Records to be made and retained by financial institutions (31 CFR 1010.410 and 31 CFR 1022.420)

ICR 202410-1506-005

OMB: 1506-0058

Federal Form Document

Forms and Documents
ICR Details
1506-0058 202410-1506-005
Received in OIRA 202102-1506-002
TREAS/FINCEN
Records to be made and retained by financial institutions (31 CFR 1010.410 and 31 CFR 1022.420)
Extension without change of a currently approved collection   No
Regular 10/30/2024
  Requested Previously Approved
36 Months From Approved 10/31/2024
320,352 64,493
4,015,839 1,854,742
0 0

Each financial institution must retain an original or copy of records related to extensions of credit in excess of $10,000 (other than those secured by real property), and records related to transfers of funds, currency, other monetary instruments, checks, investment securities, or credit of more than $10,000 to or from the United States (31 CFR 1010.410(a)-(d)). Banks and non-bank financial institutions must also maintain records related to, and include certain information as part of, funds transfers or transmittals of funds involving more than $3,000 (31 CFR 1010.410(e)-(f)). In addition, under 31 CFR 1022.420, each provider or seller of prepaid access is required to maintain access to transactional records generated in the ordinary course of business that would be needed to reconstruct prepaid access activation, loads, reloads, purchases, withdrawals, transfers, or other prepaid-related transactions.

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

Not associated with rulemaking

  89 FR 65971 08/13/2024
89 FR 86412 10/30/2024
Yes

  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 320,352 64,493 0 0 255,859 0
Annual Time Burden (Hours) 4,015,839 1,854,742 0 0 2,161,097 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The total annual burden hours increased by 2,161,097 hours from 1,854,742 hours in 2020 to 4,015,839 in 2024, although the annual hourly burden estimates for each regulatory requirement remained the same as in 2020. The increase in burden is solely a result of an increase in the number of financial institutions impacted by each of the regulatory requirements.

$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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