Additional records to be made and retained by banks (31 CFR 1020.410 and 1010.430)
Revision of a currently approved collection
No
Regular
10/27/2020
Requested
Previously Approved
36 Months From Approved
02/28/2021
22,900
22,900
4,408,942
2,290,000
0
0
A bank must retain an original or copy of certain documents, as specified in section 1020.410. The required records must be maintained for five years (31 CFR 1010.430).
FinCEN is issuing this statement to support the request for OMB approval of an information collection with respect to a notice of proposed rulemaking (âNPRMâ). The NPRM proposes to amend the BSA regulations requiring the retention and transmittal of records related to funds transfers and transmittals of funds, by lowering the monetary thresholds triggering those requirements for transactions that begin or end outside the United States from $3,000 to $250. The NPRM also proposes to clarify that those same regulations apply to domestic and cross-border transactions involving convertible virtual currencies (âCVCâ) and digital assets with legal tender status by clarifying the meaning of âmoneyâ as used in certain defined terms referenced in those regulations. This statement adds the estimated burden hours increase for this OMB control number, as a result of the NPRM. The increase in burden hours is being added to the existing OMB approved burden hours for this control number as reflected in this supporting statement.
See section 15 of the attached supporting statement for an explanation for the reason for the increase in burden hours.
FinCEN is issuing this statement to support the request for OMB approval of an information collection with respect to a notice of proposed rulemaking (âNPRMâ). The NPRM proposes to amend the BSA regulations requiring the retention and transmittal of records related to funds transfers and transmittals of funds, by lowering the monetary thresholds triggering those requirements for transactions that begin or end outside the United States from $3,000 to $250. The NPRM also proposes to clarify that those same regulations apply to domestic and cross-border transactions involving convertible virtual currencies (âCVCâ) and digital assets with legal tender status by clarifying the meaning of âmoneyâ as used in certain defined terms referenced in those regulations. This statement adds the estimated burden hours increase for this OMB control number, as a result of the NPRM. The increase in burden hours is being added to the existing OMB approved burden hours for this control number as reflected in this supporting statement.
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.
1506-0059 Supporting Statement- Records Retained by Banks Revised for Travel Rule NPRM-20201026.xml
Additional records to be made and retained by banks