Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices 1479 

1The AML Act was enacted as Division F, 

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

National Defense Authorization Act for Fiscal Year 

2021, Public Law 116–283, 134 Stat 3388 (2021). 

2Section 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 AML Act added language further expanding 

the scope of the BSA but did not amend these 

longstanding purposes. 

3Treasury Order 180–01 (re-affirmed Jan. 14, 

2020). 

4 31 U.S.C. 5314(a). 

5 31 U.S.C. 5312(b)(2). 

The grant agreement is an agreement 

between DOT and the recipient. In the 

grant agreement, the recipient must 

describe the project that DOT agreed to 

fund, which is typically the project that 

was described in the application or a 

reduced-scope version of that project. 

The grant agreement must also include 

a detailed breakdown of the project 

schedule and a budget listing all major 

activities that will be completed as part 

of the project. 

Project Management Stage 

The reporting requirements under this 

stage are necessary to ensure the proper 

and timely expenditure of federal funds 

within the scope of the approved 

project. The requirements comply with 

the Common Grant Rule, and are also 

included in sections of the grant 

agreement. During the project 

management stage, the grantee will 

complete Quarterly Progress and 

Monitoring Reports to ensure that the 

project budget and schedule will be 

maintained to the maximum extent 

possible, that the project will be 

completed with the highest degree of 

quality, and that compliance with 

Federal regulations will be met. The 

substantive requirements of the report 

include: The project’s overall status; 

project significant activities and issues; 

action items/outstanding issues; project 

scope overview; project schedule; 

project cost; an SF–425 Federal 

Financial Report; and certifications. 

This reporting requirement will greatly 

reduce the need for on-site visits by 

staff. 

Project Evaluation Stage 

The reporting requirement under this 

stage is necessary to assess the longterm impact of the project by comparing 

the baseline data provided in the data 

collection plan as required in the 

application to project data collected 

during the five (5) years after project 

completion. This electronic spreadsheet 

report is collected once, at least five (5) 

years after project completion from 

grantees to help measure the 

effectiveness of the grants as a program. 

Information provided will allow the 

Government to analyze project 

performance. 

Authority: The Paperwork Reduction Act 

of 1995; 44 U.S.C. chapter 35, as amended; 

and 49 CFR 1:48. 

Issued in Washington, DC. 

John Augustine, 

Director, Office of Infrastructure Finance and 

Innovation, Office of the Secretary. 

[FR Doc. 2022–00334 Filed 1–10–22; 8:45 am] 

BILLING CODE 4910–9X–P 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

Agency Information Collection 

Activities; Proposed Renewal; 

Comment Request; Renewal Without 

Change of Reports of Transactions 

With Foreign Financial Agencies 

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 

collection found in existing Bank 

Secrecy Act regulations. Specifically, 

the regulations authorize the Secretary 

of the Treasury, as appropriate, to 

promulgate regulations requiring 

specified financial institutions to file 

reports with the Financial Crimes 

Enforcement Network of certain 

transactions with designated foreign 

financial agencies. Although no changes 

are proposed to the information 

collection itself, 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 

March 14, 2022 

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–2022– 

0001 and the specific Office of 

Management and Budget (OMB) control 

number 1506–0055. 

• Mail: Policy Division, Financial 

Crimes Enforcement Network, P.O. Box 

39, Vienna, VA 22183. Refer to Docket 

Number FINCEN–2022–0001 and OMB 

control number 1506–0055. 

Please submit comments by one 

method only. Comments will generally 

become a matter of public record. For 

this reason, please do not include in 

your comments information of a 

confidential nature, such as sensitive 

personal information or proprietary 

information. A comment about the 

burden posed to a financial institution 

by a regulation requiring the reporting 

of certain transactions with designated 

foreign financial agencies, but that does 

not describe the regulation or the 

reporting requirement in detail will not 

be considered to contain confidential 

information. 

