[Federal Register Volume 61, Number 156 (Monday, August 12, 1996)]
[Notices]
[Pages 41832-41833]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-20495]
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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 on
[[Page 41833]]
the information collected on currency transactions involving financial
institutions under the Bank Secrecy Act regulations on Internal Revenue
Service Form 4789, Currency Transaction Report (``CTR'').
DATES: Submit written comments by October 11, 1996.
ADDRESSES: Direct all written comments to the Financial Crimes
Enforcement Network, Office of Regulatory Policy and Enforcement,
Attn.: CTR Comments, Suite 200, 2070 Chain Bridge Road, Vienna, VA
22182-2536.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
for a copy of the form should be directed to Charles D. Klingman,
Office of Financial Institutions Policy, at (703) 905-3920; Cynthia A.
Langwiser, Attorney-Advisor, Office of Legal Counsel, at (703) 905-
3590. A copy of the CTR 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 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, 5316-5330, 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. 5311-5314, 5316-5330)
appear at 31 CFR Part 103. The authority of the Secretary to administer
the Bank Secrecy Act regulations has been delegated to the Director of
FinCEN. -
The Bank Secrecy Act specifically provides the Secretary the
authority 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 . . . .'' 31 U.S.C. 5313(a). The
authority of 31 U.S.C. 5313(a) has been implemented through regulations
promulgated at 31 CFR 103.22 and through the instructions to the
Currency Transaction Report, Internal Revenue Service Form 4789.
-Information collected on the CTR 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 contained is of use in investigations involving
international and domestic money laundering, tax evasion, fraud, and
other financial crimes. -
This notice does not propose any change to the current text of the
Currency Transaction Report or to its instructions. However, FinCEN
intends to replace the current OMB Control Number for this collection
requirement (1545-0183) with a new OMB Control Number, 1506-0004.
FinCEN believes that by centralizing responsibility for Bank Secrecy
Act information collection requirements, it will be easier to maintain
oversight over the collection requirement. Accordingly, this collection
requirement notice is in the form of an extension, and if approved, the
existing OMB Control Number 1545-0183 for this collection requirement
will be withdrawn, so as to avoid duplication. -
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 Form 4789 is presented to assist those persons wishing
to comment on the information collection. (The number of respondents
has significantly varied each year; the estimates below are based on an
average.)
Title: Currency Transaction Report
Form Number: IRS Form 4789
OMB Number: 1506-0004.
Description of Respondents: All United States financial
institutions, other than casinos.
Estimated Number of Respondents: 10,000,000.
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 = 3,166,667 hours; recordkeeping burden estimate = 833,333
hours. Estimated combined total of 4,000,000 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
$80,000,000.
Estimate of Total Other Annual Costs to Respondents: None.
Type of Request: Extension. -
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 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: August 6, 1966.
Stanley E. Morris,
Director. Financial Crimes Enforcement Network.
[FR Doc. 96-20495 Filed 8-9-96; 8:45 am]
BILLING CODE 4820-03-P
