[Federal Register: October 23, 2001 (Volume 66, Number 205)]
[Notices]
[Page 53655-53656]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr23oc01-131]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network; Agency Information
Collection Activities; Proposed Collection; Comment Request
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: In order to comply with the requirements of the Paperwork
Reduction Act of 1995, FinCEN intends to submit the information
collection addressed in this notice for a three-year extension of
approval by the Office of Management and Budget (``OMB''). Prior to
submission of the extension request, FinCEN is soliciting comment on
the information collection in FinCEN Issuance 98-1, as extended (the
conditional exception to the application of 31 CFR 103.33(g)).
DATES: Written comments should be received on or before December 24,
2001 to be assured of consideration.
ADDRESSES: Direct all written comments to: Office of Chief Counsel,
Financial Crimes Enforcement Network, Department of the Treasury, P.O.
Box 1618, Vienna, VA 22183-1618, Attention: PRA Comments--CIF
Exception. Comments also may be submitted by electronic mail to the
following Internet address: ``regcomments@fincen.treas.gov'' with the
caption in the body of the text,``Attention: PRA Comments--CIF
Exception.''
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to Stacie A. Larson (703) 905-3590, Office of Chief
Counsel, FinCEN, or Cynthia L. Clark, Deputy Chief Counsel, FinCEN
(703) 905-3590. A copy of the issuance may be obtained from http://
www.access.gop.gov/su_docs/aces/aces140.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. 5311-5330, 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. 5311-5330) appear at
31 CFR part 103. The authority of the Secretary to administer Title II
of the Bank Secrecy Act has been delegated to the Director of FinCEN.
In accordance with the requirements of the Paperwork Reduction Act
of 1995, 44 U.S.C. 3506(c)(2)(A), and its implementing regulations, the
following information is presented concerning the information
collections below. An agency may not conduct or sponsor, and a person
is not required to respond to, a collection of information unless it
displays a valid control number assigned by OMB.
Title: Conditional Exception to the Application of 31 CFR
103.33(g).
OMB Number: 1506-0008.
Abstract: Under 31 CFR 103.33(g) (the ``Travel Rule'') financial
institutions must include certain information in transmittal orders
relating to the transmittal of funds of $3,000 or more. In 1998, FinCEN
granted a conditional exception (the ``CIF Exception'')\1\ to the
strict operation of the Travel Rule.\2\ The CIF exception requires,
among other things, that a financial institution include on a
transmittal order a question mark (``?'') after the name on the
transmittal order whenever that name is other than the transmittor's
true name.
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\1\ FinCEN Issuance 98-1, 63 FR 3640, January 26, 1998.
\2\ FinCEN extended the CIF Exception in 1999 (FinCEN Issuance
99-1, 64 FR 41041, July 29, 1999) and again in 2001 (FinCEN Issuance
2001-1, 66 FR 32746, June 18, 2001).
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The information collection addressed in this notice is mandatory.
The use of the question mark symbol after a name that is not the true
name of the transmittor will assist law enforcement authorities in the
prevention and detection of money laundering. If a transmittal order is
being examined by a law enforcement agency and the question mark symbol
is included, the agency will then know to ask the financial institution
for the transmittor's true name. All records required to be maintained
under the BSA must be retained for five years.
Current Action: There is no change to the existing information
collection.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
[[Page 53656]]
Burden: The estimated number of transmittal numbers with the
question mark symbol is 5,000. The estimated annual reporting burden is
250 hours, and the estimated annual recordkeeping burden is 1,250
hours.
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 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; (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Comments concerning the accuracy of the burden estimate and
suggestions for reducing the burden should be directed to the Office of
Management and Budget, Attention: Desk Officer for the Treasury
Department, Office of Information and Regulatory Affairs, Washington,
DC 20503.
Dated: October 16, 2001.
James F. Sloan,
Director, Financial Crimes Enforcement Network.
[FR Doc. 01-26582 Filed 10-22-01; 8:45 am]
BILLING CODE 4820-03-P