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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1506-0013
ICR Reference No:
201808-1506-003
Status:
Historical Active
Previous ICR Reference No:
201503-1506-001
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Registration of Money Services Business, 31 CFR 1022.380
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/02/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/27/2018
Terms of Clearance:
Prior to subsequent renewals, FinCEN must a) note the additional requirements for re-registration set forth in 31 CFR 1022.380(b)(4); b) estimate the number of annual responses in light of the number of known registrants over the past 5 years; c) disaggregate responses between new MSB registrations and renewals/re-registrations; d) develop separate burden estimates for each of the two categories; and e) provide analysis regarding the burden imposed by preparation of the form and its recordkeeping.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2020
36 Months From Approved
04/30/2019
Responses
42,000
0
44,300
Time Burden (Hours)
42,000
0
44,300
Cost Burden (Dollars)
0
0
0
Abstract:
Money services businesses file form 107 to register with the Department of the Treasury pursuant to 31 USC 5330 and 31 CFR 1022.380. The information on the form is used by criminal investigators, and taxation and regulatory enforcement authorities, during the course of investigations involving financial crimes.
Authorizing Statute(s):
US Code:
31 USC 5330
Name of Law: Money and Finance
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
83 FR 34299
07/19/2018
30-day Notice:
Federal Register Citation:
Citation Date:
83 FR 48896
09/27/2018
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Registration of Money Services Business, 31 CFR 1022.380
FinCEN Form 107
Registration of Money Services Businesses
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
42,000
44,300
0
-2,300
0
0
Annual Time Burden (Hours)
42,000
44,300
0
-2,300
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The number of registered MSBs dropped since the last estimate; FinCEN estimates that the number will approach 42,000 again, but remain beneath the 43,400 estimate from the last renewal. The number of MSBs needing to register can vary, based on a given MSB's size of transaction and lines of business.
Annual Cost to Federal Government:
$4,200
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Jaclyn Stewart 202 354-6028 jaclyn.stewart@fincen.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
09/27/2018
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