Federal Register / Vol. 89, No. 24 / Monday, February 5, 2024 / Notices 7767 

1Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

2The AML Act was enacted as Division F, 

sections 6001–6511, of the William M. (Mac) 

Thornberry National Defense Authorization Act for 

Fiscal Year 2021, Public Law 116–283, 134 Stat. 

3388 (2021). 

3Section 358 of the USA PATRIOT Act expanded 

the purpose of the BSA by including a reference to 

reports and records ‘‘that have a high degree of 

usefulness in intelligence or counterintelligence 

activities to protect against international terrorism.’’ 

Section 6101 of the AML Act further expanded the 

purpose of the BSA to cover such matters as 

preventing money laundering, tracking illicit funds, 

assessing risk, and establishing appropriate 

frameworks for information sharing. 

4Treasury Order 180–01 (Jan. 14, 2020). 

5The reports of transactions in currency 

regulatory requirements are currently covered 

under the following OMB control numbers: 1506– 

Continued 

DEPARTMENT OF STATE 

[Public Notice: 12318] 

Notice of Determinations; Culturally 

Significant Objects Being Imported for 

Exhibition—Determinations: ‘‘Kingdom 

of David and Solomon Discovered’’ 

Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: I hereby 

determine that certain objects being 

imported from abroad pursuant to an 

agreement with their foreign owner or 

custodian for temporary display in the 

exhibition ‘‘Kingdom of David and 

Solomon Discovered’’ by the Armstrong 

International Cultural Foundation, 

Edmond, Oklahoma, at the Armstrong 

Auditorium, Edmond, Oklahoma, and at 

possible additional exhibitions or 

venues yet to be determined, are of 

cultural significance, and, further, that 

their temporary exhibition or display 

within the United States as 

aforementioned is in the national 

interest. I have ordered that Public 

Notice of these determinations be 

published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: 

Reed Liriano, Program Coordinator, 

Office of the Legal Adviser, U.S. 

Department of State (telephone: 202– 

632–6471; email: section2459@

state.gov). The mailing address is U.S. 

Department of State, L/PD, 2200 C Street 

NW (SA–5), Suite 5H03, Washington, 

DC 20522–0505. 

SUPPLEMENTARY INFORMATION: The 

foregoing determinations were made 

pursuant to the authority vested in me 

by the Act of October 19, 1965 (79 Stat. 

985; 22 U.S.C. 2459), Executive Order 

12047 of March 27, 1978, the Foreign 

Affairs Reform and Restructuring Act of 

1998 (112 Stat. 2681, et seq.; 22 U.S.C. 

6501 note, et seq.), Delegation of 

Authority No. 234 of October 1, 1999, 

Delegation of Authority No. 236–3 of 

August 28, 2000, and Delegation of 

Authority No. 523 of December 22, 

2021. 

Nicole L. Elkon, 

Deputy Assistant Secretary for Professional 

and Cultural Exchanges, Bureau of 

Educational and Cultural Affairs, Department 

of State. 

[FR Doc. 2024–02237 Filed 2–2–24; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

Agency Information Collection 

Activities; Proposed Renewal; 

Comment Request; Renewal Without 

Change of Reports of Transactions in 

Currency Regulations and FinCEN 

Form 112—Currency Transaction 

Report 

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 comment on a 

renewal, without change, of existing 

information collection requirements 

relating to reports of transactions in 

currency. Under Bank Secrecy Act 

regulations, financial institutions are 

required to report transactions in 

currency of more than $10,000 using 

FinCEN Form 112 (the currency 

transaction report, or CTR). This request 

for comments is made pursuant to the 

Paperwork Reduction Act of 1995 

(PRA). 

DATES: Written comments are welcome 

and must be received on or before April 

5, 2024. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

• Federal E-rulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

Refer to Docket Number FINCEN–2024– 

0003 and the specific Office of 

Management and Budget (OMB) control 

numbers 1506–0004, 1506–0005, and 

1506–0064. 

• Mail: Policy Division, Financial 

Crimes Enforcement Network, P.O. Box 

39, Vienna, VA 22183. Refer to Docket 

Number FINCEN–2024–0003 and OMB 

control numbers 1506–0004, 1506–0005, 

and 1506–0064. 

Please submit comments by one 

method only. Comments will be 

reviewed consistent with the PRA 1 and 

applicable OMB regulations and 

guidance. All comments submitted in 

response to this notice will become a 

matter of public record. Therefore, you 

should submit only information that 

you wish to make publicly available. 