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 (October 26, 2001), and other 

legislation, including most recently the 

Anti-Money Laundering Act of 2020 

(AML Act).1 The BSA is codified at 12 

U.S.C. 1829b, 12 U.S.C. 1951–1960, 31 

U.S.C. 5311–5314 and 5316–5336, and 

includes 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 AML programs and 

compliance procedures.2 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.3

The Secretary is authorized to require 

any ‘‘resident or citizen of the United 

States or a person in, and doing 

business in, the United States, to . . . 

keep records and file reports, when the 

resident, citizen, or person makes a 

transaction or maintains a relation for 

any person with a foreign financial 

agency.’’ 4 The term ‘‘foreign financial 

agency’’ 5 (FFA) means any person 


khammond on DSKJM1Z7X2PROD with NOTICES
1480 Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices 

6See 31 U.S.C. 5312(a)(1) as amended by 6102 

(d)(1)(A) of the AML Act. The definition of financial 

agency exempts a person acting for a country, a 

monetary or financial authority acting as a 

monetary or financial authority, or an international 

financial institution of which the United States 

Government is a member. 

7 If such a regulation is issued as a final rule 

without notice and opportunity for public 

comment, then a finding of good cause for 

dispensing with notice and comment in accordance 

with 5 U.S.C. 553(b) must be included in the 

regulation. If the regulation is not published in the 

Federal Register, then any financial institution 

subject to the regulation must be named and 

personally served or otherwise given actual notice 

in accordance with 5 U.S.C. 553(b). If a financial 

institution is given notice of a reporting 

requirement by means other than publication in the 

Federal Register, the Secretary may prohibit 

disclosure of the existence or provisions of that 

reporting requirement to the designated FFA(s) and 

to any other party. See 31 C.F.R. 1010.360(a). 

8 12 U.S.C. 3401 et seq. 

9Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

engaging in any activities outside the 

United States of a ‘‘financial agency,’’ 

which the statute defines as ‘‘a person 

acting for a person . . . as a financial 

institution, bailee, depository trustee, or 

agent, or acting in a similar way related 

to money, credit, securities, gold, or a 

transaction in money, credit, securities 

or gold, or a service provided with 

respect to money, securities, futures, 

precious metals, stones and jewels, or 

value that substitutes for currency.’’ 6

The Secretary is also authorized to 

prescribe exemptions to the reporting 

requirement and to prescribe other 

matters the Secretary considers 

necessary to carry out 31 U.S.C. 5314. 

The regulations implementing reports of 

transactions with foreign financial 

agencies are found at 31 CFR 1010.360. 

31 CFR 1010.360(a) authorizes the 

Secretary, when the Secretary deems 

appropriate, to promulgate regulations 

requiring specified financial institutions 

to file reports of certain transactions 

with designated FFAs.7

A regulation promulgated pursuant to 

31 CFR 1010.360(a) must designate one 

or more of the following categories of 

information to be reported by the 

specified financial institution: 

• Checks or drafts, including 

traveler’s checks, received by a 

respondent financial institution for 

collection or credit to the account of a 

designated FFA, sent by the respondent 

financial institution to a foreign country 

for collection or payment, drawn by the 

respondent financial institution on a 

designated FFA, or drawn by a 

designated FFA on the respondent 

financial institution, including the 

following information: Name of maker 

or drawer; name of drawee or drawee 

financial institution; name of payee; 

date and amount of instrument; and 

names of all endorsers. 

• Transmittal orders received by a 

respondent financial institution from a 

designated FFA or sent by the 

respondent financial institution to a 

designated FFA, including all 

information maintained by that 

institution pursuant to 31 CFR 1010.410 

and 1020.410. 

• Loans made by a respondent 

financial institution to or through a 

designated FFA, including the following 

information: Name of borrower; name of 

person acting for borrower; date and 

amount of loan; terms of repayment; 

name of guarantor; rate of interest; 

method of distributing proceeds; and 

collateral for loan. 

