Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity

Forms and Documents

Document Name	Status
314a(2009) 83I clean Supp .doc Supporting Statement A	2009-10-23

IC Document Collections

IC ID	Document Title	Status
191083	Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity	New

ICR Details

OMB Control No: 1506-0049	ICR Reference No: 200910-1506-001
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 02/04/2010
	Date Received in OIRA: 10/23/2009
Terms of Clearance: Pre-approval contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise this collection should be re-submitted to OMB for review.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: FinCEN is issuing this notice of proposed rulemaking to amend the relevant Bank Secrecy Act (“BSA”) information sharing rules to allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions. The rule also clarifies that FinCEN itself, on its own behalf and on behalf of other appropriate components of the Department of the Treasury, may submit such requests. Modification of the information sharing rules is a part of the Department of the Treasury’s continuing effort to increase the efficiency and effectiveness of its anti-money laundering and counter-terrorist financing policies.

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Authorizing Statute(s): US Code: 31 USC 5311-5314 Name of Law: Money and Finance
   US Code: 31 USC 5316-5332 Name of Law: Money and Finance
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1506-AB04	Proposed rulemaking	74 FR 58926	11/16/2009

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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
Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The collection of information in this proposal is in 31 CFR 103.100. The information will be used by Federal, State, and local law enforcement agencies, as well as certain foreign law enforcement agencies, and FinCEN and other appropriate components of the Department of Treasury, in the conduct of investigating money laundering and terrorist financing activity. The collection of information is mandatory. International Requests: FinCEN estimates that there would be no more than 60 requests for research submitted to the 314(a) program by foreign law enforcement agencies annually. State and Local Requests: While there are more than 18,000 State and local law enforcement agencies, FinCEN estimates that the number of cases that would meet the stringent 314(a) submission criteria would be relatively low. The majority of significant money laundering and terrorist financing related cases are worked jointly with Federal investigators and are thus already eligible for 314(a) request submission. FinCEN estimates that there would be no more than 50 State and local cases per annum of 314(a) requests that meet submission criteria. FinCEN and appropriate components of the Department of the Treasury Requests: FinCEN estimates that the 314(a) program would be used by FinCEN and other appropriate Department components in fewer than 10 cases per annum. Taking into consideration the estimated number of potential use cases that would fit recommended internal 314(a) criteria, FinCEN does not believe that this expansion would be a significant strain on existing program resources.

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Annual Cost to Federal Government:

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)? No

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: 10/23/2009

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