FOR FURTHER INFORMATION CONTACT: 

FinCEN’s Regulatory Support Section at 

1–800–767–2825 or electronically at 

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 

Foreign Transactions Reporting Act of 

1970, as amended by the Uniting and 

Strengthening America by Providing 

Appropriate Tools Required to Intercept 

and Obstruct Terrorism Act of 2001 

(USA PATRIOT Act), Public Law 107– 

56 (October 26, 2001), and other 

legislation, including the Anti-Money 

Laundering Act of 2020 (AML Act).2

The BSA is codified at 12 U.S.C. 1829b, 

12 U.S.C. 1951–1960, and 31 U.S.C. 

5311–5314 and 5316–5336, and notes 

thereto, with implementing regulations 

at 31 CFR chapter X. 

The BSA authorizes the Secretary of 

the Treasury (the ‘‘Secretary’’), 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, or regulatory 

matters, risk assessments or 

proceedings, or in the conduct of 

intelligence or counter-intelligence 

activities to protect against international 

terrorism, and to implement AML 

programs and compliance procedures.3

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.4

Under 31 U.S.C. 5313, the Secretary is 

authorized to require financial 

institutions to report currency 

transactions exceeding $10,000. 

Regulations implementing 31 U.S.C. 

5313 are found at 31 CFR 1010.310 

through 1010.314, 31 CFR 1021.311, and 

31 CFR 1021.313. 

II. Paperwork Reduction Act of 1995 

Title: Reports of Transactions in 

Currency by Financial Institutions (31 

CFR 1010.310 through 1010.314, 31 CFR 

1021.311, and 31 CFR 1021.313). 

OMB Control Number: 1506–0004, 

1506–0005, and 1506–0064.5


lotter on DSK11XQN23PROD with NOTICES1
7768 Federal Register / Vol. 89, No. 24 / Monday, February 5, 2024 / Notices 

0004 (General provisions—31 CFR 1010.310— 

Reports of transactions in currency, 31 CFR 

1010.311—Filing obligations for reports of 

transactions in currency, 31 CFR 1010.312— 

Identification required, 31 CFR 1010.313— 

Aggregation, and 31 CFR 1010.314—Structured 

transactions), and 1506–0005 (Rules for casinos and 

card clubs—31 CFR 1021.311—Reports of 

transaction in currency, and 31 CFR 1021.313— 

Aggregation). OMB control number 1506–0064 

applies to FinCEN Form 112—CTR. 

6This estimate is based on the observed number 

of unique filers associated with at least one CTR 

fling received in calendar year 2022, as reported by 

the BSA E-Filing System as of 12/31/2022. 7This estimate is based on the observed number 

of CTR filings received in calendar year 2022, as 

reported by the BSA E-Filing System as of 12/31/ 

2022. 

8See FinCEN, Agency Information Collection 

Activities; Proposed Renewal; Comment Request; 

Renewal Without Change of the Bank Secrecy Act 

Reports of Transactions in Currency Regulations at 

31 CFR 1010.310 Through 1010.314, 31 CFR 

1021.311, and 31 CFR 1021.313, and FinCEN 

Report 112-Currency Transaction Report, 85 FR 

29022 (May 14, 2020). Refer to 85 FR 29029 for the 

specific reference to the estimated recordkeeping 

and reporting burden estimate of eight minutes per 

CTR. 

9This estimate is derived from the calculation 

20,564,724 CTRs multiplied by eight minutes per 

CTR and converted to hours. 10Tables 1 and 2 use the same methodology to 

estimate the weighted average hourly cost as was 

used in the 2020 Notice. The tables, however, 

include the most recent statistics available as 

described in further detail in footnotes 11 and 12. 

Refer to 85 FR 29022, at 29026 (Tables 5 and 6) 

setting out the methodology used to calculate the 

PRA burden in the 2020 Notice. 

11The average hourly wage rate is calculated from 

the May 2022 U.S. Bureau of Labor Statistics (BLS) 

median hourly wage for the BLS codes listed in 

Table 1. See BLS, Occupational Employment and 

Wages Statistics (May 2022), available at https://

www.bls.gov/oes/tables.htm. 

12The ratio between benefits and wages for 

private industry workers is $12.19 (hourly benefits)/ 

$29.34 (hourly wages) = 0.42, as of September 2023. 

