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Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices
securities has effectively superseded these requirements.5
Under 31 CFR 1023.410b, a broker or dealer in securities must retain an original or copy of: 1 Each document granting signature or trading authority over each customers account; 2 a record of each remittance or transfer of funds, currency, checks, other monetary instruments, investment securities, or credit, of more than $10,000 to a person, account, or place outside the United States; 3 a record of each receipt of currency, other monetary instruments, investment securities, or checks, and of each transfer of funds or credit, of more than $10,000 on any one occasion, not through a domestic financial institution, from any person, account, or place outside the United States; and 4 each record described in paragraphs 1, 2, 3, 5, 6, 7, 8, and 9 of 17 CFR
240.17a3a, covering records to be made by certain exchange members, brokers and dealers as identified in 17
CFR 240.17a3. 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.6 The required records must be maintained for five years.7
II. Paperwork Reduction Act of 1995
PRA 8
Title: Additional records to be made and retained by dealers in foreign exchange and additional records to be made and retained by brokers or dealers in securities 31 CFR 1022.410 and 31
CFR 1023.410.

OMB Control Numbers: 15060052
and 15060053.
Report Number: Not applicable.
Abstract: FinCEN is issuing this notice to renew the OMB control numbers for record-keeping requirements for dealers in foreign exchange and brokers or dealers in securities.
Affected Public: Businesses or other for-profit institutions, and non-profit institutions.
Type of Review:
Renewal without change of a currently approved information collection.
Propose for review and comment a renewal of the portion of the PRA
burden that has been subject to notice and comment in the past the traditional annual PRA burden.
Propose for review and comment a future expansion of the scope of the PRA burden the future annual PRA
burden.
Frequency: As required.
Estimated Number of Respondents:
4,563 financial institutions.9
Estimated Recordkeeping Burden: In Part 1 of this notice, FinCEN describes the breakdown of the estimated number of financial institutions, by type, affected by each of the regulatory requirements. In Part 2, FinCEN
proposes for review and comment a renewal of the estimate of the traditional annual PRA hourly burden, which includes an annual hourly burden estimate per financial institution similar to that used in the past, with the incorporation of a more robust cost estimate. The scope and methodology
used in the past assigned a total annual hourly burden estimate, per financial institution, to multiple recordkeeping requirements within the regulations. In Part 3, FinCEN proposes for review and comment a methodology to estimate the hourly burden and the cost of a future estimate of an annual PRA burden that includes the burden and cost broken down by each unique type of recordkeeping requirement covered by the regulations being renewed. The methodology also includes identifying estimates for the number of transactions conducted annually, per financial institution, which would trigger each unique recordkeeping requirement.
Finally, in Part 4, FinCEN solicits input from the public about: a The accuracy of the estimate of the traditional annual PRA burden; b the method proposed to be more granular in the calculation of burden per unique recordkeeping requirement, within the regulations, to establish a future annual PRA burden;
c the criteria, metrics, and most appropriate questions FinCEN should consider when researching the information to estimate the future annual PRA burden, according to the methodology proposed; and d any other comments about the regulations and the current and proposed future hourly burden and cost estimates of these requirements.
Part 1. Breakdown of the Financial Institutions Covered by This Notice The breakdown of financial institutions, by type, covered by this notice is reflected in Table 1 below:

TABLE 1BREAKDOWN OF FINANCIAL INSTITUTIONS COVERED BY THIS NOTICE, BY TYPE OF FINANCIAL INSTITUTION
Number of financial institutions
Type of financial institution Dealers in foreign exchange
Brokers or dealers in securities

11 3,640

Total number of financial institutions

4,563

Part 2. Traditional Annual PRA Burden and Cost
10 923

those persons from whom it has been unable to secure such information despite reasonable efforts.

Each dealer in foreign exchange must 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
5 31 CFR 1023.220. The burden associated with these requirement is calculated under OMB control number 15060034.
6 31 CFR 1010.430a.
7 31 CFR 1010.430d.
8 Public Law 10413, 44 U.S.C. 3506c2A.

9 Table 1 below sets forth a breakdown of the types of financial institutions covered by this notice.
10 This number is derived from self-reported information in MSB registrations submitted to FinCEN. FinCENs MSB registration database is
available at https www.fincen.gov/msb-stateselector.
11 According to the Securities and Exchange Commission SEC, there were 3,640 brokers or dealers in securities registered with the SEC, as of March 31, 2020.

OMB Control Number 15060052
31 CFR 1022.410a
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31 CFR 1022.410b Each dealer in foreign exchange must retain the original or a copy of nine types of documents as described in
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