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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:
1506-0012
ICR Reference No:
202107-1506-005
Status:
Active
Previous ICR Reference No:
201708-1506-001
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Transactions of Exempt Persons (31 CFR 1020.315), and FinCEN Report 110-Designation of Exempt Persons (DOEP) Report
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:
10/12/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/09/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2024
36 Months From Approved
10/31/2021
Responses
18,141
0
27,040
Time Burden (Hours)
18,141
0
27,040
Cost Burden (Dollars)
0
0
0
Abstract:
The requirement for financial institutions to report certain transactions in currency has been an important component of the BSA from its inception. Regulations have long established a one-person, one-day, one-institution aggregate currency transaction threshold of $10,000, above which financial institutions must file a Currency Transaction Report (CTR) reporting information about the transaction and the person(s) involved. The Money Laundering Suppression Act of 1994 amended the BSA to give banks certain mandatory exemptions from the requirement for financial institutions to file CTRs, and to give the Secretary authority to create additional such exemptions. Regulations implementing this exemption authority are found at 31 CFR 1020.315. These regulations require banks to submit the Designation of Exempt Persons (DOEP) Report to create certain exemptions from the CTR requirement. Under 31 CFR 1020.315(a), a bank is not required to file a CTR with respect to any transaction in currency between exempt persons and the bank, or between an exempt person and other banks that are affiliated with the bank.
Authorizing Statute(s):
US Code:
31 USC 5313(d) and (e)
Name of Law: Bank Secrecy Act
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:
86 FR 6964
01/25/2021
30-day Notice:
Federal Register Citation:
Citation Date:
86 FR 43312
08/06/2021
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
Transactions of Exempt Persons (31 CFR 1020.315), and FinCEN Report 110-Designation of Exempt Persons (DOEP) Report
FinCEN 110
Designation of Exempt Person
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
18,141
27,040
0
0
-8,899
0
Annual Time Burden (Hours)
18,141
27,040
0
0
-8,899
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:
The estimated total annual burden hours decreased by 8,899 from 27,040 hours in 2017 to 18,141 hours in 2020 although the annual hourly burden estimates per regulatory requirement remained the same as in 2017 (one hour per report). The reduction in burden is a result of a decrease in the number of reports filed from 27,040 in 2017 to 18,141 in 2019. Additionally, there was a reduction in the number of respondents since the last approval from 13,520 to 11,161 banks in 2019.
Annual Cost to Federal Government:
$1,814
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:
08/09/2021
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