The benefit factor is 1 plus the benefit/wages ratio, 

or 1.42. See BLS, Employee Costs for Employee 

Compensation (September 2023), available at ECEC 

Home: U.S. Bureau of Labor Statistics (bls.gov). 

Form Number: FinCEN Form 112— 

Currency Transaction Report (CTR). 

Abstract: FinCEN is issuing this 

notice to renew the OMB control 

numbers for the CTR regulations and 

form. 

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: 

15,468 financial institutions.6

Estimated Total Annual Responses: 

20,564,724 CTRs.7

Estimated Reporting and 

Recordkeeping Burden per Response: 

The average estimated PRA burden, 

measured in minutes per CTR, is 

approximately eight minutes.8 On May 

14, 2020, FinCEN issued a 60-day notice 

to renew the CTR OMB controls 

numbers (‘‘2020 Notice’’). In the 2020 

Notice, FinCEN proposed to expand the 

scope of factors to consider as part of 

the PRA burden of complying with CTR 

requirements. To better estimate the 

burden associated with complying with 

CTR requirements, FinCEN conducted 

an in-depth analysis of the population 

of 2019 CTR filing statistics, as 

described in the 2020 Notice. FinCEN 

analyzed the 2019 CTR filings grouped 

by a number of different factors, 

including the following: (i) how many 

CTRs the filer filed in a year; (ii) the 

filer’s financial institution type; (iii) the 

type of CTR submission (batch filing 

versus discrete filing); and (iv) the type 

of person(s) identified in the CTR (e.g., 

a person that conducts a transaction on 

its own behalf or a person that conducts 

a transaction on behalf of another). The 

analysis and calculations detailed in the 

2020 Notice ultimately resulted in an 

estimate of approximately eight minutes 

of filer burden per CTR filed. 

FinCEN received 18 public comments 

in response to the 2020 Notice. 

Commenters were generally supportive 

of FinCEN’s efforts to more accurately 

estimate the PRA burden associated 

with the CTR filing requirements. Some 

commenter had specific 

recommendations regarding factors for 

FinCEN to consider in future in-depth 

analysis of the CTR filing population. 

However, none of those commenters 

provided specific sources of data to 

contradict the burden estimate of eight 

minutes of burden per CTR filed. In the 

absence of public comments to suggest 

otherwise, FinCEN considers it 

reasonable to continue to use the 

estimate of eight minutes per CTR filed 

for the population of 2022 CTR filing 

statistics as outlined in this notice. 

Furthermore, in connection with a 

variety of initiatives FinCEN is 

undertaking to implement the AML Act, 

FinCEN intends to conduct, in the 

future, additional assessments of the 

PRA burden associated with BSA 

requirements, including CTR 

requirements. 

Estimated Total Annual Reporting 

and Recordkeeping Burden: 2,741,963 

hours.9

Estimated Total Annual Reporting 

and Recordkeeping Cost: $76,007,214. 

This estimate applies the weighted 

average hourly cost of $27.72 (derived 

in Tables 1 and 2 below) the estimated 

total annual reporting and 

recordkeeping burden above (2,741,963 

hours).10

TABLE 1—TOTAL HOURLY (FULLY-LOADED HOURLY WAGE) PER ROLE AND BUREAU OF LABOR AND STATISTICS (BLS) 

JOB POSITION

Role BLS—code 11 BLS—name Median hourly 

wage Benefit factor Fully-loaded hourly wage 

Remote Supervision .................................................... 11–3031 Financial Manager $67.21 12 1.42 $95.44 

Direct Supervision ....................................................... 13–1041 Compliance Officer 34.47 1.42 48.95 

Operations ................................................................... 43–3071 Teller ...................... 17.49 1.42 24.84 

TABLE 2—WEIGHTED AVERAGE HOURLY COST

Component 

Remote supervision Direct supervision Operations Weighted 

average 

% Time hourly cost Fully-loaded 

hourly wage 

Hourly 

cost % Time Fully-loaded hourly wage 

Hourly 

cost % Time Fully-loaded hourly wage 

Hourly 

cost 

Record-keeping and Reporting ............. 1 $95.44 $0.95 9 $48.95 $4.41 90 $24.84 $22.36 $27.72 

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. 


lotter on DSK11XQN23PROD with NOTICES1

I I I I I 

I I I I I I I I I I 
Federal Register / Vol. 89, No. 24 / Monday, February 5, 2024 / Notices 7769 

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. 

