Customer Identification Programs for Futures Commission Merchants and Introducing Brokers

Forms and Documents

Document Name	Status
0022 FCM IB CIP Supporting Statement 20201125 Final.docx Supporting Statement A	2020-11-30

IC Document Collections

IC ID	Document Title	Status
15326	Customer Identification Programs for Futures Commission Merchants and Introducing Brokers	Modified

ICR Details

OMB Control No: 1506-0022	ICR Reference No: 202011-1506-002
Status: Received in OIRA	Previous ICR Reference No: 201808-1506-012
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Customer Identification Programs for Futures Commission Merchants and Introducing Brokers
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/30/2020

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2021
Responses	1,165	1,228
Time Burden (Hours)	12,815	13,508
Cost Burden (Dollars)	0	0

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Abstract: Pursuant to section 326, FinCEN issued joint regulations with the Commodity Futures Trading Commission that require futures commission merchants and introducing brokers in commodities to establish a written customer identification program and to maintain records related to verifying the identity of customers. Under the customer identification program (“CIP”) regulations, the minimum requirements include: 1) implementation of a written customer identification program appropriate for the financial institution’s size and type of business; 2) identity verification procedures; 3) recordkeeping; 4) comparison with government lists; and 5) customer notice.

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Authorizing Statute(s): US Code: 31 USC 5318 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 49425	08/13/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 75408	11/25/2020
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
Customer Identification Programs for Futures Commission Merchants and Introducing Brokers

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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	1,165	1,228	0	-63	0	0
Annual Time Burden (Hours)	12,815	13,508	0	-693	0	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The estimated total annual burden hours decreased from 13,508 hours since the last control number renewal in 2018 to 12,815 hours. Although the burden estimate per futures commission merchant and introducing broker in commodities remains the same, at 11 hours per institution, the number of futures commission merchants and introducing broker in commodities decreased from 1,228 in 2018 to 1,165, based on 2020 data.

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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: 11/30/2020

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