OMB.report

Federal forms, ICRs, and supporting documents

Information Collection Request

Financial Recordkeeping and Reporting of Currency and Report of Foreign Bank and Financial Accounts

ICR 201810-1506-001 · OMB 1506-0009 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
Form FinCEN 114 Report of Foreign Bank and Financial Accounts Form and Instruction Modified Repair queued
1506-0009 Reinstatement Emergency.pdf Supplementary Document Uploaded 2018-10-11 Repair queued
FBAR PRA supporting statment.doc Supporting Statement A Uploaded 2018-10-10 Available
IC Document Collections
IC IDCollectionTypeStatusForm
15292 Report of Foreign Bank and Financial Accounts Form and Instruction Modified
ICR Details
1506-0009 201810-1506-001
Historical Active 201608-1506-001
TREAS/FINCEN
Financial Recordkeeping and Reporting of Currency and Report of Foreign Bank and Financial Accounts
Reinstatement without change of a previously approved collection   No
Emergency 10/11/2018
Approved without change 10/12/2018
Retrieve Notice of Action (NOA) 10/10/2018
  Inventory as of this Action Requested Previously Approved
04/30/2019 6 Months From Approved
1,090,774 0 0
1,090,774 0 0
0 0 0
The Bank Secrecy Act authorizes Treasury to require financial institutions and individuals to keep records and file reports that the Treasury determines have a high degree of usefulness in criminal, tax, or regulatory matters, or to protect against international terrorism. The information collected assist Federal, State, and local law enforcement in the identification, investigation, and prosecution of individuals involved in a variety of financial crimes.
The Financial Crimes Enforcement Network (FinCEN) is requesting immediate emergency processing to reinstate the Office of Management and Budget (OMB) control number 1506-0009 pertaining to the Report of Foreign Bank and Financial Accounts (FBAR) regulations, 31 CFR 1010.350, 1010.420, and the FBAR form (FinCEN Form 114), to correct the inadvertent lapse in the control number. The collection of foreign financial account information is essential to FinCEN’s mission and to law enforcement. The potential misuse of foreign financial accounts to evade domestic criminal, tax, and regulatory laws has been a long-held congressional and law enforcement concern. More than four decades after the Bank Secrecy Act’s (BSA) enactment, law enforcement and regulatory agencies continue to use critical information reported in FBARs to aid in criminal and regulatory investigations involving tax evasion, money laundering, terrorism, and other crimes. It is critical to FinCEN’s mission that the FBAR OMB control number be reinstated as soon as possible. Calendar year 2017 foreign financial accounts are due to be reported no later than October 15, 2018.
US Code: 31 USC 5311-5330 Name of Law: Bank Secrecy Act
   US Code: 31 USC 5314 Name of Law: Money and Finance
  
None
Not associated with rulemaking
No
1
IC Title Form No. Form Name
Report of Foreign Bank and Financial Accounts FinCEN 114 Foreign Bank and Financial Report
  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1,090,774 0 0 0 405,774 685,000
Annual Time Burden (Hours) 1,090,774 0 0 0 405,774 685,000
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
Reviews of current filing statics for calendar year 2016 (most current date) reflect a more accurate filing picture. Based on this review a burden increase is warranted. There is an increase in burden of 405,774 hours from that which was previously approved by OMB in 2013 (685,000 hours). This is an adjustment in estimates due to an increase in filings, based on the most recent available data (2016).
$109,077
No
    Yes
    Yes
No
No
No
Uncollected
Jaclyn Stewart 202 354-6028 [email protected]
  No
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.
10/10/2018