This PDF is the current document as it appeared on Public Inspection on 02/09/2015 at 08:45 am.
Financial Crimes Enforcement Network (“FinCEN”), Treasury.
Notice and request for comments.
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a renewal without change to a currently approved information collection contained in the Registration of Money Services Business, FinCEN Form 107. The form will be used by dealers in foreign exchange, check cashers, issuers or sellers of traveler's checks or money orders, issuers, sellers, or redeemers of stored value, and money transmitters to register with the Department of the Treasury as required by statute. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Written comments are welcome and must be received on or before April 13, 2015.
Written comments should be submitted to: Policy Division, Financial Crimes Enforcement Network, U.S Department of the Treasury, P.O. Box 39, Vienna, VA 22183. Attention: PRA Comments—MSB Registration-Form 107. Comments also may be submitted by electronic mail to the following Internet address: email@example.com, again with a caption, in the body of the text, “Attention: PRA Comments—MSB Registration-Form 107.” Please cite specific OMB Control Number(s) listed above when commenting.
Instructions. It is preferable for comments to be submitted by electronic mail. Please submit comments by one method only. All submissions received must include the agency name and the specific OMB control number for this notice.
Inspection of comments. Comments may be inspected, between 10 a.m. and 4 p.m., in the FinCEN reading room in Vienna, VA. Persons wishing to inspect the comments submitted must request an appointment with the Disclosure Officer by telephoning (703) 905-5034 (not a toll free call).Start Further Info
FOR FURTHER INFORMATION CONTACT:
The FinCEN Regulatory helpline at (800) 767-2825 or email firstname.lastname@example.org.End Further Info End Preamble Start Supplemental Information
The statute generally referred to as the “Bank Secrecy Act,” Titles I and II of Public Law 91-508, as amended, codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5330, authorizes the Secretary of the Treasury, among other things, to issue regulations requiring records and reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters, or in the conduct of intelligence or counter-intelligence activities to protect against international terrorism, and to implement counter-money laundering programs and compliance procedures. Regulations implementing Title II of the Bank Secrecy Act (codified at 31 U.S.C. 5311-5330) appear at 31 CFR Chapter X. The authority of the Secretary to administer the Bank Secrecy Act has been delegated to the Director of FinCEN.
Title: Registration of Money Services Business.
OMB Number: 1506-0013.
Form Number: FinCEN Form 107.
Abstract: Under 31 U.S.C. 5330 and its implementing regulations, money services businesses must register with the Department of the Treasury, maintain a list of their agents, and renew their registration every two years. Currently, money services businesses register by filing FinCEN Form 107, which is being renewed without change. The information collected on the form is required to comply with 31 U.S.C. 5330 and its implementing regulations. The information will be used to assist supervisory and law enforcement agencies in the enforcement of criminal, tax, and regulatory laws and to prevent money services businesses from being used by those engaging in money laundering. The collection of information is mandatory.
Current Actions: The current Form 107 and instructions are being renewed without change.
Type of Review: Renewal of currently approved collection report.
Affected Public: Individuals, business or other for-profit institutions, and not-for-profit institutions.
Frequency: As required.
Estimated Burden: Reporting average of 30 minutes per response; recordkeeping average of 30 minutes per response.
Estimated Number of Respondents: 42,000.Start Printed Page 7528
Estimated Total Annual Burden Hours: 42,000 hours.
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Records required to be retained under the Bank Secrecy Act must be retained for five years. Generally, information collected pursuant to the Bank Secrecy Act is confidential, but may be shared as provided by law with regulatory and law enforcement authorities.
Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance and purchase of services to provide information.Start Signature
Dated: February 3, 2015.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
1. Language expanding the scope of the Bank Secrecy Act to intelligence or counter-intelligence activities to protect against international terrorism was added by Section 358 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.Back to Citation
[FR Doc. 2015-02726 Filed 2-9-15; 8:45 am]
BILLING CODE 4810-02-P