Financial Recordkeeping and Reporting of Currency and Report of Foreign Bank and Financial Accounts

Forms and Documents

Document Name	Status
Form FinCEN 114 Report of Foreign Bank and Financial Accounts Form and Instruction	Modified
1506-0009 Reinstatement Emergency.pdf Supplementary Document	2018-10-11
FBAR PRA supporting statment.doc Supporting Statement A	2018-10-10

IC Document Collections

IC ID	Document Title	Status
15292	Report of Foreign Bank and Financial Accounts Form and Instruction	Modified

ICR Details

OMB Control No: 1506-0009	ICR Reference No: 201810-1506-001
Status: Historical Active	Previous ICR Reference No: 201608-1506-001
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Financial Recordkeeping and Reporting of Currency and Report of Foreign Bank and Financial Accounts
Type of Information Collection: Reinstatement without change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 10/11/2018
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/12/2018
	Date Received in OIRA: 10/10/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2019	6 Months From Approved
Responses	1,090,774	0	0
Time Burden (Hours)	1,090,774	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Bank Secrecy Act authorizes Treasury to require financial institutions and individuals to keep records and file reports that the Treasury determines have a high degree of usefulness in criminal, tax, or regulatory matters, or to protect against international terrorism. The information collected assist Federal, State, and local law enforcement in the identification, investigation, and prosecution of individuals involved in a variety of financial crimes.

Emergency Justfication: The Financial Crimes Enforcement Network (FinCEN) is requesting immediate emergency processing to reinstate the Office of Management and Budget (OMB) control number 1506-0009 pertaining to the Report of Foreign Bank and Financial Accounts (FBAR) regulations, 31 CFR 1010.350, 1010.420, and the FBAR form (FinCEN Form 114), to correct the inadvertent lapse in the control number. The collection of foreign financial account information is essential to FinCEN’s mission and to law enforcement. The potential misuse of foreign financial accounts to evade domestic criminal, tax, and regulatory laws has been a long-held congressional and law enforcement concern. More than four decades after the Bank Secrecy Act’s (BSA) enactment, law enforcement and regulatory agencies continue to use critical information reported in FBARs to aid in criminal and regulatory investigations involving tax evasion, money laundering, terrorism, and other crimes. It is critical to FinCEN’s mission that the FBAR OMB control number be reinstated as soon as possible. Calendar year 2017 foreign financial accounts are due to be reported no later than October 15, 2018.

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Authorizing Statute(s): US Code: 31 USC 5311-5330 Name of Law: Bank Secrecy Act
   US Code: 31 USC 5314 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

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
Report of Foreign Bank and Financial Accounts	FinCEN 114	Foreign Bank and Financial Report

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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	1,090,774	0	0	0	405,774	685,000
Annual Time Burden (Hours)	1,090,774	0	0	0	405,774	685,000
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: No

Burden Reduction Due to:

Short Statement: Reviews of current filing statics for calendar year 2016 (most current date) reflect a more accurate filing picture. Based on this review a burden increase is warranted. There is an increase in burden of 405,774 hours from that which was previously approved by OMB in 2013 (685,000 hours). This is an adjustment in estimates due to an increase in filings, based on the most recent available data (2016).

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Annual Cost to Federal Government: $109,077

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.     Yes

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.     Yes

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: 10/10/2018

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