[Federal Register: November 7, 2002 (Volume 67, Number 216)]
[Notices]
[Page 67893-67894]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07no02-105]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network; Proposed Collection;
Comment Request; Currency Transaction Report by Casinos (``CTRC'').
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: As part of its continuing effort to reduce paperwork and
respondent burden, FinCEN invites comment on a proposed extension of an
existing information collection requirement contained in the form,
``Currency Transaction Report by Casinos (CTRC).'' This request for
comments is being
[[Page 67894]]
made pursuant to the Paperwork Reduction Act of 1995.
DATES: Written comments are welcome and must be received on or before
January 6, 2003.
ADDRESSES: Written comments should be submitted to: Office of Chief
Counsel, Financial Crimes Enforcement Network, Department of the
Treasury, P.O. Box 39, Vienna, Virginia 22183, Attention: PRA
Comments--CTRC Form. Comments also may be submitted by electronic mail
to the following address: regcomments@fincen.treas.gov, again with a
caption, in the body of the text, ``Attention: PRA Comments--CTRC
Form.''
Inspection of comments. Comments may be inspected, between 10 a.m.
and 4 p.m., in the FinCEN reading room in Washington, DC. Persons
wishing to inspect the comments submitted must request an appointment
by telephoning (202) 354-6400.
FOR FURTHER INFORMATION CONTACT: Leonard Senia, Senior Regulatory
Program Specialist; or Russell Stephenson, Regulatory Program Analyst,
Office of Compliance and Regulatory Enforcement, FinCEN, at (202) 354-
6015; and Judith R. Starr, Chief Counsel and Christine L. Schuetz,
Attorney-Advisor, Office of Chief Counsel, FinCEN, at (703) 905-3590.
SUPPLEMENTARY INFORMATION:
Title: Currency Transaction Report by Casinos (CTRC).
OMB Number: 1506-0005.
Form Number: 8362.
Abstract: The statute generally referred to as the ``Bank Secrecy
Act,'' Titles I and II of Public Law 91-508, as amended, codified at 12
U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5332, authorizes
the Secretary of the Treasury, inter alia, to require financial
institutions to keep records and file reports that are determined to
have a high degree of usefulness in criminal, tax, and regulatory
matters, or in the conduct of intelligence or counter-intelligence
activities, to protect against international terrorism, and to
implement counter-money laundering programs and compliance
procedures.\1\ Regulations implementing Title II of the Bank Secrecy
Act appear at 31 CFR part 103. The authority of the Secretary to
administer the Bank Secrecy Act has been delegated to the Director of
FinCEN.
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\1\ Language expanding the scope of the Bank Secrecy Act to
intelligence or counter-intelligence activities to protect against
international terrorism was added by Section 358 of the Uniting and
strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (the
``USA Patriot Act''), Public Law 107-56.
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Section 5313(a) 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.''
Regulations implementing section 5313(a) are found at 31 CFR 103.22. In
general, the regulations require the reporting of transactions in
currency in excess of $10,000 a day. Casinos as defined in 31 U.S.C.
5312(a)(2)(X) and 31 CFR 103.11(n)(7)(i) are financial institutions
subject to the currency transaction reporting requirement. Card clubs,
as defined in 31 CFR 103.11(n)(8)(i), are casinos subject to currency
transaction reporting. (See 63 FR 1919, January 13, 1998.) The Currency
Transaction Report by Casinos, IRS Form 8362, is the form casinos and
card clubs use to comply with the currency transaction reporting
requirements.
Type of Review: Extension of a currently approved information
collection.
Affected public: Business or other for-profit institutions.
Frequency: As required.
Estimated Burden: Reporting average of 19 minutes per response.\2\
Form record keeping average of 5 minutes per response, for a total of
24 minutes.
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\2\ This burden relates to the completion of the CTRC form only.
The recordkeeping burden of 31 CFR 103.22 is reflected in the final
rule requiring casinos and card clubs to file currency transaction
reports of suspicious activity.
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Estimated number of respondents=550.
Estimated Total Annual Responses=237,000.
Estimated Total Annual Burden Hours: 94,800.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Records required to be
retained under the Bank Secrecy Act must be retained for five years.
Request for Comments
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval. All comments will
become a matter of public record. Comments are invited on: (a) Whether
the collection of information is necessary for the proper performance
of the functions of the agency, including whether the information shall
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information to be collected: (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; and (e) estimates
of capital or start-up costs and costs of operation, maintenance and
purchase of services to provide information.
Dated: October 31, 2002.
James F. Sloan,
Director, Financial Crimes Enforcement Network.
[FR Doc. 02-28287 Filed 11-6-02; 8:45 am]
BILLING CODE 4810-02-P