Notice2025-11211
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reports of Transportation of Currency or Monetary Instruments; Report of International Transportation of Currency or Monetary Instruments-FinCEN Form 105
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 18, 2025
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, of certain existing information collection requirements found in Bank Secrecy Act (BSA) regulations. Specifically, the regulations require each person who physically transports, mails, or ships; or causes to be physically transported, mailed, or shipped; or attempts to physically transport, mail, or ship; or attempts to cause to be physically transported, mailed, or shipped, currency or other monetary instruments in an aggregate amount exceeding $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States, to file a Report of International Transportation of Currency or Monetary Instruments (CMIR). The regulations also require that each person who receives in the U.S. currency or other monetary instruments in an aggregate amount exceeding $10,000 at one time which have been transported, mailed, or shipped to such person from any place outside the United States, to file a CMIR if the CMIR has not already been filed. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 116 (Wednesday, June 18, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 116 (Wednesday, June 18, 2025)]
[Notices]
[Pages 26090-26097]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-11211]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Proposed Renewal;
Comment Request; Renewal Without Change of Reports of Transportation of
Currency or Monetary Instruments; Report of International
Transportation of Currency or Monetary Instruments--FinCEN Form 105
AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: As part of its continuing effort to reduce paperwork and
respondent burden, FinCEN invites comments on the proposed renewal,
without change, of certain existing information collection requirements
found in Bank Secrecy Act (BSA) regulations. Specifically, the
regulations require each person who physically transports, mails, or
ships; or causes to be physically transported, mailed, or shipped; or
attempts to physically transport, mail, or ship; or attempts to cause
to be physically transported, mailed, or shipped, currency or other
monetary instruments in an aggregate amount exceeding $10,000 at one
time from the United States to any place outside the United States, or
into the United States from any place outside the United States, to
file a Report of International Transportation of Currency or Monetary
Instruments (CMIR). The regulations also require that each person who
receives in the U.S. currency or other monetary instruments in an
aggregate amount exceeding $10,000 at one time which have been
transported, mailed, or shipped to such person from any place outside
the United States, to file a CMIR if the CMIR has not already been
filed. This request for comments is made pursuant to the Paperwork
Reduction Act of 1995.
DATES: Written comments are welcome and must be received on or before
August 18, 2025.
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. Refer to Docket Number
FINCEN-2025-0008 and Office of Management and Budget (OMB) control
number 1506-0014.
<bullet> Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2025-0008 and OMB control number 1506-0014.
Please submit comments by one method only. Comments will be
reviewed consistent with the Paperwork Reduction Act of 1995 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.
FOR FURTHER INFORMATION CONTACT: FinCEN's Regulatory Support Section by
submitting an inquiry at <a href="http://www.fincen.gov/contact">www.fincen.gov/contact</a>.
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Provisions
The legislative framework generally referred to as the 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),\1\ and other legislation, including the Anti-
Money Laundering Act of 2020 (AML Act).\2\ The BSA is codified at 12
U.S.C. 1829b and 1951-1960, and 31 U.S.C. 5311-5314 and 5316-5336,
including notes thereto, with implementing regulations at 31 CFR
chapter X.
---------------------------------------------------------------------------
\1\ Public Law 107-56, 115 Stat. 272 (Oct. 26, 2001).
\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 (Jan.
1, 2021).
---------------------------------------------------------------------------
The BSA authorizes the Secretary of the Treasury (Secretary) to,
inter alia, require financial institutions to keep records and file
reports that are determined to have a high degree of usefulness in
criminal, tax, or regulatory investigations, risk assessments or
proceedings, or in intelligence or counter-intelligence activities,
including analysis, to protect against terrorism, and to implement
anti-money laundering/countering the financing of terrorism (AML/CFT)
programs and compliance procedures.\3\ The Secretary has delegated to
the Director of FinCEN (Director) the authority to administer the
BSA.\4\
---------------------------------------------------------------------------
\3\ See 31 U.S.C. 5311(2).
\4\ Treasury Order 180-01 (reaffirmed Jan. 14, 2020); see also
31 U.S.C. 310(b)(2)(I) (providing that the Director of FinCEN shall
``[a]dminister the requirements of subchapter II of chapter 53 of
this title, chapter 2 of title I of Public Law 91-508, and section
21 of the Federal Deposit Insurance Act, to the extent delegated
such authority by the Secretary'').
---------------------------------------------------------------------------
31 U.S.C. 5316 requires, with limited exceptions, that a person, or
an agent or
[[Page 26091]]
bailee of the person, file a report when the person, agent, or bailee
knowingly: (i) transports, is about to transport, or has transported
monetary instruments \5\ of more than $10,000 at one time from a place
in the United States to or through a place outside the United States,
or to a place in the United States from or through a place outside the
United States; or (ii) receives monetary instruments of more than
$10,000 at one time transported into the United States from or through
a place outside the United States. The regulations implementing this
statutory requirement are found at 31 CFR 1010.340 and 31 CFR
1010.306.\6\
---------------------------------------------------------------------------
\5\ For purposes of 31 U.S.C. 5316, monetary instruments are
defined at 31 U.S.C. 5312(a)(3).
\6\ See specifically 31 CFR 1010.306(b), (d), and (e).
---------------------------------------------------------------------------
31 CFR 1010.306(d) states that CMIRs required to be filed pursuant
to 31 CFR 1010.340 must be filed on forms prescribed by the Secretary
and all information called for in such form must be furnished. CMIRs
may be obtained from Customs and Border Protection (CBP) or FinCEN,\7\
and may be completed in paper or online via computer or handheld
digital device with internet capability, such as a smartphone.\8\
---------------------------------------------------------------------------
\7\ 31 CFR 1010.306(e).
\8\ See infra note 14; see also infra note 21.
