Records to be made and retained by financial institutions (31 CFR 1010.410, 1022.420 and 1010.430)

Forms and Documents

Document Name	Status
1506-0058 Supporting Statement- Records Retained by FIs Revised for Travel Rule NPRM-20201026.xml Supporting Statement A	2020-10-26

IC Document Collections

IC ID	Document Title	Status
200948	Records to be made and retained by financial institutions (31 CFR 1022.420)	Modified
194399	Records to be made and retained by financial institutions (31 CFR 1010.410(f)-(g)	Modified
194398	Records to be made and retained by financial institutions (31 CFR 1010.410(e)	Modified
194396	Records to be made and retained by financial institutions 31 CFR 1010.410(a)-(d)	Modified

ICR Details

OMB Control No: 1506-0058	ICR Reference No: 202010-1506-007
Status: Received in OIRA	Previous ICR Reference No: 201709-1506-003
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Records to be made and retained by financial institutions (31 CFR 1010.410, 1022.420 and 1010.430)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 10/27/2020

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/28/2021
Responses	94,600	94,600
Time Burden (Hours)	3,347,102	2,150,200
Cost Burden (Dollars)	0	0

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Abstract: Each financial institution must retain an original or copy of records related to extensions of credit in excess of $10,000 (other than those secured by real property), and records related to transfers of funds, currency, other monetary instruments, checks, investment securities, or credit of more than $10,000 to or from the United States (31 CFR 1010.410(a)-(d)). Banks and non-bank financial institutions must also maintain records related to, and include certain information as part of, funds transfers or transmittals of funds involving more than $3,000 (31 CFR 1010.410(e)-(f)-(g)). The required records must be maintained for five years (31 CFR 1010.430). FinCEN is issuing this statement to support the request for OMB approval of an information collection with respect to a notice of proposed rulemaking (“NPRM”). The NPRM proposes to amend the BSA regulations requiring the retention and transmittal of records related to funds transfers and transmittals of funds, by lowering the monetary thresholds triggering those requirements for transactions that begin or end outside the United States from $3,000 to $250. The NPRM also proposes to clarify that those same regulations apply to domestic and cross-border transactions involving convertible virtual currencies (“CVC”) and digital assets with legal tender status by clarifying the meaning of “money” as used in certain defined terms referenced in those regulations. This statement adds the estimated burden hours increase for this OMB control number, as a result of the NPRM. The increase in burden hours is being added to the existing OMB approved burden hours for this control number as reflected in this supporting statement.

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Authorizing Statute(s): US Code: 31 USC 5311-5330 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:
1506-AB41	Proposed rulemaking	85 FR 68005	10/27/2020

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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: 4

IC Title	Form No.	Form Name
Records to be made and retained by financial institutions (31 CFR 1022.420)
Records to be made and retained by financial institutions 31 CFR 1010.410(a)-(d)
Records to be made and retained by financial institutions (31 CFR 1010.410(e)
Records to be made and retained by financial institutions (31 CFR 1010.410(f)-(g)

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ICR Summary of Burden

	Total Request	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	94,600	94,600	0	0	0	0
Annual Time Burden (Hours)	3,347,102	2,150,200	0	1,196,902	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: See the attached supporting statement, section 15, for a description of the reason for the increase in burden hours. FinCEN is issuing this statement to support the request for OMB approval of an information collection with respect to a notice of proposed rulemaking (“NPRM”). The NPRM proposes to amend the BSA regulations requiring the retention and transmittal of records related to funds transfers and transmittals of funds, by lowering the monetary thresholds triggering those requirements for transactions that begin or end outside the United States from $3,000 to $250. The NPRM also proposes to clarify that those same regulations apply to domestic and cross-border transactions involving convertible virtual currencies (“CVC”) and digital assets with legal tender status by clarifying the meaning of “money” as used in certain defined terms referenced in those regulations. This statement adds the estimated burden hours increase for this OMB control number, as a result of the NPRM. The increase in burden hours is being added to the existing OMB approved burden hours for this control number as reflected in this supporting statement.

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Annual Cost to Federal Government: $0

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? 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: 10/27/2020

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