• Commercial paper received or 

shipped by a respondent financial 

institution, including the following 

information: Name of maker; date and 

amount of paper; due date; certificate 

number; and amount of transaction. 

• Stocks received or shipped by a 

respondent financial institution, 

including the following information: 

Name of corporation; type of stock; 

certificate number; number of shares; 

date of certificate; name of registered 

holder; and amount of transaction. 

• Bonds received or shipped by a 

respondent financial institution, 

including the following information: 

Name of issuer; bond number; type of 

bond series; date issued; due date; rate 

of interest; amount of transaction; and 

name of registered holder. 

• Certificates of deposit received or 

shipped by a respondent financial 

institution, including the following 

information: Name and address of 

issuer; date issued; dollar amount; name 

of registered holder; due date; rate of 

interest; certificate number; and name 

and address of issuing agent. 

In issuing regulations as provided in 

31 CFR 1010.360(a), the Secretary must 

prescribe: A reasonable classification of 

financial institutions subject to or 

exempt from a reporting requirement; a 

foreign country to which a reporting 

requirement applies if the Secretary 

decides that applying the requirement to 

all foreign countries is unnecessary or 

undesirable; the magnitude of 

transactions subject to a reporting 

requirement; and the kind of transaction 

subject to or exempt from a reporting 

requirement. 

Regulations issued pursuant to 31 

CFR 1010.360(a) may prescribe the 

manner in which the information is to 

be reported. However, the Secretary may 

authorize a designated financial 

institution to report in a different 

manner if the institution demonstrates 

to the Secretary that the form of the 

required report is unnecessarily 

burdensome on the institution as 

prescribed; that a report in a different 

form will provide all the information 

the Secretary deems necessary; and that 

submission of the information in a 

different manner will not unduly hinder 

the effective administration of 31 CFR 

Chapter X. 

In issuing regulations under 31 CFR 

1010.360(e), the Secretary: (i) Must 

consider the need to avoid impeding or 

controlling the export or import of 

monetary instruments and the need to 

avoid burdening unreasonably a person 

making a transaction with a designated 

FFA; (ii) cannot issue a regulation under 

31 CFR 1010.360(a) for the purpose of 

obtaining individually identifiable 

account information concerning a 

customer, as defined by the Right to 

Financial Privacy Act,8 where that 

customer is already the subject of an 

ongoing investigation for possible 

violation of the BSA, or is known by the 

Secretary to be the subject of an 

investigation for possible violation of 

any other Federal law; and (iii) may 

issue a regulation pursuant to 31 CFR 

1010.360(a) requiring a financial 

institution to report transactions 

completed prior to the date it received 

notice of the reporting requirement. 

However, with respect to completed 

transactions, a financial institution may 

be required to provide information only 

from records required to be maintained 

pursuant to the requirements of 31 CFR 

Chapter X, or any other provision of 

state or Federal law, or otherwise 

maintained in the regular course of 

business. 

31 CFR 1010.430(d) requires that all 

records that are required to be retained 

by Chapter X must be retained for a 

period of five years. 

II. Paperwork Reduction Act of 1995 

(PRA) 9

Title: Reports of transactions with 

foreign financial agencies (31 CFR 

1010.360). 

OMB Control Number: 1506–0055. 

Report Number: Not applicable. 

Abstract: FinCEN is issuing this 

notice to renew the OMB control 

number for regulations requiring reports 

of transactions with designated FFAs. 

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’’). 


