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View ICR - OIRA Conclusion

OMB Control No: 1506-0034	ICR Reference No: 202408-1506-005
Status: Active	Previous ICR Reference No: 202011-1506-005
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Customer Identification Program Regulatory Requirements for Broker or Dealers in Securities
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	28,006,956	0	9,000,000
Time Burden (Hours)	1,438,258	0	340,040
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	28,006,956	9,000,000	19,006,956
Annual Time Burden (Hours)	1,438,258	340,040	1,098,218
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 340,040 hours since the 2020 control number renewal to 1,438,258 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 in 2024. The number of brokers or dealers in securities in the 2020 renewal was 3,640 and the number of brokers or dealers in securities in 2024 is 3,478. 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 brokers or dealers in securities (28,000,000 accounts) for the 2024 renewal. FinCEN did not have this estimate for brokers or dealers in securities in the 2020 renewal, so in 2024 there is an increase in burden hours for brokers or dealers in securities applicable to CIP implementation of 1,400,000 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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