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OMB Control No: 1506-0056	ICR Reference No: 202404-1506-003
Status: Active	Previous ICR Reference No: 202102-1506-006
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Reports of Certain Domestic Transactions
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: 06/24/2024
	Date Received in OIRA: 04/30/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2027	36 Months From Approved	06/30/2024
Responses	21,513	0	13,719
Time Burden (Hours)	17,928	0	5,716
Cost Burden (Dollars)	0	0	0

Abstract: Congress amended the BSA in 1988 to give the Secretary the authority to issue geographic targeting orders (GTOs) requiring any domestic financial institution or group of domestic financial institutions in a geographic area to collect certain information regarding specified transactions, and to report that information in the manner and to the extent specified in the GTO. Congress subsequently amended the GTO authority to: (i) permit the issuance of confidential GTOs; (ii) lengthen the maximum effective period (unless renewed) of GTOs from 60 to 180 days; (iii) cover transactions involving transfers of funds; and (iv) clarify that GTOs can be issued upon reasonable grounds for concluding that additional requirements are necessary to carry out the purposes of the BSA or to prevent evasions of the BSA. Pursuant to 31 U.S.C. 5326(a), as amended, if the Secretary finds that reasonable grounds exist for concluding that additional recordkeeping and reporting are necessary to carry out the purpose of the BSA or to prevent evasions thereof, the Secretary may issue a GTO requiring any domestic financial institution or nonfinancial trade or business or group of domestic financial institutions or domestic nonfinancial trades or businesses in a geographic area to obtain information about certain transactions, as described in the GTO. Generally, 31 U.S.C. 5326(a) requires entities that receive such a GTO to report, in the manner and to the extent specified in the GTO, information concerning any transaction in which such entity is involved for the payment, receipt, or transfer of funds (as described in the GTO). A GTO typically will include the following terms: (i) the dollar amount of transactions subject to the reporting requirement; (ii) the type of transactions subject to or exempt from the reporting requirement; (iii) the appropriate form for reporting and the method for form submission; (iv) the start and end dates by which the transactions specified in the GTO are to be reported; (v) a point of contact for questions; (vi) the amount of time the reports and records of reports generated are required to be retained; and (vii) any other information deemed necessary to carry out the purpose of the GTO. Pursuant to 31 U.S.C. 5326(d), GTOs cannot prescribe a reporting period longer than 180 days unless the GTO is renewed pursuant to 31 U.S.C. 5326(a). Pursuant to 31 U.S.C. 5326(a)(2), as implemented by 31 CFR 1010.410(d), each entity that receives a GTO must retain the original or a copy of the information required to be reported in the GTO for the period specified in the GTO, not to exceed five years.

Authorizing Statute(s): US Code: 31 USC 5326 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:
	89 FR 13802	02/23/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 33467	04/29/2024
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
Reports of Certain Domestic Transactions

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	21,513	13,719	7,794
Annual Time Burden (Hours)	17,928	5,716	12,212
Annual Cost Burden (Dollars)	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 increased by 12,212 hours from 5,716 hours in 2020 to 17,928. The increase in burden is a result of an increase in the estimated annual responses from 13,719 in 2020 to 21,513 responses in 2024. The increase is burden is also a result of an increase in the burden estimate per response from 20 minutes in 2020 to 45 minutes in 2024. The information to be reported is readily available to a domestic financial institution or nonfinancial trade or business, in 2020 FinCEN estimated that reporting this information would take 20 minutes on average. Since then, FinCEN has received additional feedback from the American Land Title Association, whose members have submitted a number of GTO reports, noting that it takes the Association’s members approximately 45 minutes to complete a GTO report. For that reason, FinCEN increased the estimated time to report GTO information to 45 minutes.

Annual Cost to Federal Government: $2,151

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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