Section 352 of the USA PATRIOT Act
added subsection (h) to 31 U.S.C. 5318 of the BSA that requires the
Secretary of the Treasury to require financial institutions to
establish and maintain anti-money laundering (“AML”) programs.
Pursuant to section 352, FinCEN issued regulations requiring
dealers in precious metals, precious stones, or jewels to develop
and implement a written AML program (31 CFR 1027.210). The program
must be reasonably designed to prevent these financial institutions
from being used for money laundering or the financing of terrorist
activities, and to achieve and monitor compliance with applicable
BSA requirements.
US Code:
31
USC 5318 Name of Law: Money and Finance
The total burden hour estimate
was 20,000 hours in the last renewal of this OMB control number.
The increase in burden hours is a result of the estimate of 5
minutes per respondent to store the written AML program and 5
minutes per respondent to produce the written AML program upon
request. This results in a total increase of 3,334 burden
hours.
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:
(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;
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.