Federal Register: June 14, 2005 (Volume 70, Number 113)
DOCID: FR Doc 05-11808
DEPARTMENT OF THE TREASURY
DOCUMENT ACTION: Notice and request for comments.
Financial Crimes Enforcement Network; Proposed Collection; Comment Request; Customer Identification Programs for Futures Commission Merchants and Introducing Brokers.
DATES: Written comments are welcome and must be received on or before August 15, 2005.
FinCEN invites comment on a proposed extension of a currently
approved requirement that futures commission merchants and introducing
brokers establish a customer identification program as required under
section 326 of the Uniting and Strengthening America by providing
Appropriate Tools Required to Intercept and Obstruct Terrorism (USA
PATRIOT ACT) Act of 2001. This request for comments covers 31 CFR
103.123. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Pub. L. 10413, 44 U.S.C.
Agency information collection activities; proposals, submissions, and approvals,
Title: Customer Identification Programs For Futures Commission Merchants and Introducing Brokers, 31 CFR 103.123.
OMB Number: 15060022.
Form Number: N/A.
Abstract: The statute generally referred to as the ``Bank Secrecy
Act,'' Titles I and II of Public Law 91508, as amended, codified at 12
U.S.C. 1829b, 12 U.S.C. 19511959, and 31 U.S.C. 53115332, authorizes
the Secretary of the Treasury, inter alia, to require financial
institutions to keep records and file reports that are determined to
have a high degree of usefulness in criminal, tax, and regulatory
matters, or in the conduct of intelligence or counterintelligence
activities, to protect against international terrorism, and to implement countermoney laundering programs and compliance
procedures.\1\ Regulations implementing Title II of the Bank Secrecy Act appear at 31 CFR part 103. The authority of the Secretary to administer the Bank Secrecy Act has been delegated to the Director of FinCEN.
\1\ Language expanding the scope of the Bank Secrecy Act to intelligence or counterintelligence activities to protect against international terrorism was added by section 358 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the ``USA PATRIOT Act''), Pub. L. 10756.
Section 326 of the USA PATRIOT Act added a new subsection (l) to 31 U.S.C. 5318 of the Bank Secrecy Act that requires the Secretary of the Treasury to require financial institutions to establish and maintain programs to verify the identity of customers opening an account. On May 9, 2003, FinCEN and the Commodity Futures Trading Commission issued a joint final rule (68 FR 25149) requiring futures commission merchants and introducing brokers to establish a customer identification program (``CIP rule''). The final CIP rule can also be found at 31 CFR 103.123. [[Page 34522]]
This notice, which has been developed jointly with the Commodity Futures Trading Commission, is presented only for purposes of soliciting public comment on the proposed extension without change of the current rule.
Type of Review: Extension without change of a currently approved collection.
Affected public: Business or other forprofit institutions.
Frequency: As required. Estimated average annual burden for the recordkeeping requirements of the rule for each respondent: 10 hours.
Estimated average annual burden for the disclosure requirements of the rule per each respondent: 1 hour.
Estimated number of respondents: 1,861.
Estimated Total Annual Reporting and Recordkeeping Burden: 20,471 hours.
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Records required to be retained under the Bank Secrecy Act must be retained for five years. Request for Comments
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval. All comments will
become a matter of public record. Comments are invited on: (a) Whether
the recordkeeping requirement is necessary for the proper performance
of the functions of the agency, including whether the information shall
have practical utility; (b) The accuracy of the agency's estimate of
the burden of the collection of information; (c) Ways to enhance the
quality, utility, and clarity of the information to be collected; (d)
Ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology; and (e) Estimates
of capital or startup costs and costs of operation, maintenance and purchase of services to provide information.
Dated: June 2, 2005.
William J. Fox,
Director, Financial Crimes Enforcement Network.
[FR Doc. 0511808 Filed 61005; 12:58 pm]
BILLING CODE 481002P
FOR FURTHER INFORMATION CONTACT
The FinCEN Regulatory Helpline at 800- 9492732, select option 3, or contact Helene D. Schroeder, Special Counsel, Division of Clearing and Intermediary Oversight, Commodity Futures Trading Commission, 1155 21st Street, NW., Washington, DC 20581, (202) 4185450; or AMLstaff@cftc.gov.