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Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices 1481 

10Between 2019–2021, FinCEN sent FFA requests 

to an average of 9 financial institutions (5–13 

financial institutions per request for an average of 

9 financial institutions per request). 11Between 2019–2021, FinCEN sent a total of 4 

requests to an average of 9 financial institutions, for 

a total average of 36 requests over three years. The 

requests asked for information on 1 to 12 FFAs per 

request, with an average of 6.5 (rounded up to 7) 

FFAs per request. 36 total average requests 

multiplied by 7 FFAs per request equals 252 

responses over the course of 3 years. Therefore, the 

annual estimated number of responses is 252 

responses divided by 3 years, which equals 84 

responses annually. 12The scope and methodology used in 2014, 

when FinCEN had not yet issued regulations under 

this authority, estimated the number of respondents 

per year as 1. The estimated number of responses 

was also 1 with a reporting burden of 1 hour per 

respondent for a total annual burden of 1 hour. The 

1 hour burden estimate was to keep the OMB 

control number effective. At the time, FinCEN 

noted that should it issue regulations under this 

authority, it would provide a burden estimate 

specific to those regulations. In 2016, following the 

issuance of a non-public regulation under this 

authority, FinCEN requested that OMB revise the 

number of respondents per year to 200, at 1 

response per respondent, with a reporting burden 

of 5 hours per respondent, for a total annual burden 

of 1,000 hours. OMB issued a Notice of Action 

reflecting the revised burden hours on March 13, 

2019. 

• Propose for review and comment a 

future expansion of the scope of the 

PRA burden (the ‘‘supplemental annual 

PRA burden’’). 

Frequency: As required. 

Estimated Number of Respondents: 9 

domestic financial institutions.10

Estimated Total Annual Responses: 

84 responses.11

Estimated Recordkeeping Burden: 

In Part 1, FinCEN proposes for review 

and comment a renewal of the estimate 

of the traditional annual PRA hourly 

burden, which includes a scope and 

methodology similar to that used in the 

past, with the incorporation of a more 

robust cost estimate. In the past, FinCEN 

estimated that, for one FFA request, it 

would take one financial institution five 

hours to report the required transactions 

as part of one response. The scope and 

methodology used in the past did not 

factor in that, as part of one FFA 

request, financial institutions may be 

asked to report on multiple prior 

(‘‘backward-looking’’) and future 

(‘‘forward-looking’’) transactions with a 

designated FFA. FinCEN assesses that 

the volume of reportable transactions, 

per financial institution and FFA 

request over a specified forward- and 

backward-looking period, along with the 

burden to implement a monitoring 

system for such transactions, would be 

the best indication of an annual hourly 

burden estimate per financial institution 

in the future. For that reason, in Part 2, 

FinCEN proposes for review and 

comment a methodology to estimate the 

hourly burden and the cost of a future 

estimate of a supplemental annual PRA 

burden that includes the burden and 

cost per financial institution, per FFA 

request of complying with forward and 

backward-looking reporting 

requirements. Finally, in Part 3, FinCEN 

solicits input from the public about: (a) 

The accuracy of the traditional annual 

PRA burden estimate; (b) the method 

proposed for the calculation of the 

future supplemental annual PRA 

burden; (c) the criteria, metrics, and 

most appropriate questions FinCEN 

should consider when researching the 

information to estimate the future 

traditional and supplemental 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. Traditional Annual PRA Burden 

and Cost 

Generally, the information required to 

be reported pursuant to an FFA 

regulation is basic information that a 

domestic financial institution would 

already maintain based on current BSA 

recordkeeping requirements. For 

example, a domestic financial 

institution sending or receiving 

transmittal orders (funds transfers) with 

a designated FFA would have access to 

the information required to be reported. 

The information required to be reported 

pursuant to an FFA regulation includes 

one or more of the following categories: 

(i) Checks or drafts; (ii) transmittal 

orders; (iii) loans; (iv) commercial 

paper; (v) stocks; (vi) bonds; and (vii) 

certificates of deposit. Although FFA 

requests may include any of these types 

of transactions, in general, over the past 

three years, FinCEN has only made 

requests associated with funds transfers. 

As noted above, FinCEN will specify 

the form and method for reporting and 

typically provides a reporting schedule 

to each specified financial institution. If 

a specified financial institution does not 

have any reportable transactions, that 

information must be reported to 

FinCEN. 

