Transactions of Exempt Persons (31 CFR 1020.315), and FinCEN Report 110-Designation of Exempt Persons (DOEP) Report

Forms and Documents

Document Name	Status
Form FinCEN 110 Transactions of Exempt Persons (31 CFR 1020.315), and FinCEN Report 110-Designation of Exempt Persons (DOEP) Report Form and Instruction	Modified
1506-0012-DOEP-Supporting Statement Final 7-26-21 Final.docx Supporting Statement A	2021-07-29
FinCENDOEPElectronicFilingRequirements.pdf Supplementary Document	2017-08-15

IC Document Collections

IC ID	Document Title	Status
15300	Transactions of Exempt Persons (31 CFR 1020.315), and FinCEN Report 110-Designation of Exempt Persons (DOEP) Report Form and Instruction	Modified

ICR Details

OMB Control No: 1506-0012	ICR Reference No: 202107-1506-005
Status: Received in OIRA	Previous ICR Reference No: 201708-1506-001
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Transactions of Exempt Persons (31 CFR 1020.315), and FinCEN Report 110-Designation of Exempt Persons (DOEP) Report
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: 08/09/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2021
Responses	18,141	27,040
Time Burden (Hours)	18,141	27,040
Cost Burden (Dollars)	0	0

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Abstract: The requirement for financial institutions to report certain transactions in currency has been an important component of the BSA from its inception. Regulations have long established a one-person, one-day, one-institution aggregate currency transaction threshold of $10,000, above which financial institutions must file a Currency Transaction Report (CTR) reporting information about the transaction and the person(s) involved. The Money Laundering Suppression Act of 1994 amended the BSA to give banks certain mandatory exemptions from the requirement for financial institutions to file CTRs, and to give the Secretary authority to create additional such exemptions. Regulations implementing this exemption authority are found at 31 CFR 1020.315. These regulations require banks to submit the Designation of Exempt Persons (DOEP) Report to create certain exemptions from the CTR requirement. Under 31 CFR 1020.315(a), a bank is not required to file a CTR with respect to any transaction in currency between exempt persons and the bank, or between an exempt person and other banks that are affiliated with the bank.

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Authorizing Statute(s): US Code: 31 USC 5313(d) and (e) Name of Law: Bank Secrecy Act
  

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:
	86 FR 6964	01/25/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 43312	08/06/2021
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
Transactions of Exempt Persons (31 CFR 1020.315), and FinCEN Report 110-Designation of Exempt Persons (DOEP) Report	FinCEN 110	Designation of Exempt Person

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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	18,141	27,040	0	0	-8,899	0
Annual Time Burden (Hours)	18,141	27,040	0	0	-8,899	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 estimated total annual burden hours decreased by 8,899 from 27,040 hours in 2017 to 18,141 hours in 2020 although the annual hourly burden estimates per regulatory requirement remained the same as in 2017 (one hour per report). The reduction in burden is a result of a decrease in the number of reports filed from 27,040 in 2017 to 18,141 in 2019. Additionally, there was a reduction in the number of respondents since the last approval from 13,520 to 11,161 banks in 2019.

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Annual Cost to Federal Government: $1,814

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: 08/09/2021

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