Purchases of Bank Checks and Drafts, Cashierâs Checks, Money Orders, and Travelerâs Checks (31 CFR 1010.415)
Extension without change of a currently approved collection
No
Regular
12/02/2024
Requested
Previously Approved
36 Months From Approved
12/31/2024
23,207
15,677
174,053
117,578
0
0
The Bank Secrecy Act (BSA) prohibits financial institutions from issuing any âbank check, cashierâs check, travelerâs check, or money order to any individual in connection with a transaction or group of such contemporaneous transactions which involves United States coins or currency (or such other monetary instruments as the Secretary may prescribe) in amounts or denominations of $3,000 or moreâ unless (1) the financial institution verifies, through a signature card or other account documentation or information, that the individual has a transaction account with the financial institution, and records the method of verification in accordance with regulations issued by the Secretary; or (2) the individual furnishes the financial institution with such forms of identification as the Secretary may require by regulation, and the financial institution verifies and records such information in accordance with regulations issued by the Secretary. To implement these requirements, FinCEN issued a regulation requiring financial institutions to maintain records related to the issuance or sale of bank checks and drafts, cashierâs checks, money orders, and travelerâs checks. The regulation applies to all financial institutions as defined in 31 CFR 1010.100(t). However, it is FinCENâs experience that banks and money services businesses (MSBs) are more likely than other categories of financial institution to issue or sell bank checks and drafts, cashierâs checks, money orders, and travelerâs checks.
Under 31 CFR 1010.415, financial institutions are required to maintain records of certain information related to the issuance or sale of bank checks and drafts, cashierâs checks, money orders, and travelerâs checks when the issuance or sale involves currency between $3,000 and $10,000, inclusive, to any individual purchaser of one or more of these instruments.
US Code:
31 USC 5325
Name of Law: Money and Fincance
The estimated total annual burden hours increased by 56,474 hours from 117,579 hours in 2020 to 174,053 hours in 2024, although the annual hourly burden estimates (7.5 hours) per regulatory requirement remained the same as in 2020. The increase in burden is a result of an increase in the number of respondents from 15,677 in 2020 to 23,207 in 2024.
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.
1506-0057-Records of Money Orders Travelers' Checks Supporting Statement_11_25_2024 FINAL.docx
Purchases of bank checks and drafts, cashier's checks, money orders and traveler's checks