Transactions of Exempt Persons (31 CFR 1020.315), and FinCEN Report 110-Designation of Exempt Persons (DOEP) Report
Extension without change of a currently approved collection
No
Regular
08/09/2021
Requested
Previously Approved
36 Months From Approved
08/31/2021
18,141
27,040
18,141
27,040
0
0
The requirement for financial institutions to report certain transactions in currency has been an important component of the BSA from its inception. Regulations have long established a one-person, one-day, one-institution aggregate currency transaction threshold of $10,000, above which financial institutions must file a Currency Transaction Report (CTR) reporting information about the transaction and the person(s) involved. The Money Laundering Suppression Act of 1994 amended the BSA to give banks certain mandatory exemptions from the requirement for financial institutions to file CTRs, and to give the Secretary authority to create additional such exemptions. Regulations implementing this exemption authority are found at 31 CFR 1020.315. These regulations require banks to submit the Designation of Exempt Persons (DOEP) Report to create certain exemptions from the CTR requirement. Under 31 CFR 1020.315(a), a bank is not required to file a CTR with respect to any transaction in currency between exempt persons and the bank, or between an exempt person and other banks that are affiliated with the bank.
The estimated total annual burden hours decreased by 8,899 from 27,040 hours in 2017 to 18,141 hours in 2020 although the annual hourly burden estimates per regulatory requirement remained the same as in 2017 (one hour per report). The reduction in burden is a result of a decrease in the number of reports filed from 27,040 in 2017 to 18,141 in 2019. Additionally, there was a reduction in the number of respondents since the last approval from 13,520 to 11,161 banks in 2019.
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.
Form FinCEN 110 Transactions of Exempt Persons (31 CFR 1020.315), and FinCEN Report 110-Designation of Exempt Persons (DOEP) Report
1506-0012-DOEP-Supporting Statement Final 7-26-21 Final.docx
FinCENDOEPElectronicFilingRequirements.pdf
Transactions of Exempt Persons (31 CFR 1020.315), and FinCEN Report 110-Designation of Exempt Persons (DOEP) Report