Because of the difficulty involved in 

estimating the (i) volume of reportable 

transactions per FFA request over a 

specified forward- and backwardlooking period of time, and (ii) burden 

for a financial institution to implement 

a monitoring system to conduct such 

searches, FinCEN continues to estimate 

that reporting this information will take 

five hours on average for the traditional 

annual PRA burden. Additionally, the 

FFA information is typically reported by 

uploading a comma-separated value file 

spreadsheet through FinCEN’s Secure 

Information Sharing System, which 

allows the filer to save an electronic 

version of the report and satisfy the 

recordkeeping requirement. FinCEN 

estimates that the recordkeeping 

requirement will take five minutes on 

average. Therefore, FinCEN estimates 

the total hourly reporting and 

recordkeeping burden for each FFA 

request is five hours and five minutes 

per response by a financial institution.12

FinCEN’s estimate of the traditional 

annual PRA burden, therefore, is 427 

hours, as detailed in Table 1 below: 

TABLE 1—BURDEN ASSOCIATED WITH EACH PORTION OF THE TRADITIONAL ANNUAL PRA ESTIMATE

Action Responses per year Time per 

instance 

Total hourly 

burden 

A. Filing reports of certain transactions with designated FFAs .................................... 84 reports per year ...... 5 hours ........... 420 

B. Complying with recordkeeping requirements in 31 CFR 1010.430 ......................... 84 records per year ..... 5 minutes ....... 7 

Total Hourly Burden .............................................................................................. ...................................... ........................ 427 

To calculate the hourly costs of the 

burden estimate, FinCEN identified six 

roles and corresponding staff positions 

involved in filing reports of certain 

transactions with designated FFAs: (i) 

General oversight (providing institutionlevel process approval); (ii) general 

supervision (providing process 

oversight); (iii) direct supervision 

(reviewing operational-level work and 

cross-checking all or a sample of the 

work product against supporting 

documentation); (iv) clerical work 

(engaging in research and administrative 

review, and recordkeeping); (v) legal 


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13The U.S. Bureau of Labor Statistics, May 2020 

OEWS National Industry-Specific Occupational 

Employment and Wage Estimates (bls.gov). The 

most recent data from the BLS corresponds to May 

2020. For the benefits component of total 

compensation, see U.S. Bureau of Labor Statistics, 

‘‘Table 9. Private industry workers, by major 

occupational group: employer costs per hour 

worked for employee compensation and costs as a 

percentage of total compensation’’, available at 

Employer Costs for Employee Compensation 

Historical Tables—June 2021 (bls.gov). The ratio 

between benefits and wages for private industry 

workers is $10.83 (hourly benefits)/$25.80 (hourly 

wages) = 0.42, as of March 2021. The benefit factor 

is 1 plus the benefit/wages ratio, or 1.42. 

Multiplying each hourly wage by the benefit factor 

produces the fully-loaded hourly wage per position. 

14For each occupation, FinCEN took the average 

of reported mean hourly wage across 9 affected 

financial industries (as measured at the most 

granular NAICS code available, whether at the 2, 3, 

4 or 5 digit NAICS code; see the BLS May 2020 

OEWS National Industry-Specific Occupational 

Employment and Wage Estimates (bls.gov)). 

15 General oversight may include board of 

directors/trustees approval. 

16Chief executive officer is the highest paid 

category in the BLS Occupational Employment 

Statistics. For that reason, FinCEN is conservatively 

estimating the highest wage rate available for its 

cost analysis. 

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

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

reporting requirements with complexities 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. 

compliance (ensuring the reporting 

process is in legal compliance); and (vi) 

computer support (ensuring feasibility 

of electronic submission and housing 

reports internally). 

