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:
1506-0055
ICR Reference No:
202507-1506-003
Status:
Active
Previous ICR Reference No:
202203-1506-001
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Reports of transactions with foreign financial agencies (31 CFR 1010.360).
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:
01/16/2026
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/31/2025
Terms of Clearance:
FinCEN input a cost burden estimate.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2029
36 Months From Approved
01/31/2026
Responses
240
0
84
Time Burden (Hours)
40,500
0
11,914
Cost Burden (Dollars)
0
0
0
Abstract:
The Secretary is authorized to require any “resident or citizen of the United States or a person in, and doing business in, the United States, to keep records, file reports, or keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency.” The term “foreign financial agency” (FFA) applies to an action outside the United States of a “financial agency,” which the statute defines as “a person acting for a person . . . as a financial institution, bailee, depository trustee, or agent, or acting in a similar way related to money, credit, securities, gold, a transaction in money, credit, securities or gold, or a service provided with respect to money, securities, futures, precious metals, stones and jewels, or value that substitutes for currency.” The Secretary is also authorized to prescribe exemptions to the reporting requirement and to prescribe other matters the Secretary considers necessary to carry out 31 U.S.C. 5314. The regulations implementing these authorities to require reports of transactions with FFAs are found at 31 CFR 1010.360.
Authorizing Statute(s):
US Code:
31 USC 31 U.S.C. 5314
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:
90 FR 22157
05/23/2025
30-day Notice:
Federal Register Citation:
Citation Date:
90 FR 35963
07/30/2025
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
Complying with recordkeeping requirements that apply to FFA reports
Filing initial reports of certain transactions with designated FFAs
Filing subsequent reports of certain transactions with designated FFAs
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
240
84
0
0
156
0
Annual Time Burden (Hours)
40,500
11,914
0
0
28,586
0
Annual Cost Burden (Dollars)
0
0
0
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:
FinCEN estimates reflect a number of changes since the most recent prior OMB control number renewal which affected both the anticipated time burden associated with regulatory compliance activities and the expected costs. The estimated total annual burden hours increased from an estimate of 11,914 hours in 2022 to 40,500 hours in 2025. This is due to several factors, but most notably reflects updating on the basis of the most recent period of historical data used to estimate the anticipated annual response burden of FFA requests. In the most recent three-year look-back period, FFA regulations have been issued with greater frequency and with respect to a larger number of FFAs per regulation, on average. Due to the increased frequency in the issuance of FFA regulations, FinCEN’s estimate of the number of regulations per year increased to 4 from the estimate of approximately 1.33 in 2022. The average number of FFAs covered per regulation also increased from an average of 7 per request in 2019-2021 to an average of 50 per request in 2022-2024. Consequently, the average time estimated to respond to an FFA regulation increased by approximately 872 hours per regulation per respondent. Separately, FinCEN has updated the wage rate utilized to estimate costs from $95 in the 2022 OMB control renewal to $120, which primarily reflects increases in average wages as reported by the Bureau of Labor Statistics, but also reflects a methodological shift to apply FinCEN’s standard annual index wage rate to this analysis.
Annual Cost to Federal Government:
$1,400
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
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:
07/31/2025
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