Registration of Money Services Business, 31 CFR 1022.380

Forms and Documents

Document Name	Status
Form FinCEN Form 107 Registration of Money Services Business, 31 CFR 1022.380 Form	Modified
1506-0013 Supporting Statement RMSB 9-27-18.docx Supporting Statement A	2018-09-27

IC Document Collections

IC ID	Document Title	Status
15303	Registration of Money Services Business, 31 CFR 1022.380 Form	Modified

ICR Details

OMB Control No: 1506-0013	ICR Reference No: 201808-1506-003
Status: Historical Active	Previous ICR Reference No: 201503-1506-001
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Registration of Money Services Business, 31 CFR 1022.380
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/02/2019
	Date Received in OIRA: 09/27/2018
Terms of Clearance: Prior to subsequent renewals, FinCEN must a) note the additional requirements for re-registration set forth in 31 CFR 1022.380(b)(4); b) estimate the number of annual responses in light of the number of known registrants over the past 5 years; c) disaggregate responses between new MSB registrations and renewals/re-registrations; d) develop separate burden estimates for each of the two categories; and e) provide analysis regarding the burden imposed by preparation of the form and its recordkeeping.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2020	36 Months From Approved	04/30/2019
Responses	42,000	0	44,300
Time Burden (Hours)	42,000	0	44,300
Cost Burden (Dollars)	0	0	0

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Abstract: Money services businesses file form 107 to register with the Department of the Treasury pursuant to 31 USC 5330 and 31 CFR 1022.380. The information on the form is used by criminal investigators, and taxation and regulatory enforcement authorities, during the course of investigations involving financial crimes.

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Authorizing Statute(s): US Code: 31 USC 5330 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 34299	07/19/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 48896	09/27/2018
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
Registration of Money Services Business, 31 CFR 1022.380	FinCEN Form 107	Registration of Money Services Businesses

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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	42,000	44,300	0	-2,300	0	0
Annual Time Burden (Hours)	42,000	44,300	0	-2,300	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The number of registered MSBs dropped since the last estimate; FinCEN estimates that the number will approach 42,000 again, but remain beneath the 43,400 estimate from the last renewal. The number of MSBs needing to register can vary, based on a given MSB's size of transaction and lines of business.

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Annual Cost to Federal Government: $4,200

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: 09/27/2018

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