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

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form FinCEN 114 Report of Foreign Bank and Financial Accounts	Form and Instruction	Modified	Available
1506-0009 FBAR Supp Statement 4-19-19.docx	Supporting Statement A	Uploaded 2019-04-25	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
15292	Report of Foreign Bank and Financial Accounts	Form and Instruction	Modified

ICR Details

OMB Control No: 1506-0009	ICR Reference No: 201904-1506-001
Status: Active	Previous ICR Reference No: 201810-1506-001
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: 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: 08/01/2019
	Date Received in OIRA: 04/30/2019
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2021	36 Months From Approved	07/31/2019
Responses	1,076,145	0	1,090,774
Time Burden (Hours)	1,076,145	0	1,090,774
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.

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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
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 65394	12/20/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 17450	04/25/2019
Did the Agency receive public comments on this ICR? Yes

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

table that charts list of burden

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

table that charts list 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	1,076,145	1,090,774	0	0	-14,629	0
Annual Time Burden (Hours)	1,076,145	1,090,774	0	0	-14,629	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: No

Burden Reduction Due to:

Short Statement: The total number of FBARs for foreign financial accounts reported for calendar year 2017 is 1,076,145. This adjustment in agency estimates reflects a reduction of 14,629 hours from the previously approved figures. The reduction represents a decrease in the number of FBARs filed in calendar year 2017, as compared to calendar year 2016. There were 1,090,774 FBARs filed in calendar year 2016.

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Annual Cost to Federal Government: $86,092

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: 04/30/2019

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