Regulations Requiring Additional Records to be Made and Retained by Brokers or Dealers in Securities (31 CFR 1023.410)

ICR 202410-1506-004

OMB: 1506-0053

Federal Form Document

Forms and Documents
ICR Details
1506-0053 202410-1506-004
Received in OIRA 202107-1506-003
TREAS/FINCEN
Regulations Requiring Additional Records to be Made and Retained by Brokers or Dealers in Securities (31 CFR 1023.410)
Extension without change of a currently approved collection   No
Regular 10/30/2024
  Requested Previously Approved
36 Months From Approved 10/31/2024
3,478 3,640
347,800 364,000
0 0

Pursuant 31 CFR 1023.410(a), a broker or dealer in securities is required to secure and maintain a record of certain identifying information for persons who have opened brokerage accounts during the period from June 30, 1972 to October 1, 2003. The customer identification program (CIP) requirement for brokers or dealers in securities has effectively superseded that requirement, and CIP requirements are not considered in connection with this OMB control number renewal. Pursuant to 31 CFR 1023.410(b), a broker or dealer in securities must retain an original or copy of: (1) each document granting signature or trading authority over each customer’s account; (2) a record of each remittance or transfer of funds, or of currency, checks, other monetary instruments, investment securities, or credit, of more than $10,000 to a person, account, or place outside the United States; (3) a record of each receipt of currency, other monetary instruments, investment securities, or checks, and of each transfer of funds or credit, of more than $10,000 on any one occasion, not through a domestic financial institution, from any person, account, or place outside the United States; and (4) each record described in paragraphs (1), (2), (3), (5), (6), (7), (8), and (9) of 17 CFR 240.17a-3(a). To the extent that these records include originals or copies of checks, drafts, monetary instruments, investment securities, or other similar instruments, copies of front and back of such instruments must generally be retained. If no record is made in the ordinary course of business of any transaction with respect to which records are required to be retained, then such a record shall be prepared in writing. Records must be maintained for five years.

US Code: 31 USC 5311-5330 Name of Law: Money nad Finance
  
None

Not associated with rulemaking

  89 FR 65980 08/13/2024
89 FR 86412 10/30/2024
Yes

1
IC Title Form No. Form Name
Regulations Requiring Additional Records to be Made and Retained by Brokers or Dealers in Securities

  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 3,478 3,640 0 0 -162 0
Annual Time Burden (Hours) 347,800 364,000 0 0 -16,200 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The estimated total annual burden hours decreased by 16,200 hours from 364,000 hours in 2020 to 347,800 hours in 2024, although the annual hourly burden estimate for these recordkeeping requirements remained the same as in 2020. The reduction is solely a result of a decrease in the estimated number of brokers or dealers in securities from 3,640 in 2020 to 3,478 in 2024.

$0
No
    No
    No
No
No
No
No
FinCEN Resource Center 800 767-2825 [email protected]

  No

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.
10/30/2024


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