Anti-Money Laundering programs for money services business, mutual funds, operators of credit card systems, and providers of prepaid access

ICR 202010-1506-009

OMB: 1506-0020

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2020-10-29
ICR Details
1506-0020 202010-1506-009
Active 201808-1506-006
TREAS/FINCEN
Anti-Money Laundering programs for money services business, mutual funds, operators of credit card systems, and providers of prepaid access
Extension without change of a currently approved collection   No
Regular
Approved without change 12/08/2020
Retrieve Notice of Action (NOA) 10/30/2020
FinCEN is working with OIRA to more accurately quantify the compliance costs of programs it overseas under the Bank Secrecy Act.
  Inventory as of this Action Requested Previously Approved
12/31/2023 36 Months From Approved 12/31/2020
2,853,697 0 2,910,406
155,076 0 413,216
0 0 0

Section 352 of the USA PATRIOT Act added subsection (h) to 31 U.S.C. 5318 of the BSA that requires the Secretary of the Treasury to require financial institutions to establish and maintain anti-money laundering (“AML”) programs. Pursuant to section 352, FinCEN issued regulations requiring money services businesses (“MSBs”), mutual funds, and operators of credit card systems to develop and implement a written AML program, respectively 31 CFR 1022.210, 31 CFR 1024.210, and 31 CFR 1028.210. The program must be reasonably designed to prevent these financial institutions from being used for money laundering or the financing of terrorist activities, and to achieve and monitor compliance with applicable BSA requirements.

US Code: 31 USC 5318 Name of Law: Money and Finance
  
None

Not associated with rulemaking

  85 FR 49418 08/13/2020
85 FR 68417 10/28/2020
Yes

  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 2,853,697 2,910,406 0 -56,709 0 0
Annual Time Burden (Hours) 155,076 413,216 0 -258,140 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
Yes
Miscellaneous Actions
The decrease in burden is predominately due to a decrease in the number of financial institutions impacted by the AML program regulations. In 2018, we estimated that there were 327,106 respondents. The estimated number of respondents for this renewal is 253,697. The main reason for the decrease in the estimated number of respondents is a decrease in number of MSBs from 324,100 in 2018 to 252,100 in 2020.

$0
No
    No
    No
No
No
No
No
FinCEN Resource Center 800 767-2825 frc@fincen.gov

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
10/30/2020


© 2024 OMB.report | Privacy Policy