FinCEN calculated the fully-loaded 

hourly wage for each of these six roles 

by using the mean wage estimated by 

the U.S. Bureau of Labor Statistics 

(BLS),13 and computing an additional 

benefits cost as follows: 

TABLE 2—FULLY-LOADED HOURLY WAGE BY ROLE AND BLS JOB POSITION FOR ALL FINANCIAL INSTITUTIONS COVERED

BY THIS NOTICE

Role BLS-code BLS-name Mean hourly 

wage 14

Benefit 

factor 

Fully-loaded 

hourly wage 

General oversight 15 .............................. 11–1010 Chief Executive16 ................................. $107.12 1.42 $152.11 

General supervision .............................. 11–3031 Financial Manager ................................ 74.59 1.42 105.92 

Direct supervision ................................. 13–1041 Compliance Officer ............................... 35.81 1.42 50.85 

Clerical work (research, review, and 

recordkeeping).

43–3099 Financial Clerk ..................................... 23.27 1.42 33.04 

Legal compliance .................................. 23–1010 Lawyers and Judicial Law Clerks ......... 85.66 1.42 121.64 

Computer support ................................. 11–3021 Computer and Information Systems 

Managers.

77.77 1.42 110.43 

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: 

For filing reports of certain 

transactions with designated FFAs, the 

cost of each burden hour is estimated to 

be $95.00, as shown in Table 3 below: 

TABLE 3—EQUAL WEIGHTED AVERAGE HOURLY COST OF FILING REPORTS OF CERTAIN TRANSACTIONS WITH

DESIGNATED FFAS

% Time Hourly cost 

General Oversight .................................................................................................................................................... 16.67 $25.35 

General Supervision ................................................................................................................................................ 16.67 17.65 

Direct Supervision .................................................................................................................................................... 16.67 8.48 

Clerical Work ........................................................................................................................................................... 16.67 5.51 

Legal Compliance .................................................................................................................................................... 16.67 20.27 

Computer Support ................................................................................................................................................... 16.67 18.41 

Equal Weighted Average Hourly Cost ............................................................................................................. ........................ 95.67 

* $95.67 rounded to $95.00. 

The total estimated cost of the 

traditional annual PRA burden is 

$40,565 as reflected in Table 4 below: 

TABLE 4—TOTAL COST OF TRADITIONAL ANNUAL PRA BURDEN

Steps Hourly burden Hourly cost Total cost 

Filing reports of certain transactions with designated FFAs (divided between the roles listed 

in Table 2) ................................................................................................................................ 18 420 19 $95.00 $39,900 

Complying with the recordkeeping requirements in 31 CFR 1010.430 (divided between the 

roles listed in Table 2) ............................................................................................................. 20 7 21 95.00 665 

Total cost .............................................................................................................................. ........................ ........................ 40,565 


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18See Table 1. 

19See Table 3. 

20See Table 1. 

21See Table 3. 

22 180 days divided into 30-day increments 

results in 6 forward-looking reports. Adding one 

backward-looking report gives a totals of 7 reports. 

23Between 2019–2021, FinCEN issued 

regulations that asked for information on 1 to 12 

FFAs. 

24Net 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, a financial institution 

may be collecting and maintaining information on 

certain transactions with designated FFAs in order 

to satisfy other obligations including (i) protecting 

the financial institution from fraud against itself or 

its customers, or (ii) complying with other non-BSA 

regulatory requirements such as those imposed by 

the specific Federal functional regulator. 

Part 2. Supplemental Annual PRA 

Burden 

In the future, FinCEN intends to add 

a supplemental annual PRA burden 

calculation that will include the 

estimated hourly burden and cost to 

comply with forward- and backwardlooking reporting requirements as part 

of filing reports of certain transactions 

with designated FFAs. This estimate 

will include the burden associated with 

implementing a monitoring system to 

identify such transactions. 

During the period from 2019 to 2021, 

FFA regulations issued by FinCEN had 

a forward- and backward-looking 

reporting requirement. Specified 

financial institutions were required to 

report forward 90–180 days out from the 

effective date of the regulation (usually 

the date of issuance), and backward 14 

months to five years prior to the 

effective date of the regulation. 

