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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:
202306-1506-001
Status:
Active
Previous ICR Reference No:
202004-1506-001
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Registration of Money Services Business - FinCEN Form 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:
09/06/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/29/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2026
36 Months From Approved
08/31/2023
Responses
38,509
0
36,408
Time Burden (Hours)
23,095
0
22,007
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 form 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:
88 FR 21746
04/11/2023
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 41466
06/26/2023
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- FinCEN Form 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
38,509
36,408
0
0
2,101
0
Annual Time Burden (Hours)
23,095
22,007
0
0
1,088
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:
When this OMB control number was renewed in January 2020, FinCEN estimated the MSB responses for the following four categories were approximately: (i) 3,478 initial registrations, (ii) 8,678 registration renewals, (iii) 225 re-registrations, and (iv) 24,027 maintenance of agent list. In 2023, FinCEN estimated the MSB responds for the following four categories were approximately: (i) 3,603 initial registrations, (ii) 8,429 registration renewals, (iii) 201 re-registrations, and (iv) 26,276 maintenance of agent list. The total burden in 2020 was 22,007 hours, and in 2023 it was 23,095 hours. The reason for the slight increase in the burden estimate is a slight increase in the number of MSBs filing FinCEN Form 107 at various stages.
Annual Cost to Federal Government:
$1,223
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:
06/29/2023
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