Anti-Money Laundering Programs for Dealers in Precious Metals, Precious Stones, or Jewels
Extension without change of a currently approved collection
No
Regular
06/28/2024
Requested
Previously Approved
36 Months From Approved
07/31/2024
6,700
20,000
7,817
23,334
0
0
31 U.S.C. 5318(h)(1) of the BSA mandates that financial institutions establish AML/CFT programs to guard against money laundering and the financing of terrorism. Such programs must include, at a minimum: (a) the development of internal policies, procedures, and controls, (b) the designation of a compliance officer, (c) an ongoing employee training program, and (d) an independent audit function to test programs. Pursuant to 31 U.S.C. 5318(h)(2), FinCEN issued regulations requiring banks lacking a Federal functional regulator (31 CFR 1020.210(b)), money services businesses (MSBs) (31 CFR 1022.210), mutual funds (31 CFR 1024.210), insurance companies (31 CFR 1025.210), dealers in precious metals, precious stones, or jewels (31 CFR 1027.210), operators of credit card systems (31 CFR 1028.210), and loan or finance companies (31 CFR 1029.210) to develop and implement written AML programs. This supporting statement covers the AML program requirements for dealers in precious metals, precious stones, or jewels.
The decrease in burden from 23,334 hours to 7,817 hours is due to a decrease in the estimate of the total number of financial institutions impacted by the AML program regulatory requirements under this OMB control number. In 2020, FinCEN estimated that there were 20,000 respondents, as compared to 6,700 respondents in this renewal.
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.
1506-0030 AML Prog-Supporting Statement_6_26_24 - FINAL.docx
Anti-money laundering programs for dealers in precious metals, precious stones, or jewels.