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Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices Section IStatutory and Regulatory Provisions above.
Due to the challenges of obtaining the total number of such records required to be maintained by dealers in foreign exchange under 31 CFR 1022.410, in its most recent control number renewal, FinCEN estimated that the annual recordkeeping burden per dealer in foreign exchange for these requirements was 16 hours.12 FinCEN continues to estimate that the annual hourly burden of complying with 31 CFR 1022.410 is 16 hours per dealer in foreign exchange.
923 dealers in foreign exchange 13
multiplied by 16 hours, results in a total annual hourly burden estimate of 14,768
hours.

securities, in its most recent control number renewal, FinCEN estimated that the annual recordkeeping burden per broker or dealer in securities for these requirements was 100 hours.14 FinCEN
continues to estimate that the annual hourly burden of complying with 31
CFR 1023.410 is 100 hours per broker or dealer in securities.
3,640 brokers or dealers in securities 15 multiplied by 100 hours, results in a total annual hourly burden estimate of 364,000 hours.

OMB Control Number 15060053
31 CFR 1023.410a As noted above, brokers or dealers in securities have no recordkeeping responsibilities under this provision;
the obligation on brokers or dealers in securities to maintain customer identification programs pursuant to 31
CFR 1023.220 has effectively replaced these responsibilities.
31 CFR 1023.410b Each broker or dealer in securities must retain an original or copy of certain types of documents as described in Section IStatutory and Regulatory Provisions above.
Due to the challenges of obtaining the total number of such records required to be maintained by brokers or dealers in
Total Annual Traditional PRA Hourly Burden for OMB Control Numbers 15060052 and 15060053
FinCENs estimate of the traditional annual PRA burden, therefore, is 378,768 hours, as detailed in Table 2
below:

TABLE 2BREAKDOWN OF FINANCIAL INSTITUTIONS IMPACTED BY EACH REGULATORY REQUIREMENT, AND THE
ESTIMATED TOTAL ANNUAL BURDEN HOURS PER REQUIREMENT
Number of financial institutions
Type of financial institution impacted by the requirement
Regulatory requirement
31 CFR 1022.410OMB Control Number 15060052.
31 CFR 1023.410OMB Control Number 15060053.
Total annual hour burden hours

To calculate the hourly costs of the burden estimate, FinCEN identified three roles and corresponding staff positions involved in maintaining records as required by 31 CFR 1022.410
and 1023.410: i General supervision
Traditional annual burden estimate per financial institution hours
Total annual burden hours per regulatory requirement
Dealers in foreign exchange

923

16

14,768

Brokers or dealers in securities

3,640

100

364,000

378,768

providing process oversight; ii direct supervision reviewing operational-level work and cross-checking all or a sample of the work product against supporting documentation; and iii clerical work engaging in recordkeeping.

FinCEN calculated the fully-loaded hourly wage for each of these three roles by using the median wage estimated by the U.S. Bureau of Labor Statistics BLS,16 and computing an additional benefits cost as follows:

TABLE 3FULLY-LOADED HOURLY WAGE BY ROLE AND BLS JOB POSITION FOR ALL FINANCIAL INSTITUTIONS COVERED
BY THIS NOTICE
Role
BLS-code
General supervision
Direct supervision
Clerical work research, review, and recordkeeping.

FinCEN estimates that, in general and on average,17 each role would spend different amounts of time on each 12 82

FR 31686, 31687 July 7, 2017.
Table 1, supra.
14 82 FR 31686, 31687 July 7, 2017.
15 See Table 1, supra.
16 The U.S. Bureau of Labor Statistics, Occupational Employment Statistics-National, May 2019, available at https www.bls.gov/oes/
tables.htm. The most recent data from the BLS
13 See
VerDate Sep<11>2014

16:57 Jan 29, 2021

Jkt 253001

BLS-name
113031
131041
433099

Median hourly wage
Financial Manager
Compliance Officer
Financial Clerk

$62.45
33.20
20.40

Benefit factor 1.50
1.50
1.50

Fully-loaded hourly wage $93.68
49.80
30.60

portion of the traditional annual PRA
burden, as follows:

The cost of each hour of burden, broken down by role, to produce and maintain records as outlined in 31 CFR

corresponds to May 2019. For the benefits component of total compensation, see U.S. Bureau of Labor Statistics, Employers Cost per Employee Compensation as of December 2019, available at https www.bls.gov/news.release/ecec.nr0.htm. The ratio between benefits and wages for financial activities is $15.95 hourly benefits/$32.05 hourly wages = 0.50. The benefit factor is 1 plus the benefit/wages ratio, or 1.50. Multiplying each
hourly wage by the benefit factor produces the fully-loaded hourly wage per position.
17 By in general, FinCEN means without regard to outliers e.g., financial institutions with accounts or transactions that require recordkeeping that is uncommonly higher or lower than those of the population at large. By on average, FinCEN
means the mean of the distribution of each subset of the population.

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