Beneficial Ownership Information Reporting Requirements

Forms and Documents

Document Name	Status
Individual FinCEN Identifier - Updated Reports Form	Modified
Individual FinCEN Identifier - Initial Reports Form	Modified
Beneficial Ownership Reports- Updated Reports Form	Modified
Beneficial Ownership Reports- Initial Reports Form	Modified
1506-0076 BOIR Form Supporting Statement 2023-09-29.docx Supporting Statement A	2023-09-29

IC Document Collections

IC ID	Document Title	Status
250726	Individual FinCEN Identifier - Updated Reports Form	Modified
250725	Individual FinCEN Identifier - Initial Reports Form	Modified
250724	Beneficial Ownership Reports- Updated Reports Form	Modified
250722	Beneficial Ownership Reports- Initial Reports Form	Modified

ICR Details

OMB Control No: 1506-0076	ICR Reference No: 202309-1506-001
Status: Received in OIRA	Previous ICR Reference No: 202209-1506-002
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Beneficial Ownership Information Reporting Requirements
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/29/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/28/2026
Responses	23,519,866	23,519,866
Time Burden (Hours)	53,319,713	53,319,713
Cost Burden (Dollars)	0	0

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Abstract: The Financial Crimes Enforcement Network (FinCEN) exercises regulatory functions primarily under the Currency and Foreign Transactions Reporting Act of 1970, as amended by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), Public Law 107–56 (October 26, 2001), and other legislation, including the Corporate Transparency Act (CTA). The overall legislative framework is commonly referred to as the Bank Secrecy Act (BSA). The CTA added a new section to the BSA, 31 U.S.C. 5336, to provide for collection of information about certain legal entities’ beneficial ownership. FinCEN is issuing this statement to support the request for Office of Management and Budget (OMB) approval of: (1) the report (BOIR) that will be used to collect beneficial ownership information, as required by the Beneficial Ownership Information Reporting Requirements final rule (the “final rule”) that was published on September 30, 2022, which implements the information collection required by 31 U.S.C. 5336; and (2) the application (the “FinCEN identifier application”) that will be used to collect information from individuals that seek to obtain a FinCEN identifier, in accordance with the final rule.

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Authorizing Statute(s): PL: Pub.L. 116 - 283 6403 Name of Law: Corporate Transparency Act
  

Citations for New Statutory Requirements: PL: Pub.L. 116 - 283 6403 Name of Law: Corporate Transparency Act

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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:
	88 FR 2760	01/17/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 67443	09/29/2023
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Beneficial Ownership Reports- Initial Reports	N/A	Beneficial Ownership Information Report
Beneficial Ownership Reports- Updated Reports	N/A	Beneficial Ownership Information Report
Individual FinCEN Identifier - Initial Reports	N/A	FinCEN Identifier Application
Individual FinCEN Identifier - Updated Reports	N/A	FinCEN Identifier Application

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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	23,519,866	23,519,866	0	0	0	0
Annual Time Burden (Hours)	53,319,713	53,319,713	0	0	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: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $44,880,000

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.     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: 09/29/2023

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