View Information Collection Request (ICR) Package

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: 1506-0059	ICR Reference No: 202010-1506-008
Status: Historical Inactive	Previous ICR Reference No: 201709-1506-012
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Additional records to be made and retained by banks (31 CFR 1020.410 and 1010.430)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 01/25/2021
	Date Received in OIRA: 10/27/2020
Terms of Clearance: FinCEN should consider retitling the ICR without reference to the CFR provisions, but a succinct description of the collection.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2021	36 Months From Approved	04/30/2021
Responses	22,900	0	22,900
Time Burden (Hours)	2,290,000	0	2,290,000
Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: See section 15 of the attached supporting statement for an explanation for the reason for the increase in burden hours. FinCEN is issuing this statement to support the request for OMB approval of an information collection with respect to a notice of proposed rulemaking (“NPRM”). The NPRM proposes to amend the BSA regulations requiring the retention and transmittal of records related to funds transfers and transmittals of funds, by lowering the monetary thresholds triggering those requirements for transactions that begin or end outside the United States from $3,000 to $250. The NPRM also proposes to clarify that those same regulations apply to domestic and cross-border transactions involving convertible virtual currencies (“CVC”) and digital assets with legal tender status by clarifying the meaning of “money” as used in certain defined terms referenced in those regulations. This statement adds the estimated burden hours increase for this OMB control number, as a result of the NPRM. The increase in burden hours is being added to the existing OMB approved burden hours for this control number as reflected in this supporting statement.

Annual Cost to Federal Government: $0

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? No

Agency Contact: FinCEN Resource Center 800 767-2825 frc@fincen.gov

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