---------------------------------------------------------------------------
31 CFR 1010.340(a) requires each person \9\ who physically
transports, mails, or ships; or causes to be physically transported,
mailed, or shipped; or attempts to physically transport, mail, or ship;
or attempts to cause to be physically transported, mailed, or shipped,
currency \10\ or other monetary instruments \11\ in an aggregate amount
exceeding $10,000 at one time from the United States to any place
outside the United States, or into the United States from any place
outside the United States, to file a CMIR.\12\ CMIRs required to be
filed pursuant to 31 CFR 1010.340(a) must be filed at the time of entry
into the United States or at the time of departure, mailing, or
shipping from the United States, unless otherwise specified by the
Commissioner of CBP.\13\ CMIRs required to be filed pursuant to 31 CFR
1010.340(a) for currency or other monetary instruments not physically
accompanying a person entering or departing from the United States may
be filed by mail on or before the date of entry, departure, mailing, or
shipping.\14\
---------------------------------------------------------------------------
\9\ FinCEN regulations define a ``person'' as an individual, a
corporation, partnership, a trust or estate, a joint stock company,
an association, a syndicate, joint venture or other unincorporated
organization or group, an Indian Tribe (as that term is defined in
the Indian Gaming Regulatory Act), and all entities cognizable as
legal personalities. 31 CFR 1010.100(mm). In this notice, persons
who are associated with the transportation, mailing, or shipment of
currency or other monetary instruments completed in their capacity
as individuals (on their own behalf or for another individual) are
referred to as ``individuals.'' All types of persons that are not
individuals, but for whom a transportation, mailing, or shipment of
currency or other monetary instruments that requires the submission
of a CMIR is completed are referred to as ``entities.'' While FinCEN
believes this use of terminology is generally consistent with
classification and discussion elsewhere, such as in previous OMB
control renewals (see, e.g., FinCEN, Agency Information Collection
Activities; Proposed Renewal; Comment Request; Renewal Without
Change of the Report of International Transportation of Currency or
Monetary Instruments; FinCEN Report 105, 87 FR 16548 (Mar. 23, 2022)
(the 2022 CMIR PRA Renewal); see also FinCEN, Agency Information
Collection Activities; Proposed Renewal; Comment Request; Renewal
Without Change of the Report of International Transportation of
Currency or Monetary Instruments, 83 FR 46013 (Sept. 11, 2018)), and
the electronic format and filing instructions of the CMIR (see infra
note 11), this classification may, in some cases, differ from the
terminology employed elsewhere. Further discussion and explanation
that would facilitate mapping between differences in terminology are
provided in Section II below.
\10\ FinCEN regulations define currency at 31 CFR 1010.100(m).
\11\ FinCEN regulations define monetary instruments at 31 CFR
1010.100(dd).
\12\ A person is deemed to have caused such transportation,
mailing or shipping when he or she aids, abets, counsels, commands,
procures, or requests it to be done by a financial institution or
any other person. 31 CFR 1010.340(a).
\13\ 31 CFR 1010.306(b)(1) and (b)(3).
\14\ 31 CFR 1010.306(b)(3). In early 2020, CBP implemented a
web-based platform for the electronic completion of CMIRs by
travelers transporting their own currency or monetary instruments.
Travelers using this platform must still present the evidence of the
electronic completion of the report to the CBP officer in charge at
any port of entry or departure. See <a href="https://fincen105.cbp.dhs.gov/#/">https://fincen105.cbp.dhs.gov/#/</a>.
---------------------------------------------------------------------------
31 CFR 1010.340(b) requires each person who receives in the United
States \15\ currency or other monetary instruments in an aggregate
amount exceeding $10,000 at one time which have been transported,
mailed, or shipped to such person from any place outside the United
States, to file a CMIR if the CMIR has not already been filed pursuant
to 31 CFR 1010.340(a), whether or not required to be filed thereunder.
The CMIR must include the amount, the date of receipt, the form of
monetary instruments, and the person from whom the funds were received.
CMIRs required to be filed pursuant to 31 CFR 1010.340(b) must be filed
within 15 calendar days after receipt of the currency or other monetary
instruments.\16\ All CMIRs required to be filed pursuant to 31 CFR
1010.340 must be filed with the customs officer in charge at any port
of entry or departure, or as otherwise specified by CBP, such as by
mail.\17\
---------------------------------------------------------------------------
\15\ See supra note 9 for the definition of ``person'' to whom
the requirements apply in this context.
\16\ 31 CFR 1010.306(b)(2).
\17\ 31 CFR 1010.306(b)(3).
---------------------------------------------------------------------------
31 CFR 1010.340(c) includes a list of persons that are not required
to file a CMIR. These include banks, foreign banks, and broker or
dealers in securities, with respect to currency or other monetary
instruments mailed or shipped through the postal service or by common
carrier, and persons engaged as a business in the transportation of
currency, monetary instruments and other commercial papers, with
respect to the transportation of currency or other monetary instruments
overland between established offices of banks or brokers or dealers in
securities and foreign persons.\18\
---------------------------------------------------------------------------
\18\ 31 CFR 1010.340(c)(2), (9).
---------------------------------------------------------------------------
31 CFR 1010.340(d) clarifies that a transfer of funds through
normal banking procedures, which does not involve the physical
transportation of currency or monetary instruments, is not required to
be reported on the CMIR. 31 CFR 1010.340(d) also states that no more
than one CMIR needs to be filed covering a particular transportation,
mailing or shipping of currency or other monetary instruments with
respect to which a complete and truthful CMIR has been filed by a
person. However, no person required to file a CMIR under 31 CFR
1010.340(a) or (b) is excused from liability for failure to do so, if
in fact, a complete and truthful report has not been filed.
