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Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices
1022.410 and 31 CFR 1023.410 would be $37.00 as set out in Table 4 below:

TABLE 4WEIGHTED AVERAGE HOURLY COST OF MAKING AND RETAINING THE RECORDS
General supervision
Direct supervision
Clerical work
% Time
Hourly cost
% Time
Hourly cost
% Time
Hourly cost
Weighted average hourly cost
5%

$4.68

15

$7.47

80

$24.48

$37.00

$36.63 rounded to $37.00.

The total estimated cost of the traditional annual PRA burden is
$14,014,416, as reflected in Table 5
below:

TABLE 5TOTAL COST OF TRADITIONAL ANNUAL PRA BURDEN
OMB control No./regulation
Hourly burden
Hourly cost
Total cost
15060052 31 CFR 1022.410
15060053 31 CFR 1023.410

14,768
364,000

$37
37

$546,416
13,468,000

Total cost

14,014,416

Part 3. Future Annual PRA Burden In the future, FinCEN will include the burden and cost for each type of recordkeeping requirement covered by the regulations being renewed. The future burden estimate will also include estimates of the number of transactions conducted annually per financial institution, which trigger each recordkeeping requirement.
31 CFR 1022.410a 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 those persons from whom it has been unable to secure such information despite reasonable efforts. In order to more accurately estimate the related PRA burden in the future, FinCEN
intends to obtain a better understanding of the volume of transaction accounts and lines of credit opened per year by dealers in foreign exchange.
31 CFR 1022.410b As described in greater detail in Section IStatutory and Regulatory Provisions above, each dealer in foreign exchange must retain the original or a copy of nine types of documents. In order to more accurately estimate the related PRA burden in the future, FinCEN intends to obtain a better
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understanding of the volume of transactions that trigger such recordkeeping requirements per year by dealers in foreign exchange.
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. In order to more accurately estimate the related PRA
burden in the future, FinCEN intends to obtain a better understanding of the volume of transactions that trigger such recordkeeping requirements per year by brokers or dealers in exchange.
FinCEN does not have the information needed to estimate the number of annual transactions that trigger each recordkeeping requirement being renewed in this notice. For that reason, FinCEN is relying on estimates used in prior renewals of these OMB control numbers and the applicable regulations.
FinCEN further recognizes that after receiving public comments as a result of this notice, future annual PRA hourly burden and cost estimates may vary significantly. In order to arrive at more precise estimates of net BSA hourly burden and cost, FinCEN intends to conduct more granular studies in the near future, regarding the types and volume of transactions conducted annually, which trigger each recordkeeping requirement, and the time it takes to collect and record the information required for each recordkeeping requirement.18 The data 18 Net hourly burden and cost are the burden and cost a financial institution incurs to comply with requirements that are unique to the BSA, and that do not support any other business purpose or
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obtained in these studies also may result in a significant variation of the estimated annual PRA burden.
Estimated Number of Respondents:
4,563 financial institutions, as set out in Table 1.
Estimated Total Annual Recordkeeping Burden: The estimated total annual PRA burden is 378,768
hours, as set out in Table 2.
Estimated Total Annual Recordkeeping Cost: The estimated total annual PRA cost is $14,014,416, as set out in Table 5.
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 BSA must be retained for five years.
Part 4Request for Comments a Specific request for comments on the traditional annual PRA hourly burden and cost.
regulatory obligation of the financial institution.
Burden for purposes of the PRA does not include the time and financial resources needed to comply with an information collection, if the time and resources are for things a business or other person does in the ordinary course of its activities if the agency demonstrates that the reporting activities needed to comply are usual and customary. 5 CFR
1320.3b2. For example, depending on the nature of the account or transaction, a financial institution may be collecting and maintaining some of the same information on an account or transaction that is required to be recorded in 31 CFR 1022.410 and 31 CFR 1023.410 in order to satisfy other obligations. Those obligations may include i protecting the financial institution from fraud against itself or its customers, ii complying with other non-BSA regulatory requirements such as those imposed by the specific Federal functional regulator, or iii maintaining proper accounting information.

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