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OMB Control No: 1506-0022	ICR Reference No: 202408-1506-002
Status: Active	Previous ICR Reference No: 202011-1506-002
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Customer Identification Program Regulatory Requirements for Futures Commission Merchants and Introducing Brokers in Commodities
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: 12/02/2024
	Date Received in OIRA: 08/30/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2027	36 Months From Approved	11/30/2024
Responses	558,908	0	1,165
Time Burden (Hours)	38,344	0	12,815
Cost Burden (Dollars)	0	0	0

Abstract: 31 U.S.C. 5318(l) requires the Secretary to issue regulations prescribing minimum standards for customer identification programs (CIPs) for financial institutions. Regulations implementing section 5318(l) are as follows: (i) banks (31 CFR 1020.220); (ii) brokers-dealers (31 CFR 1023.220); (iii) mutual funds (31 CFR 1024.220); and (iv) futures commission merchants and introducing brokers in commodities (31 CFR 1026.220). Under the CIP regulations, the minimum requirements include: 1) implementation of a written customer identification program appropriate for the financial institution’s size and type of business; 2) identity verification procedures; 3) recordkeeping; 4) comparison with government lists; and 5) customer notice. This information collection applies to CIP requirements for futures commission merchants and introducing brokers in commodities.

Authorizing Statute(s): US Code: 31 USC 5318 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 51940	06/20/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 70690	08/30/2024
Did the Agency receive public comments on this ICR? Yes

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	558,908	1,165	557,743
Annual Time Burden (Hours)	38,344	12,815	25,529
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 from 12,815 hours since the last control number renewal in 2020 to 38,344 hours in 2024. The burden estimates for maintenance (10 hours) and notification (one hour) of CIP remained the same in the 2020 and the 2024 renewals. However, the implementation of CIP increased from two minutes per account in 2020 to three minutes per account in 2024. The number of futures commission merchants and introducing brokers in commodities in the 2020 renewal was 1,165 and the number of futures commission merchants and introducing brokers in commodities in 2024 is 954. The primary reason for the increase in burden is because FinCEN was able to obtain an estimate of the number of new accounts opened per year by futures commission merchants and introducing brokers in commodities (557,000 accounts) for the 2024 renewal. FinCEN did not have this estimate for futures commission merchants and introducing brokers in commodities in the 2020 renewal, so in 2024 there is an increase in burden hours for futures commission merchants and introducing brokers in commodities applicable to CIP implementation of 27,850 hours.

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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