A person transporting, mailing, or shipping the person's own
currency or other monetary instruments in an aggregate amount in excess
of $10,000 at one time from the United States to any place outside the
United States, or into the United States from any place outside the
United States, or receiving such value on their own behalf from a place
outside the United States, must provide their own information when
completing the CMIR. An individual acting for anyone else when
transporting, shipping, mailing, or receiving currency or monetary
instruments in excess of $10,000 must provide (a) the individual's own
information, and (b) information about (i) the person (individual or
entity) on whose behalf the transaction was conducted, and, if currency
is mailed, (ii) the person from whom the currency or monetary
instruments were received, and/or (iii) the person to whom the currency
or monetary instruments were shipped.\19\
---------------------------------------------------------------------------
\19\ See 31 CFR 1010.340(a), (b). See also FIN-2014-G002 (Aug.1,
2014) (CMIR guidance for common carriers of currency, including
armored car services), available at <a href="https://www.fincen.gov/resources/statutes-regulations/guidance/cmir-guidance-common-carriers-currency-including-armored">https://www.fincen.gov/resources/statutes-regulations/guidance/cmir-guidance-common-carriers-currency-including-armored</a>.
---------------------------------------------------------------------------
[[Page 26092]]
II. Paperwork Reduction Act of 1995 (PRA) <SUP>20</SUP>
---------------------------------------------------------------------------
\20\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
---------------------------------------------------------------------------
Title: Reports of transportation of currency or monetary
instruments (31 CFR 1010.340).
OMB Control Number: 1506-0014.
Form Number: FinCEN Form 105 (CMIR).\21\
---------------------------------------------------------------------------
\21\ A copy of the paper form CMIR can be found on FinCEN's
website at <a href="https://www.fincen.gov/sites/default/files/shared/fin105_cmir.pdf">https://www.fincen.gov/sites/default/files/shared/fin105_cmir.pdf</a>. A copy of the electronic form CMIR can also be
found on the CBP website at <a href="https://fincen105.cbp.dhs.gov/#/">https://fincen105.cbp.dhs.gov/#/</a>.
---------------------------------------------------------------------------
Abstract: FinCEN is issuing this notice to renew the OMB control
number for the CMIR regulations and associated form(s).\22\
---------------------------------------------------------------------------
\22\ See supra note 21.
---------------------------------------------------------------------------
Affected Public: Individuals and entities.
Type of Review: Renewal without change of a currently approved
information collection.
Frequency: As required.
Estimated Number of Annual Respondents: 108,400.\23\
---------------------------------------------------------------------------
\23\ This estimate is based on the number of identifiably unique
filers associated with CMIRs filed in calendar year 2024, which
included approximately 100,000 individuals and 8,400 entities.
---------------------------------------------------------------------------
In this renewal, FinCEN is refining its approach to distinguish its
estimate of the number of identifiably unique filers of CMIRs
(respondents) from the total number of filings (responses) in a given
year. In prior renewals, FinCEN did not make this distinction between
filers and filings due to limitations in available data and analytical
capacity, and therefore conservatively classified each CMIR filing as
received from a unique respondent. While such an approach would not
materially change FinCEN's estimates of per-response burdens in general
and on average, it overestimates the number of persons affected by the
regulatory requirements. Additionally, it limits the ability to analyze
how the reporting burden may be borne, and costs may accrue,
differentially across the affected subpopulations of respondents
whenever the distribution of responses by filer type differs from the
distribution of respondents by filer type.
For example, data on CMIRs filed in calendar year 2024 indicate
that approximately 77.3 percent were filed by individuals,\24\ and
approximately 22.7 percent were filed by entities.\25\ Over the same
period, as illustrated in Table 1 below, identifiably unique
individuals made up approximately 92.3 percent of the respondent
population, while entities constituted only approximately 7.7
percent.\26\ This implies that comparatively, on average, each percent
of the total respondent population that self-identified as filing in
their capacity as an entity was associated with approximately 3.5 times
more of the total annual CMIR filings in 2024 than its counterpart in
the subpopulation of individual filers. Put differently, on average,
each identifiably unique respondent that self-reported as an entity
filed approximately 4 times more CMIRs per year than the average
individual filer.
---------------------------------------------------------------------------
\24\ See infra note 34; see also Table 2 for a description of
how FinCEN operationally defines individuals and filings by
individuals in this PRA analysis.
\25\ See infra note 34; see also Table 2 for a description of
how FinCEN operationally defines entities and filings by entities in
this PRA analysis.
\26\ See Table 1.
Table 1--Distribution of Annual Respondents by Type
----------------------------------------------------------------------------------------------------------------
Percent of
total
Filer type Filed on behalf of Number of Percent of estimated
filers filer type filer
population
----------------------------------------------------------------------------------------------------------------
Individual Filers \a\................. Self.................... \b\ 76,000 \c\ 76 70.1
Other Individual........ \d\ 24,000 \e\ 24 22.2
-----------------------------------------------------------------
Entity Filers \f\............................................... \g\ 8,400 100 7.7
----------------------------------------------------------------------------------------------------------------
Total....................................................... 108,400 .............. 100
----------------------------------------------------------------------------------------------------------------
\a\ See Table 2 note a for a description of how individual filers are identified.
\b\ This figure is derived from applying the estimated population share (or ``percent filer type'') of
individual filings completed by individuals reporting on their own behalf (see Table 2 note b) to an estimated
annual average population of approximately 100,000 individual filers that is based on data as self-reported in
form items 1 and 13 of CMIRs filed during calendar year 2024.
\c\ This estimate of population share is derived from the distribution of filings by type based on all CMIR
filings in calendar year 2024 (see Table 2).
