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Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices themselves, this request for comments covers a future expansion of the scope of the annual hourly burden and cost estimate associated with these regulations. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
DATES: Written comments are welcome, and must be received on or before April 2, 2021
ADDRESSES: Comments may be submitted by any of the following methods:
Federal E-rulemaking Portal: http
www.regulations.gov. Follow the instructions for submitting comments.
Refer to Docket Number FINCEN2021
0003 and the specific Office of Management and Budget OMB control numbers 15060052 and 15060053.
Mail: Policy Division, Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN20210003 and OMB
control numbers 15060052 and 1506
0053.
Please submit comments by one method only. Comments will also be taken into account in FinCENs review of existing regulations, consistent with by Treasurys 2011 Plan for Retrospective Analysis of Existing Rules. All comments submitted in response to this notice will become a matter of public record. Therefore, you should submit only information that you wish to make publicly available.
FOR FURTHER INFORMATION CONTACT: The FinCEN Regulatory Support Section at 18007672825 or electronically at frc@fincen.gov.
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Provisions The legislative framework generally referred to as the Bank Secrecy Act BSA consists of the Currency and Financial Transactions Reporting Act of 1970, as amended by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
USA PATRIOT Act Pub. L. 10756
and other legislation. The BSA is codified at 12 U.S.C. 1829b, 12 U.S.C.
19511959, 31 U.S.C. 53115314 and 53165332, and notes thereto, with implementing regulations at 31 CFR
Chapter X.
The BSA 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 counter-intelligence activities to protect against international terrorism, and to
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implement anti-money laundering AML programs and compliance procedures.1 Regulations implementing the BSA appear at 31 CFR Chapter X.
The authority of the Secretary to administer the BSA has been delegated to the Director of FinCEN.2
a. 31 CFR 1022.410Additional Records To Be Made and Retained by Dealers in Foreign Exchange 31 CFR 1022.410a requires a dealer in foreign exchange to make 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, within 30 days of opening such an account or extending such a line of credit, or longer if the person has applied for a taxpayer identification or social security number. A dealer in foreign exchange must also maintain a list containing the names, addresses, and account or credit line numbers of those persons from whom it has been unable to secure such information despite reasonable efforts. A dealer in foreign exchange need not attempt to secure such information if the person is an agency or instrumentality of a Federal, state, local, or foreign government using an account for public funds, one of several categories of aliens that are not permanent resident aliens, or an unincorporated subordinate unit of a tax exempt organization covered by a group exemption letter.
Under 31 CFR 1022.410b, a dealer in foreign exchange must also retain the original or a copy of nine types of documents: 1 Statements of accounts from banks, including documents representing the entries reflected on such statements; 2 daily work records, including documents needed to identify and reconstruct currency transactions with customers and foreign banks; 3 a record of each exchange of currency involving transactions in excess of $1,000, including the customers name and address and passport or tax identification number unless received by mail or common carrier, the date and amount of the transaction, and the currency name, country, and total amount of each foreign currency; 4
signature cards or other documents evidencing signature authority over 1 Section 358 of the USA PATRIOT Act added language expanding the scope of the BSA to intelligence or counter-intelligence activities to protect against international terrorism. Section 6101
of the Anti-Money Laundering Act of 2020 the AML Act added language further expanding the scope of the BSA but did not disturb these longstanding purposes. The AML Act is Division F
of Public Law 116283 January 1, 2021.
2 Treasury Order 18001 re-affirmed Jan. 14, 2020.

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each deposit or security account, containing specified items of information about the customer including a record of the actual owner of the account if customer accounts are maintained in a code name; 5 each item, including checks, drafts, and transfers of credit, of more than $10,000
remitted or transferred to a person, account, or place outside the United States; 6 a record of each receipt of currency, other monetary instruments, investment securities and checks, and of each transfer of funds or credit, of more than $10,000 received on any one occasion directly and not through a domestic financial institution, from any person, account, or place outside the United States; 7 records prepared or received by the dealer in foreign exchange in the ordinary course of business that would be needed to reconstruct an account and trace a check in excess of $100 deposited in such an account through its internal recordkeeping system to its depository institution, or to supply a description of such a deposited check; 8 a record of the name, address and taxpayer identification number of any person presenting a certificate of deposit for payment, as well as a description of the instrument and the date of the transaction; and 9 a system of books and records that enables the dealer in foreign exchange to prepare an accurate balance sheet and income statement. To the extent that these records include originals or copies of checks, drafts, monetary instruments, investment securities, or other similar instruments, copies of front and back of such instruments must generally be retained.3
The required records must be maintained for five years.4
b. 31 CFR 1023.410Additional Records To Be Made and Retained by Brokers or Dealers in Securities Until October 1, 2003, 31 CFR
1023.410a required a broker or dealer in securities to make a record of certain information. Until October 1, 2008, a broker or dealer in securities was required to maintain all such records, as well as a list containing the names, addresses, and account or credit line numbers of those persons from whom it had been unable to secure the required information despite reasonable efforts.
The customer identification program requirement for brokers or dealers in 3 31
4 31

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CFR 1010.430a.
CFR 1010.430d.

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