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OMB Control No: 1506-0055	ICR Reference No: 202507-1506-003
Status: Received in OIRA	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	Date Submitted to OIRA: 07/31/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	12/31/2025
Responses	240	84
Time Burden (Hours)	40,500	11,914
Cost Burden (Dollars)	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

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	240	84	156
Annual Time Burden (Hours)	40,500	11,914	28,586
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: 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

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