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:
1506-0076
ICR Reference No:
202309-1506-001
Status:
Historical Active
Previous ICR Reference No:
202209-1506-002
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Beneficial Ownership Information Reporting Requirements
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
11/27/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/29/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2026
36 Months From Approved
02/28/2026
Responses
23,519,866
0
23,519,866
Time Burden (Hours)
53,319,713
0
53,319,713
Cost Burden (Dollars)
0
0
0
Abstract:
The Financial Crimes Enforcement Network (FinCEN) exercises regulatory functions primarily under the Currency and Foreign Transactions Reporting Act of 1970, as amended by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), Public Law 107–56 (October 26, 2001), and other legislation, including the Corporate Transparency Act (CTA). The overall legislative framework is commonly referred to as the Bank Secrecy Act (BSA). The CTA added a new section to the BSA, 31 U.S.C. 5336, to provide for collection of information about certain legal entities’ beneficial ownership. FinCEN is issuing this statement to support the request for Office of Management and Budget (OMB) approval of: (1) the report (BOIR) that will be used to collect beneficial ownership information, as required by the Beneficial Ownership Information Reporting Requirements final rule (the “final rule”) that was published on September 30, 2022, which implements the information collection required by 31 U.S.C. 5336; and (2) the application (the “FinCEN identifier application”) that will be used to collect information from individuals that seek to obtain a FinCEN identifier, in accordance with the final rule.
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:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
88 FR 2760
01/17/2023
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 67443
09/29/2023
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Beneficial Ownership Reports- Initial Reports
N/A
Beneficial Ownership Information Report
Beneficial Ownership Reports- Updated Reports
N/A
Beneficial Ownership Information Report
Individual FinCEN Identifier - Initial Reports
N/A
FinCEN Identifier Application
Individual FinCEN Identifier - Updated Reports
N/A
FinCEN Identifier Application
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
23,519,866
23,519,866
0
0
0
0
Annual Time Burden (Hours)
53,319,713
53,319,713
0
0
0
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:
Annual Cost to Federal Government:
$44,880,000
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:
09/29/2023
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