Supporting Statement
Additional records to be made and retained by casinos
OMB Control Number 1506-0054
1. Circumstances Necessitating Collection of Information
The statute generally referred to as the “Bank Secrecy Act,” Titles I and II of Public Law 91-508, as amended, codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5332, 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 counter-money laundering programs and compliance procedures.1 Regulations implementing Title II of the Bank Secrecy Act appear at 31 Chapter X. The authority of the Secretary to administer the Bank Secrecy Act (BSA) has been delegated to the Director of the Financial Crimes Enforcement Network (FinCEN).
Casinos (and card clubs) must make and retain a record of the name, permanent address, and taxpayer identification number each person who deposits funds with the casino, opens an account at the casino, or to whom the casino extends a line of credit (and maintain a list, available to the Secretary upon request, of the names and addresses of persons who do not furnish a taxpayer identification number), and must retain the original or a copy of certain documents, as specified in section 1021.410 (31 CFR 1021.410(a -c)). Casinos must also maintain a list of transactions with customers involving certain instruments (31 CFR 1021.410). Card clubs must maintain records of currency transactions by customers and records of activity at cages (31 CFR 1021.410). Casinos that input, store, or retain required records on computer disk, tape or other machine-readable media must maintain the records on such media (31 CFR 1021.410). Required records must be maintained for five years (31 CFR 1010.430).
2. Method of Collection and Use of Data
This is a recordkeeping requirement. Should FinCEN issue regulations under this authority, it will provide a burden estimate specific to those regulations. Currently there is no reporting requirement.
3. Use of Improved Information Technology to Reduce Burden
Not applicable
4. Efforts to Identify Duplication
Not applicable
5. Methods to Minimize Burden on Small Businesses or other Small Entities
Not applicable
6. Consequences to the Federal Government of Not Collecting the Information
Not applicable
7. Special Circumstances Requiring Data Collection Inconsistent with Guidelines
Regulations under 31 CFR 1010.430, require records be kept for 5 years. This retention period is necessary to substantiate violations that have occurred within the statute of limitations (5 or 6 years).
8. Consultation with Individuals Outside of the Agency on Availability of Data. Frequency of Collection, Clarity of Instructions and Forms, and Data Elements
On May 29, 2014, FinCEN issued a notice and request for comment to renew without change this potential requirement (See 79 FR 30928). We received no comments in response to the Federal Register notice.
9. Payments and Gifts
No payments or gifts were made to respondents.
10. Assurance of Confidentiality of Responses
Information collected under 31 U.S.C. 5311 -5332 may be made available to appropriate law enforcement agencies and supervisory agencies.
11. Justification of Sensitive Questions
This is a recordkeeping requirement. Information collection requirements by covered financial institutions are mandated by the USA Patriot Act of 2001 and/or BSA.
12. Estimated Annual Hourly Burden
Frequency: As required
Burden:
31 CFR 1021.410 (a) – (c). The estimated number of recordkeepers is 925. The estimated annual recordkeeping burden per recordkeeper is 100 hours, for a total estimated annual recordkeeping burden of 92,500.
31 CFR 1021.410 (b)(9). The estimated number of recordkeepers is 925. The estimated annual recordkeeping burden per recordkeeper is 7.5 hours, for a total estimated annual recordkeeping burden of 6,938 hours.
31 CFR 1021.410(b)(11). The estimated number of recordkeepers is 62 (Card Clubs). The estimated number of transactions is 3468 per card club (215,016) annually and the total estimated annual recordkeeping burden is 17,918 hours (215,016 X 5 min./60 =17918) .
31 CFR 1021.410(c). The estimated number of respondents is 925. The estimated annual recordkeeping burden per recordkeeper is 4 hours, for a total estimated annual recordkeeping burden of 3,700 hours.
For a total burden of 121,056 hours.
13. Estimated Annual Cost to Respondents for Hour Burdens
Not required
14. Estimated Annual Cost to the Federal Government
Not required
15. Reason for Change in Burden
Not applicable
16. Plans for Tabulation, Statistical Analysis, and Publication
This collection of information will not be published.
17. Request not to Display Expiration Date of OMB Control Number
FinCEN requests that it not be required to display the expiration date so that the regulations will not have to be amended for the new expiration date every three years.
18. Exceptions
There are no exceptions to the certification statement.
1 Language expanding the scope of the Bank Secrecy Act to intelligence or counter-intelligence activities to protect against international terrorism was added by Section 358 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, P.L. 107-56.
| File Type | application/msword |
| File Title | Supplemental Statement |
| Author | StephR |
| Last Modified By | stephr |
| File Modified | 2014-09-09 |
| File Created | 2014-07-29 |