Notice2024-14296
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Financial Crimes Enforcement Network Information Collection Requests
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 28, 2024
Issuing agencies
Treasury Department
Abstract
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 125 (Friday, June 28, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 125 (Friday, June 28, 2024)]
[Notices]
[Pages 54162-54163]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-14296]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Multiple Financial Crimes Enforcement Network
Information Collection Requests
AGENCY: Departmental Offices, Department of the Treasury.
ACTION: Notice of information collection; request for comment.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on these requests.
DATES: Comments should be received on or before July 29, 2024 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.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Spencer W. Clark by emailing <a href="/cdn-cgi/l/email-protection#c595978485b1b7a0a4b6b0b7bceba2aab3"><span class="__cf_email__" data-cfemail="a8f8fae9e8dcdacdc9dbdddad186cfc7de">[email protected]</span></a>, calling
(202) 927-5331, 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)
1. Title: Anti-Money Laundering Programs for Money Services
Businesses, Mutual Funds, and Operators of Credit Card Systems.
OMB Control Number: 1506-0020.
Type of Review: Extension without change of a currently approved
collection.
Description: Section 352 of the USA PATRIOT Act added subsection
(h) to 31 U.S.C. 5318 of the BSA that requires the Secretary of the
Treasury to require financial institutions to establish and maintain
anti-money laundering (``AML'') programs. Pursuant to section 352,
FinCEN issued regulations requiring money services businesses
(``MSBs''), mutual funds, and operators of credit card systems to
develop and implement a written AML program, respectively 31 CFR
1022.210, 31 CFR 1024.210, and 31 CFR 1028.210. The program must be
reasonably designed to prevent these financial institutions from being
used for money laundering or the financing of terrorist activities, and
to achieve and monitor compliance with applicable BSA requirements.
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Number of Respondents: 258,065.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 2,853,697.
Estimated Time per Response: Varies by activity from 2 minutes to 1
hour.
Estimated Total Annual Burden Hours: 159,982.
2. Title: Anti-Money Laundering Programs for Dealers in Precious
Metals, Precious Stones, or Jewels.
OMB Control Number: 1506-0030.
Type of Review: Extension without change of a currently approved
collection.
Description: Section 352 of the USA PATRIOT Act added subsection
(h) to 31 U.S.C. 5318 of the BSA that requires the Secretary of the
Treasury to require financial institutions to establish and maintain
anti-money laundering (``AML'') programs. Pursuant to section 352,
FinCEN issued regulations requiring dealers in precious metals,
precious stones, or jewels to develop and implement a written AML
program (31 CFR 1027.210). The program must be reasonably designed to
prevent these financial institutions from being used for money
laundering or the financing of terrorist activities, and to achieve and
monitor compliance with applicable BSA requirements.
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Number of Respondents: 6.700.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 6,700.
Estimated Time per Response: Varies by activity from five minutes
to one hour.
Estimated Total Annual Burden Hours: 7,817.
3. Title: Anti-Money Laundering Programs for Insurance Companies,
Non-Bank Residential Mortgage Lenders and Originators, and Banks
Lacking a Federal Functional Regulator.
OMB Control Number: 1506-0035.
Type of Review: Extension without change of a currently approved
collection.
Description: Section 352 of the USA PATRIOT Act added subsection
(h) to 31 U.S.C. 5318 of the BSA that requires the Secretary of the
Treasury to require financial institutions to establish and maintain
anti-money laundering (``AML'') programs. Pursuant to section 352,
FinCEN issued regulations requiring insurance companies and non-bank
residential mortgage lenders and originators (``RMLOs'') to develop and
implement a written AML program. The program must be reasonably
designed to prevent these financial institutions from being used for
money laundering or the financing of terrorist activities, and to
achieve and monitor compliance with applicable BSA requirements.
On September 14, 2020, FinCEN issued a final rule implementing
sections 352, 326 and 312 of the USA PATRIOT Act and removing the AML
program exemption for banks that lack a Federal functional regulator,
including, but not limited to, private banks, non-federally insured
credit unions, and certain trust companies (the ``Final Rule''). The
Final Rule requires minimum standards for AML programs for banks
without a Federal functional regulator to ensure that all banks,
regardless of whether they are subject to Federal regulation and
oversight, are required to establish and implement AML programs, and
extends customer identification program requirements and beneficial
ownership requirements to those banks not already subject to these
requirements.
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Number of Respondents: 18,278.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 18,278.
Estimated Time per Response: Varies by activity from five minutes
to one hour.
Estimated Total Annual Burden Hours: 21,924.
[[Page 54163]]
Authority: 44 U.S.C. 3501 et seq.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2024-14296 Filed 6-27-24; 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 28, 2024.
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.