Specified financial institutions were 

required to file one report for certain 

backward-looking transactions, and a 

report every 30-days for certain forwardlooking transactions. As a result, one 

FFA regulation could result in as many 

as 7 different reporting periods.22 The 

majority of financial institutions 

combined the reportable transactions for 

all FFAs listed in one regulation 23 into 

a single report for each reporting period, 

thereby reducing the overall number of 

reports the financial institution might 

have otherwise provided. 

As noted above, FinCEN assesses that 

the volume of reportable transactions 

per financial institution and FFA 

request, over a specified forward- and 

backward-looking period, along with the 

burden to implement a monitoring 

system for such transactions, would be 

the best indication of an annual hourly 

burden estimate in the future. FinCEN 

does not have the necessary information 

to provide a tentative estimate for these 

supplemental PRA hourly burdens and 

costs within the current notice. In 

addition, FinCEN does not have all the 

necessary information to precisely 

estimate the traditional annual PRA 

burden. For that reason, FinCEN is 

relying on estimates used in prior 

renewals of this OMB control number 

and the applicable regulations. FinCEN 

further recognizes that after receiving 

public comments as a result of this 

notice, future traditional annual PRA 

hourly burden and cost estimates may 

vary significantly. FinCEN intends to 

conduct more granular studies of the 

actions included in the proposed scope 

of the supplemental annual PRA burden 

in the near future to arrive at more 

precise estimates of net BSA hourly 

burden and cost.24 The data obtained in 

these studies also may result in a 

significant variation of the estimated 

traditional annual PRA burden. 

Estimated Recordkeeping Burden: The 

average estimated annual PRA burden, 

measured in hours per respondent, is 

five hours and five minutes (five burden 

hours to file reports of certain 

transactions with designated FFAs, and 

five minutes to comply with 

recordkeeping requirements). 

Estimated Number of Respondents: 9, 

as noted above in Section II. 

Estimated Total Annual Responses: 

84 responses reporting on certain 

transactions with designated FFAs 

annually; and 84 instances of 

recordkeeping associated with these 

responses annually, as noted in Section 

II. 

Estimated Total Annual 

Recordkeeping Burden: The estimated 

total annual PRA burden is 427 hours, 

as set out in Table 1. 

Estimated Total Annual 

Recordkeeping Cost: The estimated total 

annual PRA cost is $40,565, as set out 

in Table 4. 

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 3. 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 1 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 supplemental annual 

PRA hourly burden and cost estimate. 

FinCEN invites comments on any 

aspect of the criteria for a future 

estimate of the supplemental annual 

PRA burden, as set out in Part 2 of this 

notice. 

(c) Specific request for comments on 

the appropriate criteria, methodology, 

and questionnaire required to obtain 

information to more precisely estimate 

the supplemental 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 complying with 

the regulations that require reports of 

transactions with designated FFAs. 

The supplemental annual PRA hourly 

burden and cost estimate to comply 

with the regulations that require reports 

of transactions with designated FFAs 

must take into consideration only the 

effort involved in obtaining those data 

elements that are used exclusively for 

complying with requirements under 31 

CFR 1010.360 and 31 CFR 1010.430, 

respectively. Given the complexity in 

determining what portion of the effort to 

include in the estimate, 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. 

Specific Questions for Comments 

• What is the burden to comply with 

requests for records issued under the 

FFA regulations (31 CFR 1010.360 and 

31 CFR 1010.430)? 

• How much time is spent on 

complying with the backward-looking 

requirements of an FFA request? 

• How much time is spent on 

complying with the forward-looking 

requirements of an FFA request? 

• Of the time spent on complying 

with backward- or forward-looking 

reporting requirements, what percentage 


khammond on DSKJM1Z7X2PROD with NOTICES
1484 Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices 

is spent by an employee with the role 

of general oversight? Of general 

supervision? Of direct supervision? Of 

clerical work? Of legal compliance? Of 

computer support? 

