View Information Collection Request (ICR) Package
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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:
1506-0077
ICR Reference No:
202212-1506-001
Status:
Historical Inactive
Previous ICR Reference No:
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Beneficial Ownership Information Access and Safeguards
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule
Conclusion Date:
02/14/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/16/2022
Terms of Clearance:
OIRA will re-review the ICR upon finalization of the rule.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
36 Months From Approved
Responses
0
0
0
Time Burden (Hours)
0
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
FinCEN is issuing this statement to support its request that the OMB approve a notice of proposed rulemaking (“Access NPRM”) regarding access, by certain authorized recipients, to identifying information associated with reporting companies, their beneficial owners, and their company applicants (together “beneficial ownership information” or “BOI”). The request stems from certain amendments to the Bank Secrecy Act (BSA) through the Corporate Transparency Act (CTA). To implement a new BSA provision at 31 U.S.C. 5336(b), FinCEN recently issued a regulation at 31 CFR 1010.380 that requires certain entities (“reporting companies”) to report their BOI to FinCEN beginning January 1, 2024. The CTA authorizes FinCEN to disclose this BOI to government agencies, financial institutions, and financial regulators, subject to appropriate protocols. These disclosures support law enforcement, intelligence, and national security activities and they facilitate customer due diligence efforts by financial institutions. The CTA further requires FinCEN to make BOI accessible for inspection or disclosure to officers and employees of the Department of the Treasury (Treasury) whose official duties require such inspection or disclosure, or for tax administration. FinCEN intends to store BOI in, and manage requests for BOI through, a secure beneficial ownership IT system that the bureau is currently developing. The CTA requires the Secretary of the Treasury (the Secretary) to establish protocols to safeguard BOI that parties must implement as a condition of accessing the information. These protocols vary by the type of requester and, in the case of some requester types, constitute information collections under the Paperwork Reduction Act (PRA). This supporting statement provides information about the reporting and recordkeeping burdens associated with those collections. Consistent with PRA requirements, it only considers burdens incurred by “persons” deemed to be members of the public – a category that does not include Federal agencies or foreign national governments, although both will be eligible to request BOI from FinCEN under certain circumstances.
Authorizing Statute(s):
PL:
Pub.L. 116 - 283 6403
Name of Law: Corporate Transparency Act
Citations for New Statutory Requirements:
PL: Pub.L. 116 - 283 6403 Name of Law: Corporate Transparency Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1506-AB59
Proposed rulemaking
87 FR 77404
12/16/2022
Federal Register Notices & Comments
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
Security and Confidentiality Requirement for Beneficial Ownership Information
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:
There have been no changes to the burden estimates included in the NPRM. This is a new obligation, and burden estimates are based on predictions about which FinCEN is soliciting comments in the NPRM. If FinCEN determines that its burden estimates should be adjusted based on changes to the burden analysis, FinCEN would make those adjustments in a subsequent final rule. All burden estimates subsequent to the final rule will be based, to the fullest extent possible, on data that reflects actual experience of complying with BOI access requirements.
Annual Cost to Federal Government:
$73,002,189
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.
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
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:
12/16/2022
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