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View ICR - OIRA Conclusion

OMB Control No: 1506-0033	ICR Reference No: 202408-1506-004
Status: Active	Previous ICR Reference No: 202011-1506-004
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Customer Identification Program Regulatory Requirements for Mutual Funds
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	16,152,800	0	20,000,000
Time Burden (Hours)	822,900	0	684,168
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	16,152,800	20,000,000	-3,847,200
Annual Time Burden (Hours)	822,900	684,168	138,732
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 684,168 hours since the 2020 control number renewal to 822,900 hours in 2024. The burden estimates for maintenance (10 hours) and notification (one hour) of CIP remained the same in the 2020 and 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 mutual funds in the 2020 renewal was 1,591 and the number of mutual funds in 2024 is 1,400. The number of new mutual fund accounts opened annually in 2020 was 20,000,000 and the number of mutual fund accounts opened annually in 2024 is 16,150,000. The primary reason for the increase in burden is the increase in the estimate of CIP implementation of three minutes per account in 2024.

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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