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

Forms and Documents

Document Name	Status
1506-0020 AML Prog-Supporting Statement- 20201029.docx Supporting Statement A	2020-10-29

IC Document Collections

IC ID	Document Title	Status
200947	Anti-Money Laundering (AML) Program for Providers of Prepaid Access	Modified
15322	Anti-Money Laundering programs for money services business, mutual funds, and operators of credit card systems	Modified

ICR Details

OMB Control No: 1506-0020	ICR Reference No: 202010-1506-009
Status: Active	Previous ICR Reference No: 201808-1506-006
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Anti-Money Laundering programs for money services business, mutual funds, operators of credit card systems, and providers of prepaid access
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: 12/08/2020
	Date Received in OIRA: 10/30/2020
Terms of Clearance: 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
Expiration Date	12/31/2023	36 Months From Approved	12/31/2020
Responses	2,853,697	0	2,910,406
Time Burden (Hours)	155,076	0	413,216
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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Authorizing Statute(s): US Code: 31 USC 5318 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:
	85 FR 49418	08/13/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 68417	10/28/2020
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Anti-Money Laundering programs for money services business, mutual funds, and operators of credit card systems
Anti-Money Laundering (AML) Program for Providers of Prepaid Access

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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	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

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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: 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.

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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? No

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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: 10/30/2020

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