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Federal forms, ICRs, and supporting documents

Information Collection Request

Regulations Requiring Additional Records to be Made and Retained by Dealers in Foreign Exchange (31 CFR 1022.410).

ICR 202107-1506-002 · OMB 1506-0052 · Received in OIRA

Forms and Documents
DocumentTypeStatusAvailability
1506-0052-Recordkeeping Dealers in Foreign Exchange Supporting Statement-Final 072321.docx Supporting Statement A Uploaded 2021-07-27 Repair queued
IC Document Collections
IC IDCollectionTypeStatusForm
194411 Regulations Requiring addtional Records to be Made and Retained by Dealers in Foregin Exchange Modified
ICR Details
1506-0052 202107-1506-002
Received in OIRA 201709-1506-001
TREAS/FINCEN
Regulations Requiring Additional Records to be Made and Retained by Dealers in Foreign Exchange (31 CFR 1022.410).
Extension without change of a currently approved collection   No
Regular 08/09/2021
  Requested Previously Approved
36 Months From Approved 08/31/2021
923 2,300
14,768 36,800
0 0
31 CFR 1022.410(a) requires a dealer in foreign exchange to make and maintain a record of the taxpayer identification number of certain persons for whom a transaction account is opened or a line of credit is extended, within 30 days of opening such an account or extending such a line of credit, or longer if the person has applied for a taxpayer identification or social security number. A dealer in foreign exchange must also maintain a list containing the names, addresses, and account or credit line numbers of those persons from whom it has been unable to secure such information despite reasonable efforts.
US Code: 31 USC 5311-5330 Name of Law: Money and Finance
  
None
Not associated with rulemaking
  86 FR 7778 02/01/2021
86 FR 43312 08/06/2021
No
1
IC Title Form No. Form Name
Regulations Requiring addtional Records to be Made and Retained by Dealers in Foregin Exchange
  Total Request 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 923 2,300 0 0 -1,377 0
Annual Time Burden (Hours) 14,768 36,800 0 0 -22,032 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The estimated total annual burden hours decreased by 22,032 hours from 36,800 hours in 2017 to 14,768 hours in 2020, although the annual hourly burden estimate for these recordkeeping requirements remained the same as in 2017. The reduction is solely a result of a decrease in the estimated number of dealers in foreign exchange from 2,300 in 2017 to 923 in 2020.
$0
No
    No
    No
No
No
No
No
FinCEN Resource Center 800 767-2825 [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.
08/09/2021