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:
1506-0080
ICR Reference No:
202408-1506-006
Status:
Historical Active
Previous ICR Reference No:
202402-1506-003
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Anti-Money Laundering Regulations for Residential Real Estate Transfers
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
12/02/2024
Retrieve Notice of Action (NOA)
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
Responses
850,000
0
0
Time Burden (Hours)
4,604,167
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
The Financial Crimes Enforcement Network (FinCEN) is submitting this information collection request for OMB approval of a collection of information in the final rule it is issuing under the authority of the Bank Secrecy Act (BSA). In this rule FinCEN requires certain domestic financial institutions to file specific reports and keep specific records about certain transfers of residential real estate. The U.S. Department of the Treasury (Treasury) has long recognized the illicit finance risks posed by abuse of the U.S. residential real estate market and by legal entities and trusts used by criminals and corrupt officials to launder ill-gotten gains through transfers of residential real estate. FinCEN’s rule focuses on a particular class of activity that is high-risk for money laundering and that warrants reporting on a transaction-specific basis. The rule requires certain persons involved in real estate closings and settlements to submit reports and keep records on certain non-financed transfers of residential real property to certain legal entities and trusts. The reports would enhance transparency in the U.S. residential real estate market and assist Treasury, law enforcement, and national security agencies in protecting U.S. economic and national security interests. The rule describes the circumstances in which a report would be required to be filed, who would file a report, what information would be provided, and when the report would be due.
Authorizing Statute(s):
US Code:
31 USC 5311-5314 and 5316-5336
Name of Law: The Bank Secrecy Act
US Code:
12 USC 1829b and 1951-1960
Name of Law: The Bank Secrecy Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1506-AB54
Final or interim final rulemaking
89 FR 70258
08/29/2024
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Reports of residential real property transfers
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
850,000
0
0
850,000
0
0
Annual Time Burden (Hours)
4,604,167
0
0
4,604,167
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
This is a new final rule, which imposes requirements that create new burden on respondents.
Annual Cost to Federal Government:
$8,500,000
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:
08/30/2024
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