Registration of Money Services Business - Report 107, 31 CFR 1022.380

Forms and Documents

Document Name	Status
Form FinCEN Report 107 Registration of Money Services Business- Report 107, 31 CFR 1022.380 Form	Modified
1506-0013 Supporting Statement RMSB-Final 4-16-2020.docx Supporting Statement A	2020-04-16

IC Document Collections

IC ID	Document Title	Status
15303	Registration of Money Services Business- Report 107, 31 CFR 1022.380 Form	Modified

ICR Details

OMB Control No: 1506-0013	ICR Reference No: 202004-1506-001
Status: Active	Previous ICR Reference No: 201808-1506-003
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Registration of Money Services Business - Report 107, 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: 06/01/2020
	Date Received in OIRA: 04/28/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2023	36 Months From Approved	05/31/2020
Responses	36,408	0	42,000
Time Burden (Hours)	22,007	0	42,000
Cost Burden (Dollars)	0	0	0

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Abstract: Under 31 U.S.C. 5330 and its implementing regulation (31 CFR 1022.380), money services businesses (MSBs) must file an initial registration report with FinCEN, renew their registration every two years, re-register under certain circumstances, and maintain a list of their agents.

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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:
	85 FR 4796	01/27/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 23436	04/27/2020
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
Registration of Money Services Business- Report 107, 31 CFR 1022.380	FinCEN Report 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	36,408	42,000	0	0	-5,592	0
Annual Time Burden (Hours)	22,007	42,000	0	0	-19,993	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: Per OIRA’s recommendation, FinCEN divided the registration process into three categories (i) initial registration, (ii) registration renewal, and (iii) re-registration. FinCEN also incorporated the estimated burden of maintaining and updating a MSB’s agent list. For each of the four categories, FinCEN looked at the total number MSBs for calendar years 2015 through 2019, and identified an average for each category. FinCEN also re-evaluated its estimate of burden for recordkeeping and reporting on the RMSB Report 107 for each type of report. In prior information collection requests (“ICRs”), FinCEN estimated it would take a MSB 30 minutes to complete the RMSB Report 107 and file it, and 30 minutes to maintain a record of the report. In light of BSA E-filing, FinCEN reduced the estimate of recordkeeping burden per type of registration. FinCEN also revised its estimate of reporting burden, which varies by type of registration. In the 2018 ICR, the estimated number of respondents was 42,000, and the estimated total annual burden hours was 42,000 (30 minutes recordkeeping plus 30 minute reporting). In this ICR, FinCEN identified 12,381 registration responses and 24,027 MSBs that must maintain and update an agent list annually. The reduction in the number of MSBs since 2018, in combination with the revisions to FinCEN’s estimates of burden broken down into various categories, is the reason for the reduction in total annual burden to 22,007 hours in this ICR.

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Annual Cost to Federal Government: $1,238

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? No

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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: 04/28/2020

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