Customer Identification Programs for Futures Commission Merchants and Introducing Brokers

ICR 202011-1506-002 · OMB 1506-0022 · Received in OIRA

⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1506-0022 can be found here:

2024-08-30 - Extension without change of a currently approved collection

Forms and Documents

Document	Type	Status	Availability
0022 FCM IB CIP Supporting Statement 20201125 Final.docx	Supporting Statement A	Uploaded 2020-11-30	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
15326	Customer Identification Programs for Futures Commission Merchants and Introducing Brokers		Modified

ICR Details

OMB Control No: 1506-0022	ICR Reference No: 202011-1506-002
Status: Received in OIRA	Previous ICR Reference No: 201808-1506-012
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Customer Identification Programs for Futures Commission Merchants and Introducing Brokers
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular	Date Submitted to OIRA: 11/30/2020

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2021
Responses	1,165	1,228
Time Burden (Hours)	12,815	13,508
Cost Burden (Dollars)	0	0

Abstract: Pursuant to section 326, FinCEN issued joint regulations with the Commodity Futures Trading Commission that require futures commission merchants and introducing brokers in commodities to establish a written customer identification program and to maintain records related to verifying the identity of customers. Under the customer identification program (âCIPâ) regulations, the minimum requirements include: 1) implementation of a written customer identification program appropriate for the financial institutionâs size and type of business; 2) identity verification procedures; 3) recordkeeping; 4) comparison with government lists; and 5) customer notice.

Authorizing Statute(s): US Code: 31 USC 5318 Name of Law: Money and Finance

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 49425	08/13/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 75408	11/25/2020
Did the Agency receive public comments on this ICR? Yes

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Customer Identification Programs for Futures Commission Merchants and Introducing Brokers

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	1,165	1,228	-63
Annual Time Burden (Hours)	12,815	13,508	-693
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The estimated total annual burden hours decreased from 13,508 hours since the last control number renewal in 2018 to 12,815 hours. Although the burden estimate per futures commission merchant and introducing broker in commodities remains the same, at 11 hours per institution, the number of futures commission merchants and introducing broker in commodities decreased from 1,228 in 2018 to 1,165, based on 2020 data.

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: FinCEN Resource Center 800 767-2825 [email protected]

Common Form ICR: No