Skip to main content
An official website of the United States government
The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Search:
Agenda
Reg Review
ICR
This script is used to control the display of information in this page.
Display additional information by clicking on the following:
All
Brief and OIRA conclusion
Abstract/Justification
Legal Statutes
Rulemaking
FR Notices/Comments
IC List
Burden
Misc.
Common Form Info.
Certification
View Information Collection (IC) List
View Supporting Statement and Other Documents
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:
202004-1506-001
Status:
Historical Active
Previous ICR Reference No:
201808-1506-003
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Registration of Money Services Business - Report 107, 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:
06/01/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/28/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2023
36 Months From Approved
05/31/2020
Responses
36,408
0
42,000
Time Burden (Hours)
22,007
0
42,000
Cost Burden (Dollars)
0
0
0
Abstract:
Under 31 U.S.C. 5330 and its implementing regulation (31 CFR 1022.380), money services businesses (MSBs) must file an initial registration report with FinCEN, renew their registration every two years, re-register under certain circumstances, and maintain a list of their agents.
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:
85 FR 4796
01/27/2020
30-day Notice:
Federal Register Citation:
Citation Date:
85 FR 23436
04/27/2020
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Registration of Money Services Business- Report 107, 31 CFR 1022.380
FinCEN Report 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
36,408
42,000
0
0
-5,592
0
Annual Time Burden (Hours)
22,007
42,000
0
0
-19,993
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:
No
Burden Reduction Due to:
Short Statement:
Per OIRA’s recommendation, FinCEN divided the registration process into three categories (i) initial registration, (ii) registration renewal, and (iii) re-registration. FinCEN also incorporated the estimated burden of maintaining and updating a MSB’s agent list. For each of the four categories, FinCEN looked at the total number MSBs for calendar years 2015 through 2019, and identified an average for each category. FinCEN also re-evaluated its estimate of burden for recordkeeping and reporting on the RMSB Report 107 for each type of report. In prior information collection requests (“ICRs”), FinCEN estimated it would take a MSB 30 minutes to complete the RMSB Report 107 and file it, and 30 minutes to maintain a record of the report. In light of BSA E-filing, FinCEN reduced the estimate of recordkeeping burden per type of registration. FinCEN also revised its estimate of reporting burden, which varies by type of registration. In the 2018 ICR, the estimated number of respondents was 42,000, and the estimated total annual burden hours was 42,000 (30 minutes recordkeeping plus 30 minute reporting). In this ICR, FinCEN identified 12,381 registration responses and 24,027 MSBs that must maintain and update an agent list annually. The reduction in the number of MSBs since 2018, in combination with the revisions to FinCEN’s estimates of burden broken down into various categories, is the reason for the reduction in total annual burden to 22,007 hours in this ICR.
Annual Cost to Federal Government:
$1,238
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.
Yes
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.
Yes
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?
No
Agency Contact:
FinCEN Resource Center 800 767-2825 frc@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:
04/28/2020
An official website of the United States government
The .gov means it's official.
The site is secure.