\d\ This figure is derived from applying the estimated population share (or ``percent filer type'') of
individual filings completed by individuals reporting on behalf of other individuals (see Table 2 note c) to
an estimated annual average population of approximately 100,000 individual filers that is based on data as
self-reported in form items 1 and 13 of CMIRs filed during calendar year 2024.
\e\ See note c.
\f\ See Table 2 note d for a description of how individual filers are identified.
\g\ This estimate is derived from the number of uniquely identifiable organizations as self-reported in Part II
of CMIRs filed in calendar year 2024.
FinCEN is adopting this methodological change in this renewal to
distinguish between respondents and responses because it believes that
this capacity--to analyze how filing activity is performed, and by
whom, at a more granular level--is critical to FinCEN's ability to
assess the differential balance of costs to respondents and the
corresponding benefits to the public of the existing information
collection requirements. FinCEN is requesting comment on the perceived
merits of this approach and soliciting feedback on whether alternative
approaches might enhance its analysis in future renewals.
FinCEN is also further refining its methodology in this renewal
with respect to how it differentially estimates costs to respondents
who are filing in a business capacity versus those more likely to be
filing in a personal capacity.\27\ This ability to more precisely
distinguish between those filing as entities and those filing as
individuals, described in further detail below, relies upon a revised
approach to identifying filers by type in a way that makes greater
direct use of certain fields completed by the respondents in their CMIR
filings as well as classification data provided by CBP.\28\
---------------------------------------------------------------------------
\27\ See infra Tables 2, 3, and 5 and accompanying discussion.
\28\ See supra note 9; see also infra note 34.
---------------------------------------------------------------------------
[[Page 26093]]
In its most recent previous renewal, FinCEN did not make a
distinction between respondents engaged, or attempting to engage, in
the transportation, mailing, or shipment of currency or other monetary
instruments on behalf of individuals and respondents similarly engaged
on behalf of entities, referring to both as ``currency transporters.''
\29\ The estimated additional burden for ``currency transporters''
under this previous classification was attributable to the assumption
that only such respondents would complete Part II \30\ of the CMIR.\31\
While FinCEN maintains that this was a reasonable approach, FinCEN is
taking this opportunity to refine its methodology to more accurately
reflect expected differences in opportunity cost that it assumes are
relevant when assigning an applicable wage rate to the time burden of
reporting incurred by respondents filing in different occupational
capacities.\32\
---------------------------------------------------------------------------
\29\ See the 2022 CMIR PRA Renewal (defining a currency
transporter as ``a person acting for anyone else when transporting,
shipping, mailing, or receiving currency or monetary
instruments.'').
\30\ In this renewal, ``Part II'' generally refers to the
portion of the CMIR that requires information about the ``persons(s)
or business on whose behalf the importation or exportation was
conducted'' (see supra note 21), which, due to the interactive
format of the electronic form (see supra note 14) may or may not
correspond to the numeration or sequence of the paper form.
\31\ See the 2022 CMIR PRA Renewal (stating ``a traveler only
has to report identifying information on themselves. A currency
transporter has to report identifying information on itself, as well
as on the person or business on whose behalf the currency is being
transported.'').
\32\ See discussion of wage rates in Table 9 and the ``Total
Annual Costs'' subsection below.
---------------------------------------------------------------------------
Table 2, below, presents the results of FinCEN's distributional
analysis of the 146,701 \33\ CMIRs filed in calendar year 2024, which
enabled it to derive the distribution presented above in Table 1. Of
these 146,701 CMIRs, FinCEN identified \34\ 113,406 (77.3 percent) as
having been filed by an individual, either on their own behalf
(approximately 76 percent) or on the behalf of another individual
(approximately 24 percent). The remaining 22.7 percent of CMIRs filed
in 2024 were classified as filed by entities, among which virtually all
respondents completed Part II of the form on behalf of their business
and populated Part I, as instructed, with information about an
associated individual, or natural person. As Table 2 demonstrates, a
small percentage of CMIRs (three percent of entity responses, one
percent of total responses) were completed by entities that did not
fill out Part II, but instead erroneously populated Part I with
information about the entity/organization, contrary to instructions
that Part I provide information about natural persons only. While these
filings are therefore incomplete, for purposes of estimating burdens
and associated costs, FinCEN did not distinguish between entities that
fully completed their required forms and those that did not, because
for forward looking projections, FinCEN estimates impose an assumption
that respondents will incur the burden of fully complying with all
requirements covered by the respective OMB control number in accordance
with the instructions provided.
---------------------------------------------------------------------------
\33\ This sample includes 144,968 CMIRs with self-reported
values greater or equal to $10,000 as well as 1,733 CMIRs where the
reason for reporting could not be ascertained. See infra notes 37-39
and the ``Estimated Number of Responses'' subsection below for
further discussion.
\34\ FinCEN's classification of respondents as either
`individual' or `entity' was informed by data as self-reported by
respondents in Parts I and II of the CMIR and utilized additional
classification of certain filers as ``organizations'' provided by
CBP data. When a CMIR is filed in connection with a reportable
activity conducted by an individual on their own behalf, Part I, but
not Part II, of the CMIR must be completed. When a CMIR is filed in
connection with a reportable activity on behalf of another person,
Part I must be completed with an individual's information and Part
II must be completed with information about the person on whose
behalf the reportable activity was undertaken. FinCEN's
identification of individual respondents relied on the absence of
any party to the form (in either Part I or Part II) being identified
as an ``organization'' by CBP data. Relatedly, FinCEN's
classification of a filing as submitted by an entity relied upon the
presence of any party to the form (in either Part I or Part II)
being identified as an ``organization'' in CBP data.
