Notice2023-16573
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Administrative Rulings Regulations
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
August 3, 2023
Issuing agencies
Treasury DepartmentFinancial Crimes Enforcement Network
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 found in existing Bank Secrecy Act (BSA) regulations. Specifically, the regulations provide procedures for requestors to seek, and for FinCEN to issue, administrative rulings. This request for comments is made pursuant to the Paperwork Reduction Act of 1995 (PRA).
Full Text
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<title>Federal Register, Volume 88 Issue 148 (Thursday, August 3, 2023)</title>
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[Federal Register Volume 88, Number 148 (Thursday, August 3, 2023)]
[Notices]
[Pages 51399-51400]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-16573]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Proposed Renewal;
Comment Request; Renewal Without Change of Administrative Rulings
Regulations
AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury.
ACTION: Notice and request for comments.
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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 found in existing Bank
Secrecy Act (BSA) regulations. Specifically, the regulations provide
procedures for requestors to seek, and for FinCEN to issue,
administrative rulings. This request for comments is made pursuant to
the Paperwork Reduction Act of 1995 (PRA).
DATES: Written comments are welcome and must be received on or before
October 2, 2023.
ADDRESSES: Comments may be submitted by any of the following methods:
<bullet> Federal E-Rulemaking Portal: <a href="http://www.regulations.gov">http://www.regulations.gov</a>.
Follow the instructions for submitting comments.
[[Page 51400]]
Refer to Docket Number FINCEN-2023-0009 and the Office of Management
and Budget (OMB) control number 1506-0050.
<bullet> Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2023-0009 and OMB control number 1506-0050.
Please submit comments by one method only. Comments will be
reviewed consistent with the PRA \1\ and applicable OMB regulations and
guidance. All comments submitted in response to this notice will become
a matter of public record. Therefore, you should submit only
information that you wish to make publicly available.
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\1\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
FOR FURTHER INFORMATION CONTACT: FinCEN's Regulatory Support Section
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(RSS) at 1-800-767-2825 or electronically at <a href="/cdn-cgi/l/email-protection#5c3a2e3f1c3a35323f3932723b332a"><span class="__cf_email__" data-cfemail="5630243516303f3835333878313920">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Provisions
The legislative framework generally referred to as the Bank Secrecy
Act (BSA) consists of the Currency and Foreign Transactions Reporting
Act of 1970, as amended by the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (USA PATRIOT Act), Public Law 107-56 (October 26,
2001), and other legislation, including the Anti-Money Laundering Act
of 2020 (AML Act).\2\ The BSA is codified at 12 U.S.C. 1829b, 12 U.S.C.
1951-1960, and 31 U.S.C. 5311-5314 and 5316-5336, and notes thereto,
with implementing regulations at 31 CFR chapter X.
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\2\ The AML Act was enacted as Division F, sections 6001-6511,
of the William M. (Mac) Thornberry National Defense Authorization
Act for Fiscal Year 2021, Public Law 116-283, 134 Stat. 3388 (2021).
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The BSA authorizes the Secretary of the Treasury (the
``Secretary''), inter alia, to require financial institutions to keep
records and file reports that are determined to have a high degree of
usefulness in criminal, tax, or regulatory matters, risk assessments or
proceedings, or in the conduct of intelligence or counter-intelligence
activities to protect against international terrorism, and to implement
AML programs and compliance procedures.\3\ Regulations implementing the
BSA appear at 31 CFR chapter X. The authority of the Secretary to
administer the BSA has been delegated to the Director of FinCEN.\4\
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\3\ Section 358 of the USA PATRIOT Act expanded the purpose of
the BSA, by including a reference to reports and records ``that have
a high degree of usefulness in intelligence or counterintelligence
activities to protect against international terrorism.'' Section
6101 of the AML Act further expanded the purpose of the BSA to cover
such matters as preventing money laundering, tracking illicit funds,
assessing risk, and establishing appropriate frameworks for
information sharing.
\4\ Treasury Order 180-01 (Jan. 14, 2020).
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A FinCEN administrative ruling is a written ruling interpreting the
relationship between the regulations implementing the BSA at 31 CFR
chapter X and each situation for which such a ruling has been requested
in conformity with the regulatory requirements.\5\ The regulations
implementing the procedures for requestors to submit, and for FinCEN to
issue, administrative rulings appear in Part 1010, Subpart G--
Administrative Rulings. Specifically, the regulations address the
following: (a) how to submit a request for an administrative ruling (31
CFR 1010.711); (b) treatment of non-conforming requests (31 CFR
1010.712); (c) treatment of oral communications (31 CFR 1010.713); (d)
withdrawal of administrative ruling requests (31 CFR 1010.714); (e)
issuance of administrative rulings (31 CFR 1010.715); (e) modification
and rescission of administrative rulings (31 CFR 1010.716); and (f)
disclosure of administrative ruling (31 CFR 1010.717). An
administrative ruling has precedential value, and may be relied upon by
others similarly situated, only if FinCEN makes it available to the
public through publication on the FinCEN website or other appropriate
forum.\6\
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\5\ See 31 CFR 1010.715.
\6\ Id. FinCEN's administrative rulings are collected on the
FinCEN website at the following address: <a href="https://www.fincen.gov/resources/statutes-regulations/administrative-rulings">https://www.fincen.gov/resources/statutes-regulations/administrative-rulings</a>.
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II. Paperwork Reduction Act of 1995
Title: Administrative Rulings Regulations (Subpart G--31 CFR
1010.710 through 31 CFR 1010.717).
OMB Control Number: 1506-0050.
Report Number: Not applicable.
Abstract: FinCEN is issuing this notice to renew the OMB control
number for the administrative rulings regulations.
Affected Public: Businesses or other for-profit institutions, non-
profit institutions, and individuals.
Type of Review: Renewal without change of a currently approved
information collection.
Frequency: As required.
Estimated Number of Requests Annually: 44 requests.\7\
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\7\ In 2020, 2021, and 2022 FinCEN received a total of 132
administrative ruling requests. 132 requests divided by 3 years
equals 44 requests annually.
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Estimated Recordkeeping Burden: FinCEN receives on average 44
administrative ruling requests per year. FinCEN continues to estimate
that it takes a requestor approximately two hours to draft and submit
an administrative rule request to FinCEN.\8\ This results in an
estimated total annual burden of 88 hours (44 administrative ruling
requests multiplied by two hours per request).
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\8\ When this OMB control number was last renewed in 2020,
FinCEN estimated the total burden per requestor to draft and submit
an administrative ruling request was two hours per requestor.
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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 BSA must be retained for five years.
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.
Himamauli Das,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. 2023-16573 Filed 8-2-23; 8:45 am]
BILLING CODE 4810-02-P
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