Transactions of Exempt
Persons Regulations, and FinCEN Form 110-Designation of Exempt
Persons (DOEP) Report
Extension without change of a currently approved collection
No
Regular
10/30/2024
Requested
Previously Approved
36 Months From Approved
10/31/2024
15,105
18,141
15,105
18,141
0
0
Under 31 U.S.C. 5313, the Secretary is
authorized to require financial institutions to report certain
currency transactions. Regulations implementing 31 U.S.C. 5313 are
found at 31 CFR 1010.310 through 1010.314, 31 CFR 1021.311, and 31
CFR 1021.313. The Money Laundering Suppression Act of 1994 amended
the BSA to create certain mandatory exemptions applicable to banks
from the requirement for financial institutions to file currency
transaction reports (CTRs), and to give the Secretary authority to
create additional such exemptions. Regulations implementing this
exemption authority, including by requiring the collection of
information on FinCEN Form 110, Designation of Exempt Person (DOEP
Report), are found at 31 CFR 1020.315.
US Code:
31
USC 5313 Name of Law: Bank Secrecy Act
The estimated total annual
burden decreased by 3,036 hours from 18,141 hours in 2020 to 15,105
hours in 2024, although the annual hourly burden estimates per
regulatory requirement remained the same as in 2020 (one hour per
report). The reduction in burden is a result of a decrease in the
number of reports filed from 18,141 in 2019 to 15,105 in 2023.
Additionally, there was a reduction in the number of respondents
since the last approval from 11,161 banks in 2019 to 10,062 in
2023.
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.