Table 2--Distribution of Filings by Filer Type and Activity
[2024]
----------------------------------------------------------------------------------------------------------------
Number of Percent of Percent of
Filer type Filer activity filings filer type total filings
----------------------------------------------------------------------------------------------------------------
Individual Filers \a\................. Import/export was 86,248 76 59
conducted on own
behalf.\b\
Import/export was 27,158 24 18
conducted on behalf of
another individual.\c\
Entity Filers \d\..................... Import/export was 32,311 97 22
conducted on behalf of
an entity.\e\
Import/export was filed 984 3 1
by an entity, but did
not complete Part
II.\f\
-----------------------------------------------
Total............................. ........................ 146,701 .............. 100
----------------------------------------------------------------------------------------------------------------
\a\ Individual filers were identified as those who submitted filings for which no party designated by CBP as an
``organization'' (i.e., entity) was reported in Part I or Part II.
\b\ Individual filers filing on their own behalf were identified as those who submitted individual filings for
which Part II was not complete.
\c\ Individual filers filing on behalf of other individuals were identified as those who submitted individual
filings for which Part II was completed for a party identified as another individual.
\d\ Entity filers were identified as those filings for which an ``organizational party,'' as designated by CBP,
was reported in Part I or Part II.
\e\ Entity filers importing or exporting currency or other monetary instruments on behalf of an entity were
identified as those filings for which a party designated by CBP as an ``organization'' was reported in Part
II.
\f\ These filings were identified as filings where the party completing Part I was identified as an entity, and
Part II was left blank.
Table 3, below, presents a simplified form of the information
provided in Table 2 to facilitate comparison with the methodological
approach FinCEN used in its most recent previous renewal. In the 2022
CMIR PRA renewal, FinCEN assumed that CMIRs pertaining to reportable
activities with values of $250,000 or higher would require a currency
transporter to complete Part II, and that all other transactions (for
smaller dollar values) would be conducted by individuals on their own
behalf and would not require completion of Part II. This yielded an
expected distribution of approximately 7.7 percent requiring
(approximately 92.3 percent not requiring) completion
[[Page 26094]]
of CMIR Part II, or the equivalent distribution of approximately 9.3
percent requiring (approximately 90.7 percent not requiring) completion
of CMIR Part II, using 2022-2024 filing data.\35\ As demonstrated by
Table 3, this approach generally underestimates the number of
respondents who incur the burden of completing Part II (which was 40
percent of CMIRs in 2024) by over 30 percentage points per year.
Therefore, FinCEN believes that adopting additional methodological
changes to better account for respondents by type will improve the
accuracy of its PRA burden estimates and is proposing to do so in this
notice.
---------------------------------------------------------------------------
\35\ See Table 6.
Table 3--Distribution of Filings by Filer Type and Form Completion
[2024]
----------------------------------------------------------------------------------------------------------------
Number of Percent of Percent of
Filer type Part II completed filings filer type total filings
----------------------------------------------------------------------------------------------------------------
Individual Filers \a\................. No...................... 86,248 76 59
Yes..................... 27,158 24 18
Entity Filers \b\..................... No...................... 984 3 1
Yes..................... 32,311 97 22
-----------------------------------------------
Total............................. ........................ 146,701 .............. 100
----------------------------------------------------------------------------------------------------------------
\a\ See Table 2 note a.
\b\ See Table 2 note d.
In a final refinement to FinCEN's analytical approach to
distinguishing respondents by type, FinCEN also examined data on the
occupational categories chosen by individuals and entities that filled
out Part II of the CMIR (``Part II filers''), which provides further
information about the characteristics of typical filers. The most
common category (17 percent of all Part II filers who completed the
field,\36\ and ten percent of all Part II filers) was currency
exchangers and money services businesses (MSBs). Banks and financial
services made up another 16 percent of all Part II filers who completed
the field (ten percent of all Part II filers). Other popular categories
used were car sales (eight percent of all Part II filers who completed
the field, five percent of all Part II filers), shipping and other
transportation services (three percent of all Part II filers who
completed the field, two percent of all Part II filers), and transfers
associated with cruise ships (three percent of all Part II filers who
completed the field, two percent of all Part II filers). Table 4
presents a generalized distribution of respondents' self-reported
business or occupational categories.
---------------------------------------------------------------------------
\36\ Because natural persons filing CMIRs on behalf of entities
and individuals complete Part II for both, the occupational
categories reported in CMIR Part II do not correspond
bidirectionally with the business classification of CMIRs filed by
entities only. FinCEN notes that while 27,158 filings in 2024 that
did not pertain to entities nevertheless had a completed Part II,
only 22,027 filings did not include a reported occupational
category. Imposing an assumption that filings that did not disclose
an occupational category in Part II were only submitted by
individual filers, this would imply that there are more than 5,000
CMIRs in sample that disclose an occupation but that are not
associated with a CMIR filed by an entity. For this reason, the
distribution of occupational categories may in some ways be more
limited in its ability to represent the distribution of entity
respondents by primary business than in its ability to represent the
distribution of entity responses.
Table 4--Occupational Categories Reported in Part II Filings
------------------------------------------------------------------------
Percent of all
Filings part II filers
------------------------------------------------------------------------
MSBs.................................... 6,234 10
Banks and Financial Services............ 6,020 10
Used Automotive Sales................... 2,840 5
Shipping and Transport.................. 1,028 2
Cruise Ships............................ 1,006 2
Other................................... 20,314 34
Did Not Disclose........................ 22,027 37
-------------------------------
Total............................... 59,469 100
------------------------------------------------------------------------
FinCEN uses this distribution to approximate the proportion of the
population of entity filers that are banks and MSBs and further uses
this data to estimate the number of respondents in various filing
categories. Table 5 provides a summary of the methodological revisions
FinCEN is adopting in this renewal to refine its estimate of the
expected respondent population by type of filer. The sections following
this one detail the differential time and cost burdens incurred by
these categories of filer.
