Reports of transactions with foreign financial agencies (31 CFR 1010.360).

Forms and Documents

Document Name	Status
1506-0055 FFA supporting_statement 03302022 Final.docx Supporting Statement A	2022-03-30

IC Document Collections

IC ID	Document Title	Status
194391	Reports of transactions with foreign financial agencies	Modified

ICR Details

OMB Control No: 1506-0055	ICR Reference No: 202203-1506-001
Status: Received in OIRA	Previous ICR Reference No: 201509-1506-007
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Reports of transactions with foreign financial agencies (31 CFR 1010.360).
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: 03/31/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	03/31/2022
Responses	84	200
Time Burden (Hours)	11,914	1,000
Cost Burden (Dollars)	0	0

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Abstract: The Secretary is authorized to require any “resident or citizen of the United States or a person in, and doing business in, the United States, to . . . keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency.” The term “foreign financial agency” (FFA) means any person engaging in any activities outside the United States as a “financial agency,” which the statute defines as “a person acting for a person . . . as a financial institution, bailee, depository trustee, or agent, or acting in a similar way related to money, credit, securities, gold, or a transaction in money, credit, securities or gold, or a service provided with respect to money, securities, futures, precious metals, stones and jewels, or value that substitutes for currency.” The regulations implementing reports of transactions with FFAs are found at 31 CFR 1010.360. 31 CFR 1010.360(a) authorizes the Secretary, when the Secretary deems appropriate, to promulgate regulations requiring specified financial institutions to file reports of certain transactions with designated FFAs. A regulation promulgated pursuant to 31 CFR 1010.360(a) must designate one or more categories of information to be reported by the financial institution as it relates to a designated FFA, including one or more of the following: (i) checks or drafts; (ii) transmittal orders; (iii) loans; (iv) commercial paper; (v) stocks; (vi) bonds; and (vii) certificates of deposit. 31 CFR 1010.430(d) requires that all records that must be retained pursuant to 31 CFR Chapter X, be retained for a period of five years.

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Authorizing Statute(s): US Code: 31 USC 31 U.S.C. 5314(a) 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:
	87 FR 1479	01/11/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 18475	03/30/2022
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
Reports of transactions with foreign financial agencies

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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	84	200	0	0	-116	0
Annual Time Burden (Hours)	11,914	1,000	0	0	10,914	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 increased by 10,914 hours from 1,000 hours in 2016 to 11,914 hours in 2022, because the annual hourly burden estimate per FFA response increased from 5 hours in 2016 to 142 hours in 2022, even though the number of responses decreased from 200 responses in 2016 to 84 responses in 2022

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Annual Cost to Federal Government: $8

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: 03/31/2022

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