[Federal Register Volume 76, Number 70 (Tuesday, April 12, 2011)]
[Notices]
[Pages 20451-20452]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8589]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Proposed Collection; Comment Request; Renewal Without Change of
the Registration of Money Services Business, FinCEN Form 107
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: As part of its continuing effort to reduce paperwork and
respondent burden, FinCEN invites comment on a proposed information
collection contained in a revised form, Registration
[[Page 20452]]
of Money Services Business, FinCEN Form 107. The form will be used by
currency dealers or exchangers; check cashers; issuers of traveler's
checks, money orders or stored value; sellers of traveler's checks,
money orders or stored value; redeemers of traveler's checks, money
orders or stored value; and money transmitters to register with the
Department of the Treasury as required by statute. This request for
comments is being made pursuant to the Paperwork Reduction Act of 1995,
Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
DATES: Written comments are welcome and must be received on or before
June 13, 2011.
ADDRESSES: Written comments should be submitted to: Office of
Regulatory Policy and Programs Division, Financial Crimes Enforcement
Network, Department of the Treasury, P.O. Box 39, Vienna, Virginia
22183, Attention: PRA Comments--MSB Registration-Form 107. Comments
also may be submitted by electronic mail to the following Internet
address: [email protected], again with a caption, in the body of
the text, ``Attention: PRA Comments--MSB Registration-Form 107.''
Inspection of comments: Comments may be inspected, between 10 a.m.
and 4 p.m., in the FinCEN reading room in Vienna, VA. Persons wishing
to inspect the comments submitted must request an appointment with the
Disclosure Officer by telephoning (703) 905-5034 (Not a toll free
call).
FOR FURTHER INFORMATION CONTACT: The FinCEN Regulatory helpline at
(800) 949-2732 and select Option 1.
SUPPLEMENTARY INFORMATION:
Title: Registration of Money Services Business.
OMB Number: 1506-0013.
Form Number: FinCEN Form 107.
Abstract: The statute generally referred to as the ``Bank Secrecy
Act,'' Titles I and II of Public Law 91-508, as amended, codified at 12
U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5330, authorizes
the Secretary of the Treasury, inter alia, to issue regulations
requiring records and reports that are determined to have a high degree
of usefulness in criminal, tax, and regulatory matters. Regulations
implementing Title II of the Bank Secrecy Act (codified at 31 U.S.C.
5311-5330) appear at 31 CFR Chapter X. The authority of the Secretary
to administer the Bank Secrecy Act has been delegated to the Director
of FinCEN.
Under 31 U.S.C. 5330 and its implementing regulations, money
services businesses must register with the Department of the Treasury,
maintain a list of their agents, and renew their registration every two
years. Currently, money services businesses register by filing FinCEN
Form 107, which is being renewed without change. The information
collected on the form is required to comply with 31 U.S.C. 5330 and its
implementing regulations. The information will be used to assist
supervisory and law enforcement agencies in the enforcement of
criminal, tax, and regulatory laws and to prevent money services
businesses from being used by those engaging in money laundering. The
collection of information is mandatory.
Current Actions: The current Form 107 and instructions are being
renewed without change.
Type of Review: Renewal of currently approved collection report.
Affected Public: Individuals, business or other for-profit
institutions, and not-for-profit institutions.
Frequency: As required.
Estimated Burden: Reporting average of 30 minutes per response;
recordkeeping average of 30 minutes per response.
Estimated Number of Respondents: 42,000.
Estimated Total Annual Burden Hours: 42,000 hours.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Records required to be
retained under the Bank Secrecy Act must be retained for five years.
Generally, information collected pursuant to the Bank Secrecy Act is
confidential, but may be shared as provided by law with regulatory and
law enforcement authorities.
Request for Comments:
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval. All comments will
become a matter of public record. Comments are invited on: (a) Whether
the collection of information is necessary for the proper performance
of the functions of the agency, including whether the information shall
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information to be collected: (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology; and (e) estimates
of capital or start-up costs and costs of operation, maintenance and
purchase of services to provide information.
Dated: April 5, 2011.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2011-8589 Filed 4-11-11; 8:45 am]
BILLING CODE 4810-02-P