[[Page 26095]]
Table 5--Distribution of Filers by Type and Other Characteristics
----------------------------------------------------------------------------------------------------------------
Percent of
total
Filer type Filed on behalf of Number of Percent of estimated
filers filer type filer
population
----------------------------------------------------------------------------------------------------------------
Individual Filers..................... Self.................... 76,000 76 70.1
Other Individual........ 24,000 24 22.2
Entity Filers......................... Financial 3,192 38 2.9
Institutions.\a\
Other................... 5,208 62 4.8
-----------------------------------------------
Total............................. ........................ 108,400 .............. 100
----------------------------------------------------------------------------------------------------------------
\a\ Here ``financial institutions'' refers to entities identified by CMIR Part II self-reported occupational
status that is classified as either ``MSB'' or ``Bank and Financial Services'' and is estimated as the share
of entity filers only.
Estimated Number of Responses: 140,687 reports.\37\
---------------------------------------------------------------------------
\37\ This estimate is based on the average number of
identifiably required CMIRs filed in the calendar years 2022-2024.
See Table 6.
---------------------------------------------------------------------------
FinCEN performed two separate analyses of CMIR filings that derived
estimates on the basis of responses. The first analysis, above,
pertains to filings in calendar year 2024, and was used to derive the
respondent distribution. The second analysis, described here, reviews
CMIRs filed in calendar years 2022-2024 to derive an estimate of
expected responses annually.
Using data provided by CBP, FinCEN sorted and counted CMIRs filed
over the past three years by the dollar amount reported on each form.
Based on this analysis, FinCEN estimates that a total of approximately
143,299 CMIRs are filed annually on average. However, because FinCEN
was not able to identify a uniform explanation \38\ for the filing of
about two percent of these CMIRs annually, which appear to have been
filed for amounts under the threshold of $10,000,\39\ FinCEN is
reducing its estimate to the number of identifiably required \40\
annual filings, or approximately 140,687 per year on average. This
estimate, which constitutes a decrease from the most recent previous
renewal of approximately 23.8 percent in the expected annual average
number of responses primarily reflects the general decline in CMIR
annual filing volume between the periods 2017-2019 and 2022-2024.
---------------------------------------------------------------------------
\38\ While many below-threshold CMIRs filed were less than $500
below the $10,000 benchmark, a non-negligible proportion reported
values less than or equal to 50 percent of the threshold value
(i.e., reported a total value of $5,000 or less). An additional
approximately 18 percent of below-threshold filings were made in
foreign currencies, which may have been within range of converting
to over 10,000 U.S. dollars (USD) at the time a CMIR was completed.
However, FinCEN did not convert these amounts. Amounts should be
reported in USD.
\39\ For purposes of this control renewal, FinCEN is treating
these filings as voluntary, but requests comment on any aspects of
these filings that it may not have considered.
\40\ FinCEN views the PRA burden as including only the burden
imposed in instances where the filing of a CMIR is required.
Table 6--CMIRs Filed Between 2022-2024, by CMIR Reported Amount
--------------------------------------------------------------------------------------------------------------------------------------------------------
Year
CMIR reported amount \a\ ------------------------------------------------ Grand total Average Avg. %
2022 2023 2024
--------------------------------------------------------------------------------------------------------------------------------------------------------
$10 million and above................................... 1,692 3,327 3,728 8,747 2,916 2
$1 million to $10 million............................... 5,153 6,254 7,394 18,801 6,267 4
$500,000 to $1 million.................................. 1,986 1,875 1,742 5,603 1,868 1
$250,000 to $500,000.................................... 1,960 2,120 2,063 6,143 2,048 1
$100,000 to $250,000.................................... 3,536 3,814 3,725 11,075 3,692 3
$50,000 to $100,000..................................... 8,784 8,404 8,491 25,679 8,560 6
$10,000 to $50,000...................................... 108,270 119,917 117,825 346,012 115,337 80
Below $10,000........................................... 3,410 2,693 1,733 7,836 2,612 2
Total CMIRs per year.................................... 134,791 148,404 146,701 429,896 143,299 100
-----------------------------------------------------------------------------------------------
Total Identifiably Required \b\ CMIRS per year...... 131,381 145,711 144,968 422,060 140,687 98
--------------------------------------------------------------------------------------------------------------------------------------------------------
\a\ Reported amounts include the self-reported values of currency and non-currency monetary instruments included in submitted CMIRs.
\b\ This is the number of filings for reported amounts over $10,000.
Estimated Reporting Burden:
In this renewal, FinCEN's estimates of average annual reporting
burden incorporate considerations of the following:
(a) the expected number of responses (see Table 6);
(b) the nature of the reported activity, which creates variation in
the expected time required to complete the CMIR (see Table 7);
(c) the capacity in which the respondent completes the CMIR, which
creates variation in the expected cost of the time required to the
complete the CMIR (see Tables 8 and 9).
The estimated reporting burdens presented below are informed by the
data analyses above, with additional discussion where further detail is
necessary to explain the calculations from which topline estimates are
derived.
Estimated Burden per Response: 17.95 minutes, on average.\41\
---------------------------------------------------------------------------
\41\ This estimate represents the weighted average of expected
time burdens accrued by all types of respondents as categorized in
Table 7 (15 minutes for individual filers, 25 minutes for
individuals filing on behalf of other individuals, and 20 minutes
for entity filers) rounded to the nearest one-hundredth of an hour.
