Notice2023-13514
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Financial Crimes Enforcement Network (FinCEN).
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 26, 2023
Issuing agencies
Treasury Department
Abstract
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, to an information collection requirement contained in FinCEN's regulations and FinCEN Form 107--Registration of Money Services Business (RMSB). Under the regulations, money services businesses (MSBs) must register with FinCEN using FinCEN Form 107, renew their registration every two years, and maintain a list of their agents. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 121 (Monday, June 26, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 121 (Monday, June 26, 2023)]
[Notices]
[Pages 41466-41467]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-13514]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Financial Crimes Enforcement Network (FinCEN).
AGENCY: Financial Crimes Enforcement Network, U.S. Department of the
Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: As part of its continuing effort to reduce paperwork and
respondent burden, FinCEN invites comments on the proposed renewal,
without change, to an information collection requirement contained in
FinCEN's regulations and FinCEN Form 107--Registration of Money
Services Business (RMSB). Under the regulations, money services
businesses (MSBs) must register with FinCEN using FinCEN Form 107,
renew their registration every two years, and maintain a list of their
agents. This request for comments is made pursuant to the Paperwork
Reduction Act of 1995.
DATES: Comments should be received on or before July 26, 2023 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
Copies of the submissions may be obtained from Melody Braswell by
emailing <a href="/cdn-cgi/l/email-protection#5c0c0e1d1c282e393d2f292e25723b332a"><span class="__cf_email__" data-cfemail="90c0c2d1d0e4e2f5f1e3e5e2e9bef7ffe6">[email protected]</span></a>, calling (202) 622-1035, or viewing the
entire information collection request at <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Financial Crimes Enforcement Network (FinCEN)
Title: Registration of Money Services Businesses.
OMB Control Number: 1506-0013.
Form Number: FinCEN Form 107--RMSB.
Abstract: FinCEN is issuing this notice to renew the OMB control
number for the registration of money services business regulations at
31 CFR 1022.380 and FinCEN Form 107--RMSB.
Type of Review: Extension without change of a currently approved
information collection.
Affected Public: Business or other for-profit institutions.
Initial Registration
Frequency: As required.
Estimated Burden per Respondent: FinCEN estimates that the hourly
burden of filing and maintaining a copy of the initial RMSB form is 1
hour and 10 minutes. (1 hour to fill out the form and file it, and 10
minutes to save the form electronically and print out a copy to
maintain). FinCEN stipulates that the information required to be
included on the form is basic information MSBs need to maintain to
conduct business. The e-filing system prompts MSBs to save the
registration form after submission.
Estimated Number of Respondents: 3,603 MSBs.
Estimated Total Annual Burden Hours: 4,204 hours.
Registration Renewal
Frequency: Every two years.
Estimated Burden per Respondent: FinCEN estimates that the hourly
burden of filing and maintaining a copy of the renewal of the RMSB form
is 40 minutes (30 minutes to revise the form and file it, and 10
minutes to save the form electronically and print out a copy to
maintain). FinCEN stipulates that the information required to be
included on the form is basic information MSBs need to maintain to
conduct business. In addition, FinCEN's e-filing system allows MSBs to
open a previously filed RMSB form and the electronic form is pre-
populated with the information from the prior filing. MSBs can amend
Part I by selecting item 1b (renewal) and submit the form. MSBs can
update any information required on the form prior to submitting the
form electronically. The e-filing system prompts MSBs to save the
registration form after submission.
Estimated Number of Respondents: 8,429 MSBs.
Estimated Total Annual Burden Hours: 5,619 hours.
Re-Registration
Frequency: As required.
Estimated Burden per Respondent: FinCEN estimates that the hourly
burden of filing and maintaining a copy of the re-registration of the
RMSB form is 40 minutes (30 minutes to revise the form and file it, and
10 minutes to save the form electronically and print out a copy to
maintain). FinCEN stipulates that the information required to be
included on the form is basic information MSBs need to maintain to
conduct business. In addition, FinCEN's e-filing system allows MSBs to
open a previously filed RMSB form and the electronic form is pre-
populated with
[[Page 41467]]
the information from the prior filing. MSBs can amend Part I by
selecting item 1d (re-registration) and selecting the appropriate
response in item 2. MSBs can amend the applicable information required
on the form and submit it electronically. The e-filing system prompts
MSBs to save the registration form after submission.
Estimated Number of Respondents: 201 MSBs.
Estimated Total Annual Burden Hours: 134 hours.
Maintenance of Agent List
Frequency: Annually.
Estimated Burden: FinCEN estimates that the hourly burden of
drafting an agent list and revising it annually is 30 minutes per MSB.
FinCEN stipulates that the information required to be included on an
agent list is basic information MSBs need to maintain to conduct
business. FinCEN does not require the MSB to maintain the list in any
particular format; therefore, the MSB can leverage its business records
to create and revise the list.
Estimated Number of Respondents: 26,276.
Estimated Total Annual Burden Hours: 13,138 hours.
Total Annual Burden Hours for this Information Collection: 23,095
hours.
Records required to be retained under the BSA must be retained for
five years. Generally, information reported pursuant to the BSA is
confidential or otherwise protected from disclosure but may be shared
as provided by law with regulatory and law enforcement authorities.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2023-13514 Filed 6-23-23; 8:45 am]
BILLING CODE 4810-02-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on June 26, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.