[Federal Register: January 11, 2006 (Volume 71, Number 7)]
[Notices]
[Page 1786-1790]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11ja06-69]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network; Proposed Collection;
Comment Request; Currency Transaction Report by Casinos
AGENCY: Financial Crimes Enforcement Network.
ACTION: Notice and request for comments.
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SUMMARY: As part of our continuing effort to reduce paperwork and
respondent burden, we invite comment on a proposed extension, without
change, of an existing information collection requirement contained in
the form, ``Currency Transaction Report by Casinos, Financial Crimes
Enforcement Network Form 103.'' This request for comments is being made
pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44
U.S.C. 3506(c)(2)(A).
DATES: Written comments are welcome and must be received on or before
March 13, 2006.
ADDRESSES: Written comments should be submitted to: The Financial
Crimes Enforcement Network, Department of the Treasury, Post Office Box
39, Vienna, Virginia 22183, Attention: Paperwork Reduction Act
Comments--Currency Transaction Report by Casinos Form. Comments also
may be submitted by electronic mail to the following Internet address:
regcomments@fincen.treas.gov, again with a caption, in the body of the
text, ``Attention: Paperwork Reduction Act Comments--Currency
Transaction Report by Casinos Form.''
Inspection of comments. Comments may be inspected, between 10 a.m.
and 4 p.m., in the Financial Crimes Enforcement Network reading room in
Washington, D.C. Persons wishing to inspect the comments submitted must
request an appointment by telephoning (202) 354-6400.
FOR FURTHER INFORMATION CONTACT: Regulatory Policy and Programs
Division at (800) 949-2732.
SUPPLEMENTARY INFORMATION: Title: Currency Transaction Report by
Casinos.
OMB Number: 1506-0005.
Form Number: Financial Crimes Enforcement Network Form 103.
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 of the
Treasury to administer the Bank Secrecy Act has been delegated to the
Director of the Financial Crimes Enforcement Network.
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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 Act of 2001, Pub. L. 107-56.
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Section 5313(a) authorizes the Secretary of the Treasury 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 [sic] 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, Financial Crimes Enforcement Network Form 103, is the form
casinos and card clubs (other than those in Nevada) use to comply with
the currency transaction reporting requirements.
The attached Currency Transaction Report by Casinos is presented
only for purposes of soliciting public comment on the form.
Type of Review: Extension, without change, of an approved
information collection.
Affected Public: Business or other for-profit institutions.
Frequency: As required.
Estimated Burden: Reporting average of 20 minutes per response.\2\
Form recordkeeping average of 10 minutes per response, for a total of
30 minutes.
Estimated Number of Respondents: 600.
Estimated Total Annual Responses: 418,866.
Estimated Total Annual Burden Hours: 209,433.
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\2\ This burden relates to the completion of the Currency
Transaction Report by Casinos 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.
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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 Office of Management and Budget 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 Office of
Management and Budget 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: January 5, 2006.
William J. Fox,
Director, Financial Crimes Enforcement Network.
Attachment: Currency Transaction Report by Casinos, Financial
Crimes Enforcement Network Form 103.
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[FR Doc. 06-246 Filed 1-10-06; 8:45 am]
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