---------------------------------------------------------------------------
FinCEN expects that entities that frequently complete CMIRs in the
[[Page 26096]]
ordinary course of business (such as MSBs, banks, or other businesses
that commonly bring currency across the border) \42\ would be more
familiar with the CMIR and therefore complete the form more quickly
than individuals, who may only transport currency infrequently for
personal reasons and may be less familiar with the CMIR filing
procedures. However, factors other than familiarity or frequency of use
can impact the relative time taken to complete the CMIR. Namely, as
described above, many filers do so on behalf of another individual or
entity. This type of filing requires the filer to complete an
additional section of the CMIR, therefore lengthening the process. To
estimate the time needed to complete the CMIR, FinCEN conducted an
internal assessment of minimum form completion time using standardized
times for each field in the form and allocated additional time for
individual filers to read the form's instructions. According to this
analysis, the base form completion time requires 10 minutes for entity
filers and 15 minutes for individual filers to respond to the CMIR,
excluding Part II, and an additional 10 minutes is required for filers
who must also complete Part II.
---------------------------------------------------------------------------
\42\ As discussed above, under 31 CFR 1010.340(c), some forms of
currency transport involving these entities may be exempt from CMIR
filing requirements.
---------------------------------------------------------------------------
Table 7 provides an itemization of these burdens as they apply to
different individual and entity filers. It provides filing times based
on the completion time assumptions as described in the preceding
paragraph and the estimated number of filings submitted by each
category of filer in calendar year 2024 as generally described in Table
1.
Table 7--Estimated Time to Complete CMIR by Filer Type
--------------------------------------------------------------------------------------------------------------------------------------------------------
Base completion time Completing Part II Anticipated Anticipated number of
Filer type (mintues) (+10 minutes) Total time (mintues) percentage of filings filings
--------------------------------------------------------------------------------------------------------------------------------------------------------
Individuals........................ 15.................... Yes................... 25................... 18%.................. 25,324
...................... No.................... 15................... 59................... 83,005
Entities........................... 10.................... Yes................... 20................... 23................... 32,358
--------------------------------------------------------------------------------------------------------------------
Total.......................... ...................... ...................... ..................... 100.................. 140,687
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated Total Annual Burden Hours: 42,089 \43\
---------------------------------------------------------------------------
\43\ See Table 8.
---------------------------------------------------------------------------
Table 8 presents the estimates in Table 7 as applicable to the
respondents categorized in Table 5. This presentation is intended to
enhance the readability of Table 9, which combines elements (a)-(c) of
the estimated reporting burden.
Table 8--Estimated Total Annual Burden Hours
----------------------------------------------------------------------------------------------------------------
Number of Burden hours
Type of filer filings per filing \a\ Total hours
----------------------------------------------------------------------------------------------------------------
Individuals Filing on Their Own Behalf.......................... 83,005 0.25 20,751
Individuals Filing on Behalf of Other Individuals............... 25,324 0.42 10,552
Financial Institutions \b\...................................... \c\ 12,296 0.33 4,099
All Other Entities.............................................. 20,062 6,687
-----------------------------------------------
Total....................................................... 140,687 .............. 42,089
----------------------------------------------------------------------------------------------------------------
\a\ See Table 7 (20 minutes = approximately 0.33 hours, 15 minutes = 0.25 hours, 25 minutes = approximately 0.42
hours).
\b\ See Table 5 note a.
\c\ See Tables 2 and 3. FinCEN anticipates that approximately 23 percent of all CMIRs will be filed by entities.
In Table 4, 20 percent of all CMIR filers that completed Part II in 2024 were banks and MSBs. However, when
restricting the sample to only entity filers, banks and MSBs made up 38 percent of total filers who indicated
their occupational category (12,296 = 140,687 x 0.23 x 0.38) as presented in Table 5.
Estimated Cost per Response: $15.99 on average.\44\
---------------------------------------------------------------------------
\44\ See Table 9.
---------------------------------------------------------------------------
This estimate represents the weighted average of expected cost
burdens accrued by all types of respondents as categorized in Tables 5
and 8 ($120.07 per hour for banks and MSBs, $45.84 per hour for other
organizational filers, and $46.38 per hour for individual filers) and
summarized in Table 9.
FinCEN analysis of the approximately 147,000 CMIRs filed in 2024
found that, in total, approximately $228 billion in USD value was
reported. As such, the expected cost of CMIR reporting in aggregate is
roughly equivalent to less than 0.001 percent per dollar of value
reported. However, FinCEN acknowledges that not only are these costs
borne disproportionately by filers of different types, but that, in
addition, the average per response costs might not meaningfully reflect
the costs of reporting either per respondent, or per response.
For example, of the total filing sample from calendar year 2024,
approximately 84 percent of forms were filed in connection with
currency or monetary instruments entering the United States, while 16
percent were filed in connection with currency or monetary instrument
leaving the United States. At the same time, by dollar-value of total
flows, approximately 55 percent was importation and 45 percent was
exportation. This suggests that the cost per response relative to the
value of the currency or other monetary instruments transported is
likely higher, in most cases, for inflows (which are generally lower
dollar-value amounts and occur more frequently) than outflows.
Estimated Total Annual Cost: $2,250,492 \45\
---------------------------------------------------------------------------
\45\ See id.
---------------------------------------------------------------------------
Table 9 uses the values from Table 7 to provide an itemization of
expected annual costs using the estimated population of each filer
type, the average time to file, and the estimated wage rate of persons
in each category.
[[Page 26097]]
Table 9--Estimated Total Costs
----------------------------------------------------------------------------------------------------------------
Number of Burden hours
Type of filer filings per filing \a\ Total hours Wage rate Total cost
----------------------------------------------------------------------------------------------------------------
Individuals Filing on Their Own 83,005 0.25 20,751 \e\ $46.38 $962,431
Behalf.........................
Individuals Filing on Behalf of 25,324 0.42 10,552 489,386
Other Individuals..............