• Are there employees with any other 

roles and corresponding staff positions 

involved in filing reports of certain 

transactions with designated FFAs? 

• Does your financial institution 

typically report the data for requests 

that involve multiple designated FFAs 

in one report or multiple reports for 

each tranche of reporting? 

• What challenges does your financial 

institution face or overcome in 

complying with FFA regulations? 

• What can be done to improve 

transparency and communication as 

part of the FFA reporting process? 

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. 

Himamauli Das, 

Acting Director, Financial Crimes 

Enforcement Network. 

[FR Doc. 2022–00332 Filed 1–10–22; 8:45 am] 

BILLING CODE 4810–02–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Extension of Information 

Collection Request Submitted for 

Public Comment; Comment Request 

for Form 5754 

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 public and other Federal 

agencies to take this opportunity to 

comment on proposed and/or 

continuing information collections, as 

required by the Paperwork Reduction 

Act of 1995. Currently, the IRS is 

soliciting comments concerning Form 

5754, Statement by Person(s) Receiving 

Gambling Winnings. 

DATES: Written comments should be 

received on or before March 14, 2022 to 

be assured of consideration. 

ADDRESSES: Written comments and 

recommendations for the proposed 

information collection should be sent 

within 60 days of publication of this 

notice to omb.unit@irs.gov. Please 

include, ‘‘OMB Number: 1545–0239— 

Public Comment Request Notice’’ in the 

Subject line. Requests for additional 

information or copies of this collection 

can be directed to Ronald J. Durbala, at 

RJoseph.Durbala@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Statement by Person(s) 

Receiving Gambling Winnings. 

OMB Number: 1545–0239. 

Project Number: Form 5754. 

Abstract: Form 5754 is to be 

completed if you receive gambling 

winnings either for someone else or as 

a member of a group of winners on the 

same winning ticket. The information 

you provide on the form enables the 

payer of the winnings to prepare Form 

W–2G, Certain Gambling Winnings, for 

each winner to show the winnings 

taxable to each. 

Current Actions: There is no change 

in the paperwork burden previously 

approved by OMB. This form is being 

submitted for renewal purposes only. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations, individuals or 

households, and not-for-profit 

institutions. 

Estimated Number of Respondents: 

204,000. 

Estimated Time per Respondent: 12 

min. 

Estimated Total Annual Burden 

Hours: 40,800. 

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. 

Desired Focus of Comments: The 

Internal Revenue Service (IRS) is 

particularly interested in comments 

that: 

• Evaluate whether the proposed 

collection of information is necessary 

for the proper performance of the 

functions of the agency, including 

whether the information will have 

practical utility. 

• Evaluate the accuracy of the 

agency’s estimate of the burden of the 

proposed collection of information, 

including the validity of the 

methodology and assumptions used. 

• Enhance the quality, utility, and 

clarity of the information to be 

collected; and 

• Minimize the burden of the 

collection of information on those who 

are to respond, including using 

appropriate automated, electronic, 

mechanical, or other technological 

collection techniques or other forms of 

information technology, e.g., by 

permitting electronic submissions of 

responses. 

Comments submitted in response to 

this notice will be summarized and/or 

included in the ICR for OMB approval 

of the extension of the information 

collection; they will also become a 

matter of public record. 

Approved: January 5, 2022. 

Ronald J. Durbala, 

IRS Tax Analyst. 

[FR Doc. 2022–00335 Filed 1–10–22; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Extension of Information 

Collection Request Submitted for 

Public Comment; Comment Request 

for Form 5310–A 

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 public and other Federal 

agencies to take this opportunity to 

comment on proposed and/or 

continuing information collections, as 

required by the Paperwork Reduction 

Act of 1995. Currently, the IRS is 

soliciting comments concerning Form 

5310–A, Notice of Plan Merger or 

Consolidation, Spinoff, or Transfer of 


khammond on DSKJM1Z7X2PROD with NOTICES