OMB.report

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 202410-1506-003 · OMB 1506-0052 · Received in OIRA

Forms and Documents
DocumentTypeStatusAvailability
1506-0052-Recordkeeping Dealers in Foreign Exchange Supporting Statement-10_28_2024 - FINAL.docx Supporting Statement A Uploaded 2024-10-28 Available
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 202410-1506-003
Received in OIRA 202107-1506-002
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 10/30/2024
  Requested Previously Approved
36 Months From Approved 10/31/2024
3,623 923
57,968 14,768
0 0
Pursuant to 31 CFR 1022.410(a), a dealer in foreign exchange must secure 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. The taxpayer identification number must be obtained and recorded within 30 days of the date the account is opened or credit line extended, or longer if the person opening the account or seeking the line of credit needs to apply for a taxpayer identification or social security number. For non-resident aliens, a dealer in foreign exchange is required to record the person’s passport number or a description of some other government document used to verify his or her identity. Pursuant to 31 CFR 1022.410(b), a dealer in foreign exchange must also retain the original or a copy of nine types of documents as further detailed in the supporting statement.
US Code: 31 USC 5311-5330 Name of Law: Money and Finance
  
None
Not associated with rulemaking
  89 FR 65980 08/13/2024
89 FR 86412 10/30/2024
Yes
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 3,623 923 0 0 2,700 0
Annual Time Burden (Hours) 57,968 14,768 0 0 43,200 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The estimated total annual burden hours increased by 43,200 hours from 14,768 hours in 2020 to 57,968 hours in 2024, although the annual hourly burden estimate for these recordkeeping requirements remained the same as in 2020. The increase in the estimated total annual burden hours is solely a result of an increase in the estimated number of dealers in foreign exchange from 923 in 2020 to 3,623 in 2024.
$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.
10/30/2024