Financial Institutions.......... \b\ 12,296 0.33 4,099 \c\ 120.07 492,127
All Other Entities.............. 20,062 6,687 \d\ 45.84 306,547
Total....................... 140,687 42,089 2,250,492
----------------------------------------------------------------------------------------------------------------
\a\ See Table 5 (20 minutes = approximately 0.33 hours, 15 minutes = 0.25 hours, 25 minutes = approximately 0.42
hours).
\b\ See Table 2. FinCEN anticipates that approximately 23 percent of all filers will be entities. In Table 2, 20
percent of all CMIR filers that completed Part II in 2024 were banks and MSBs. However, when restricting the
sample to only entity filers, banks and MSBs made up 38 percent of total filers who indicated their
occupational category. 12,296 = 140,687 x 0.23 x 0.38.
\c\ The wage rate applied here is the general composite hourly wage used across FinCEN notices that pertain to
the categories of financial institutions as grouped in 31 CFR chapter X. See, e.g., FinCEN, Agency Information
Collection Activities; Proposed Renewal; Comment Request: Renewal Without Change of Reporting Obligations on
Foreign Bank Relationships With Iranian Linked Financial Institutions Designated Under IEEP and IRGC-Linked
Persons Designated Under IEEPA, 90 FR 14183 (Mar. 28, 2025) note 49.
\d\ The wage rate applied here is a general composite hourly wage ($32.28), scaled by a private sector benefits
factor of 1.42 ($45.84 = $32.28 x 1.42), that incorporates the mean wage data (available for download at
<a href="https://www.bls.gov/oes/2024/may/oessrci.htm">https://www.bls.gov/oes/2024/may/oessrci.htm</a>, ``May 2024--National industry-specific and by ownership'')
associated with the occupational code for All Occupations (00-0000) for cross-industry private sector workers.
The benefit factor is one plus the benefit/wages ratio, where as of December 2024, Total Benefits = 29.5 and
Wages and salaries = 70.5 (29.5/70.5 = 0.42) based on the private industry workers series data downloaded from
<a href="https://www.bls.gov/news.release/pdf/ecec.pdf">https://www.bls.gov/news.release/pdf/ecec.pdf</a>, accessed April 22, 2025. Given that many occupations provide
benefits beyond cash wages (e.g., insurance, paid leave, etc.), the private sector benefit is applied to
reflect the total cost to the employer.
\e\ The wage rate applied here is a general composite hourly wage ($32.66), scaled by a private sector benefits
factor of 1.42 ($46.38 = $32.66 x 1.42), that incorporates the mean wage data (available for download at
<a href="https://www.bls.gov/oes/2024/may/oessrci.htm">https://www.bls.gov/oes/2024/may/oessrci.htm</a>, ``May 2024--National industry-specific and by ownership'')
associated with the occupational code for All Occupations (00-0000) for cross-industry private and public
sector workers. The benefit factor is one plus the benefit/wages ratio, where as of December 2024, Total
Benefits = 29.5 and Wages and salaries = 70.5 (29.5/70.5 = 0.42) based on the private industry workers series
data downloaded from <a href="https://www.bls.gov/news.release/pdf/ecec.pdf">https://www.bls.gov/news.release/pdf/ecec.pdf</a>, accessed April 22, 2025. Given that many
occupations provide benefits beyond cash wages (e.g., insurance, paid leave, etc.), the private sector benefit
is applied to reflect the total cost to the employer.
Under the PRA, FinCEN as a Federal 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.
Requests for Comment: 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.
General Request for Comments--Comments are invited on: (1) 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; (2) the accuracy of FinCEN's estimates of the
burden of the collection of information; (3) ways to enhance the
quality, utility, and clarity of the information to be collected; (4)
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 (5) estimates
of capital or start-up costs and costs of operation, maintenance, and
purchase of services to provide information.
Additional Requests for Comment--In connection with a variety of
initiatives FinCEN is undertaking to implement the AML Act, FinCEN
intends to conduct, in the future, additional assessments of the PRA
burden associated with BSA requirements. To assist with those
activities, FinCEN is also requesting comments in response to the
following additional questions:
(1) FinCEN invites comment on the changes it has made to its
analytical approach in this OMB control renewal, individually and
collectively. Does the new structure of the analysis more accurately
reflect the filing experiences and costs incurred by CMIR filers? If
not, what alternative approaches or additional changes should be
considered?
(2) FinCEN is soliciting comments about the public's general
understanding of filing obligations and the perceived value of efforts
to enhance clarity about, or ease of, filing (such as through guided e-
filing). Are there other measures that could be taken to reduce the
reporting burden of filing?
(3) Are there any aspects of e-filing that make it more burdensome
or costly than paper filing which are currently underappreciated? If
so, please describe.
(4) Based on its analysis of form submissions, FinCEN believes that
the specific information required by certain fields of the CMIR may be
subject to greater misunderstanding than others, particularly the
desired format of the required response. For example, a non-trivial
number of the forms submitted each year report the values to which the
form pertains in a foreign currency denomination and not in the USD
equivalent as indicated on the form. Should FinCEN consider additional
clarifying language in CMIR instructions to specify that amounts should
be reported in USD?
(5) Are there any other areas of the CMIR that would benefit from
clarifications such as this?
(6) FinCEN is soliciting comment on the extent to which language
barriers are perceived to be a significant factor in understanding the
CMIR and providing the correct information.
a. Do language barriers present additional burdens to the
completion of the CMIR that FinCEN should consider in its analysis?
b. Would the burden of completing a CMIR be meaningfully reduced
(per response or on aggregate) if the form and/or instructions were
provided in additional languages? If so, which ones?
Andrea M. Gacki,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2025-11211 Filed 6-17-25; 8:45 am]
BILLING CODE 4810-02-P
</pre></body>
</html>Indexed from Federal Register on June 18, 2025.
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.