Reports of transactions with foreign financial agencies (31 CFR 1010.360).
Extension without change of a currently approved collection
No
Regular
03/31/2022
Requested
Previously Approved
36 Months From Approved
03/31/2022
84
200
11,914
1,000
0
0
The Secretary is authorized to require any âresident or citizen of the United States or a person in, and doing business in, the United States, to . . . keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency.â The term âforeign financial agencyâ (FFA) means any person engaging in any activities outside the United States as a âfinancial agency,â which the statute defines as âa person acting for a person . . . as a financial institution, bailee, depository trustee, or agent, or acting in a similar way related to money, credit, securities, gold, or a transaction in money, credit, securities or gold, or a service provided with respect to money, securities, futures, precious metals, stones and jewels, or value that substitutes for currency.â The regulations implementing reports of transactions with FFAs are found at 31 CFR 1010.360.
31 CFR 1010.360(a) authorizes the Secretary, when the Secretary deems appropriate, to promulgate regulations requiring specified financial institutions to file reports of certain transactions with designated FFAs. A regulation promulgated pursuant to 31 CFR 1010.360(a) must designate one or more categories of information to be reported by the financial institution as it relates to a designated FFA, including one or more of the following: (i) checks or drafts; (ii) transmittal orders; (iii) loans; (iv) commercial paper; (v) stocks; (vi) bonds; and (vii) certificates of deposit.
31 CFR 1010.430(d) requires that all records that must be retained pursuant to 31 CFR Chapter X, be retained for a period of five years.
The estimated total annual burden hours increased by 10,914 hours from 1,000 hours in 2016 to 11,914 hours in 2022, because the annual hourly burden estimate per FFA response increased from 5 hours in 2016 to 142 hours in 2022, even though the number of responses decreased from 200 responses in 2016 to 84 responses in 2022
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.
1506-0055 FFA supporting_statement 03302022 Final.docx
Reports of transactions with foreign financial agencies