PROPOSED AMENDMENTS TO IMPLEMENTING REGULATIONS, BANK SECRECY ACT

Forms and Documents

Document	Type	Status	Availability

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Collection	Type	Status	Form
124476	PROPOSED AMENDMENTS TO IMPLEMENTING REGULATIONS, BANK SECRECY ACT		Migrated

ICR Details

OMB Control No: 1505-0063	ICR Reference No: 198710-1505-001
Status: Historical Active	Previous ICR Reference No: 198708-1505-006
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: PROPOSED AMENDMENTS TO IMPLEMENTING REGULATIONS, BANK SECRECY ACT
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/19/1987
	Date Received in OIRA: 10/19/1987
Terms of Clearance: APPROVED WITH THE FOLLOWING CONDITIONS: (1) THE INFORMATION COLLECTION REQUIREMENTS CONTAINED IN THE PROPOSED RULE ARE CONDITIONALLY APPROVED AT 1 ADDITIONAL BURDEN HOUR AS THEY ARE ONLY AT THE PROPOSAL STAGE. WHEN (AND IF) THE DEPARTMENT PROPOSES TO GO FINAL ON THIS RULE, IT MUST RESUBMIT THE INFORMATION COLLECTION FOR OMB REVIEW UNDER THE PAPERWORK REDUCTION ACT WITH A SUMMARY OF ALL PUBLIC COMMENT RECEIVED ON THE PROPOSED RULE'S PAPERWORK BURDEN AND AN ESTIMATE OF THE ADDITIONAL PAPERWORK BURDEN IMPOSED BY THE RULE'S REQUIREMENTS, AND (2) THE DEPARTMENT'S REQUEST FOR A 5 YEAR RECORD RETENTION PERIOD IS APPROVED DUE TO THE APPLICABLE STATUTE OF LIMITATIONS FOR ACTION UNDER THE BANK SECRECY ACT. THESE CONDITIONS ARE BEING IMPOSED TO ENSURE THE INFORMATION COLLECTION IMPOSES THE MINIMUM BURDEN NECESSARY AS REQUIRED BY THE PAPERWORK REDUCTION ACT AND ITS IMPLEMENTING REGULATIONS AT 5 CFR 1320.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/1989	10/31/1989	10/31/1989
Responses	2,600,000	0	2,600,000
Time Burden (Hours)	906,001	0	906,000
Cost Burden (Dollars)	0	0	0

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Abstract: THIS REPORTING REQUIREMENT IS INTENDED TO DISCOURAGE THE USE OF FOREIGN FINANCIAL AGENCIES AND ACCOUNTS TO FACILITATE ILLEGAL ACTIVITIES. THESE REPORTS WILL BE USED TO DETECT PERSONS WHO CONDUCT MONEY LAUNDERING, TAX FRAUD OR EVASION, OR OTHER CRIMINAL ACTIVITY THROUGH FOREIGN FINANCIAL TRANSACTIONS.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
PROPOSED AMENDMENTS TO IMPLEMENTING REGULATIONS, BANK SECRECY ACT

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	2,600,000	2,600,000	0	0	0	0
Annual Time Burden (Hours)	906,001	906,000	0	1	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 10/19/1987

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