Prior to subsequent renewals, FinCEN will a) clarify that the ICRs pertain to a recordkeeping requirement; b) incorporate language distinguishing between the burden of the program requirement vs. the burden of the documentation and recordkeeping requirement; c) solicit comment on the extent to which the recordkeeping requirement is requiring burden through the production of additional documentation not otherwise useful to the operation of the AMLprogram; and d) generate a burden estimate of the recordkeeping requirement in light of the responses received.
Inventory as of this Action
Requested
Previously Approved
10/31/2020
36 Months From Approved
04/30/2019
2,910,406
0
2,838,406
413,216
0
341,216
0
0
0
Money services businesses, mutual funds, and operators of credit card systems, and providers of prepaid access are required to develop and implement written anti-money laundering program. A copy of the program must be maintained for five years. See 31 CFR 103.125, 103.130, and 103.135.
There is an increase in burden due to higher estimates of the number of entities required to maintain written AML programs, based on the most recent data.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
0020 AML-86iSupporting Statement 2018 10-15-18.docx
Anti-Money Laundering (AML) Program for Providers of Prepaid Access