[Federal Register Volume 62, Number 42 (Tuesday, March 4, 1997)]
[Notices]
[Pages 9820-9821]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-5305]
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DEPARTMENT OF THE TREASURY
Proposed Collection; Comment Request
AGENCY: Financial Crimes Enforcement Network, Treasury.
ACTION: Notice.
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SUMMARY: In order to comply with the requirements of the Paperwork
Reduction Act of 1995, concerning proposed extensions of information
collection requirements, the Financial Crimes Enforcement Network
(FinCEN) is soliciting comments concerning a revision of Internal
Revenue Service (IRS) Form 8362, Currency Transaction Report by Casinos
(CTRC) which is filed for currency transactions involving casinos under
the Bank Secrecy Act regulations.
DATES: Written comments must be received on or before May 5, 1997.
ADDRESSES: Direct all written comments to the Financial Crimes
Enforcement Network, Office of Regulatory Policy and Enforcement,
Attn.: CTRC Comments, Suite 200, 2070 Chain Bridge Road, Vienna, VA
22182-2536. Comments may also be submitted by Internet e-mail to
RegComments@fincen.treas.gov.
[[Page 9821]]
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
for a copy of the form should be directed to Leonard Senia, Senior
Financial Enforcement Officer; Office of Regulatory Policy and
Enforcement, (703) 905-3931, or by inquiry to the Internet e-mail
address shown above. A copy of the CTRC form, as well as all other
forms required by the Bank Secrecy Act, can be obtained through the
Internet at http://www.irs.ustreas.gov/prod/forms-pubs/forms.html.
SUPPLEMENTARY INFORMATION: The Currency and Foreign Transactions
Reporting Act (commonly known as the Bank Secrecy Act) Titles I and II
of Pub. L. 91-508, as amended, codified at 12 U.S.C. 1829b, 12 U.S.C.
1951-1959, and 31 U.S.C. 5311-5314, 5316-5326, 5328-5330, 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 (BSA) (codified at 31
U.S.C. 5311-5314, 5316-5326, 5328-5330) appear at 31 CFR Part 103. The
authority of the Secretary to administer the BSA regulations has been
delegated to the Director of FinCEN.
The Bank Secrecy Act specifically authorizes the Secretary to issue
regulations that require a report when ``a domestic financial
institution is involved in a transaction for the payment, receipt, or
transfer of United States coins or currency (or other monetary
instruments the Secretary of the Treasury prescribes), in an amount,
denomination, or amount and denomination, or under circumstances the
Secretary prescribes * * *'' See 31 U.S.C. 5313(a). The BSA also
defines casinos as financial institutions. 31 U.S.C. 5312(a)(2)(X). See
31 CFR 103.11(n)(7)(i). The authority of 31 U.S.C. 5313(a) to require
domestic financial institutions to report certain transactions has been
implemented through regulations promulgated at 31 CFR 103.22(a)(2) and
through promulgation of the CTRC, IRS Form 8362.
Information collected on the CTRC is made available, in accordance
with strict safeguards, to appropriate criminal law enforcement and
regulatory personnel in the official performance of their duties. The
information collected is used for regulatory purposes and in
investigations involving international and domestic money laundering,
tax violations, fraud, and other financial crimes.
This notice proposes changes to the current text of the CTRC and to
its instructions, as well as the extension of this information
collection requirement. The CTRC is being revised to enhance its value
to law enforcement personnel and, in many instances, to simplify it by
eliminating non-critical items. Also, FinCEN intends to replace the
current OMB Control Number for this collection requirement with a new
OMB Control Number. This technical change will facilitate FinCEN's
oversight over BSA information collection requirements by obtaining a
unique OMB Control Number for each form.
In accordance with requirements of the Paperwork Reduction Act of
1995, 44 U.S.C. 3506(c)(2)(A), and its implementing regulations, 5 CFR
1320, the following information concerning the collection of
information on the CTRC is presented to assist those persons wishing to
comment on the information collection. (Since the number of respondents
has significantly increased during 1996 because of the inclusion of
tribal casinos under the BSA, the estimates below are based on 1996
filings.)
Title: Currency Transaction Report by Casinos.
Form Number: IRS Form 8362.
OMB Number: 1506-0003.
Description of Respondents: All United States casinos, except those
in Nevada. A separate form will be authorized for use by casinos in
Nevada, which are subject to state imposed reporting and recordkeeping
requirements, pursuant to 31 CFR 103.45.
Estimated Number of Respondents: 300.
Estimated Number of Annual Responses: 93,000.
Frequency: As required.
Estimate of Burden: Reporting average of 19 minutes per response;
recordkeeping average of 5 minutes per response.
Estimate of Total Annual Burden on Respondents: Reporting burden
estimate = 29,450 hours; recordkeeping burden 5 estimate = 7,750 hours.
Estimated combined total of 37,200 hours.
Estimate of Total Annual Cost to Respondents for Hour Burdens:
Based on $20 per hour, the total cost to the public is estimated to be
$744,000.
Estimate of Total Other Annual Costs to Respondents: None.
Type of Request: Revision and extension of a currently approved
information collection.
Request for Comments
FinCEN specifically invites comments on the following subjects: (a)
Whether the proposed collection of information is necessary for the
proper performance of the mission of FinCEN, including whether the
information shall have practical utility; (b) the accuracy of FinCEN's
estimate of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (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.
In addition, the Paperwork Reduction Act of 1995 requires agencies
to estimate the total annual cost burden to respondents or
recordkeepers resulting from the collection of information. Thus,
FinCEN also specifically requests comments to assist with this
estimate. In this connection, FinCEN requests commenters to identify
any additional costs associated with the completion of the form. These
comments on costs should be divided into two parts: (1) any additional
costs associated with reporting; and (2) any additional costs
associated with recordkeeping.
Responses to the questions posed by this notice will be summarized
and included in the request for Office of Management and Budget
approval. All comments will become a matter of public record.
Dated: February 21, 1997
Stanley E. Morris,
Director, Financial Crimes Enforcement Network.
[FR Doc. 97-5305 Filed 3-3-97; 8:45 am]
BILLING CODE 4820-3-P
