 

Ave. NW, Room 1509, Washington, DC 

20224 or contact us at the website: 

http://www.improveirs.org. The agenda 

will include various IRS issues. 

Dated: January 26, 2021. 

Kevin Brown, 

Acting Director, Taxpayer Advocacy Panel. 

[FR Doc. 2021–02007 Filed 1–29–21; 8:45 am] 

BILLING CODE 4830–01–P