Reports of transactions with foreign financial agencies (31 CFR 1010.360).

Forms and Documents

Document Name	Status
1506-0055_supporting_statement_20160316.docx Supporting Statement A	2016-03-17

IC Document Collections

IC ID	Document Title	Status
194391	Reports of transactions with foreign financial agencies	Modified

ICR Details

OMB Control No: 1506-0055	ICR Reference No: 201509-1506-007
Status: Active	Previous ICR Reference No: 201407-1506-009
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Reports of transactions with foreign financial agencies (31 CFR 1010.360).
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/13/2019
	Date Received in OIRA: 08/17/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2022	11/30/2017	03/31/2019
Responses	200	0	1
Time Burden (Hours)	1,000	0	1
Cost Burden (Dollars)	0	0	0

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Abstract: Treasury may, by regulation, require specified financial institutions to report transactions by persons with designated foreign financial agencies. This is an update since FinCEN has now issued a regulation/requirement under 31 CFR 110.360

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Authorizing Statute(s): US Code: 31 USC 5311-5330 Name of Law: Money and Finance
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 33413	06/08/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 50327	08/12/2011
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Reports of transactions with foreign financial agencies

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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	200	1	0	199	0	0
Annual Time Burden (Hours)	1,000	1	0	999	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: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: After reviewing several options, FinCEN elected to require several financial institutions to file a special report in accordance with 31 CFR 1010.360. Due to the sensitive nature of the request, FinCEN elected to require reporting by means other than in the Federal Register as permitted in the regulation. Notice to OMB of the change in reporting and request for approval of the increase in the burden for this control number was not posted in the ROCIS system. This oversight was discovered in September 2015. In view of the favorable results of this action, FinCEN is requesting an increase to the current approved PRA burden of one (1) hour. The new burden of 1000 hours (See supporting statement, item 12) will permit FinCEN to continue to use this provision in the regulations in combating terrorist financing and money laundering.

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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? Uncollected

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Common Form ICR:  No

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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: 08/17/2016

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