Jimmy L. Kirby Jr., 

Deputy Director, Financial Crimes 

Enforcement Network. 

[FR Doc. 2024–02186 Filed 2–2–24; 8:45 am] 

BILLING CODE 4810–02–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Election Out of 

Generation-Skipping Transfer (GST) 

Deemed Allocations 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice and request for 

comments. 

SUMMARY: The Internal Revenue Service, 

as part of its continuing effort to reduce 

paperwork and respondent burden, 

invites the general public and other 

Federal agencies to take this 

opportunity to comment on continuing 

information collections, as required by 

the Paperwork Reduction Act of 1995 

(PRA 95). The IRS is soliciting 

comments concerning the reporting 

burden associated with making the 

Election Out of Generation-Skipping 

Transfer(GST) Deemed Allocations. 

DATES: Written comments should be 

received on or before April 5, 2024 to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Andres Garcia, Internal Revenue 

Service, Room 6526, 1111 Constitution 

Avenue NW, Washington, DC 20224 or 

by email to pra.comments@irs.gov. 

Please include the OMB Control 

Number 1545–1892 or TD 9208 in the 

Subject line. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the form should be directed to 

Sara Covington, at (202) 317–5744 or 

Internal Revenue Service, Room 6526, 

1111 Constitution Avenue NW, 

Washington, DC 20224, or through the 

internet, at sara.l.covington@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Election Out of GST Deemed 

Allocations. 

OMB Number: 1545–1892. 

Regulation Project Number: TD 9208. 

Abstract: This information is required 

by the IRS for taxpayers who elect to 

have the automatic allocation rules not 

apply to the current transfer and/or to 

future transfers to the trust or to 

terminate such election. This 

information is also required by the IRS 

for taxpayers who elect to treat trusts 

described in section 2632(c)(3)(B)(i) 

through (vi)as GST trusts or to terminate 

such election. This information will be 

used to identify the trusts to which the 

election or termination of election will 

apply. 

Current Actions: There are no changes 

being made to the regulations at this 

time. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Individuals or 

households. 

Estimated Number of Respondents: 

25,000. 

Estimated Time per Respondent: 30 

minutes. 

Estimated Total Annual Burden 

Hours: 12,500. 

The following paragraph applies to all 

the collections of information covered 

by this notice. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless the collection of information 

displays a valid OMB control number. 

Books or records relating to a collection 

of information must be retained if their 

contents may become material in the 

administration of any internal revenue 

law. Generally, tax returns and tax 

return information are confidential, as 

required by 26 U.S.C. 6103. 

Request for Comments: Comments 

submitted in response to this notice will 

be summarized and/or included in the 

request for OMB approval. All 

comments will become a matter of 

public record. Comments are invited on: 

(a) whether the collection of information 

is necessary for the proper performance 

of the functions of the agency, including 

whether the information shall have 

practical utility; (b) the accuracy of the 

agency’s estimate of the burden of the 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information to be collected; (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology; 

and (e) estimates of capital or start-up 

costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Approved: January 31, 2024. 

Sara L. Covington, 

IRS Tax Analyst. 

[FR Doc. 2024–02185 Filed 2–2–24; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF VETERANS 

AFFAIRS 

Advisory Committee on Homeless 

Veterans, Notice of Meeting 

The Department of Veterans Affairs 

(VA) gives notice under the Federal 

Advisory Committee Act, 5 U.S.C. ch. 

10, that the Advisory Committee on 

Homeless Veterans will meet on April 

16–18, 2024. The April 2024 meeting 

sessions will begin and end as follows: 

Date Time Open 

session 

April 16, 2024 ............................................... 9 a.m.–4:30 p.m. eastern standard time (EST) ................................................................ Yes. 

April 17, 2024 ............................................... 9 a.m.–4:30 p.m. EST ...................................................................................................... No. 

April 18, 2024 ............................................... 9 a.m.–4:30 p.m. EST ...................................................................................................... No. 

The meeting sessions are open to the 

public, except during the time the 

Committee is conducting tours of VA 

facilities. Tours of VA facilities are 

closed, to protect Veterans’ privacy and 

personal information, in accordance 

with 5 U.S.C. 552b(c)(6). 


lotter on DSK11XQN23PROD with NOTICES1