Comments Requested on Casino CTR Form

Treasury's Financial Crimes Enforcement Network, as part of a paperwork reduction effort, has asked for public comment on IRS Form 8362, "Currency Transaction Report by Casinos." Comments are due by May 5, 1997, and should be sent to Financial Crimes Enforcement Network, Office of Regulatory Policy and Enforcement, Attn: CTRC, Suite 200, 2070 Chain Bridge Rd., Vienna, VA 22182-2536.

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PROPOSED COLLECTION; COMMENT REQUEST

[1] AGENCY: Financial Crimes Enforcement Network, Treasury.

[2] ACTION: Notice.

[3] SUMMARY: In order to comply with the requirements of the Paperwork Reduction Act of 1995, concerning proposed extensions of information collection requirements, the Financial Crimes Enforcement Network (FinCEN) is soliciting comments concerning a revision of Internal Revenue Service (IRS) Form 8362, Currency Transaction Report by Casinos (CTRC) which is filed for currency transactions involving casinos under the Bank Secrecy Act regulations.

[4] DATES: Written comments must be received on or before May 5, 1997.

[5] ADDRESSES: Direct all written comments to the Financial Crimes Enforcement Network, Office of Regulatory Policy and Enforcement, Attn.: CTRC Comments, Suite 200, 2070 Chain Bridge Road, Vienna, VA 22182-2536. Comments may also be submitted by Internet e- mail to RegComments@fincen.treas.gov.

[6] FOR FURTHER INFORMATION CONTACT: Requests for additional information or for a copy of the form should be directed to Leonard Senia, Senior Financial Enforcement Officer; Office of Regulatory Policy and Enforcement, (703) 905-3931, or by inquiry to the Internet e-mail address shown above. A copy of the CTRC form, as well as all other forms required by the Bank Secrecy Act, can be obtained through the Internet at http://www.irs.ustreas.gov/prod/forms-pubs/forms.html.

[7] SUPPLEMENTARY INFORMATION: The Currency and Foreign Transactions Reporting Act (commonly known as the Bank Secrecy Act) Titles I and II of Pub. L. 91-508, as amended, codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5314, 5316-5326, 5328- 5330, authorizes the Secretary of the Treasury, inter alia, to issue regulations requiring records and reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. Regulations implementing Title II of the Bank Secrecy Act (BSA) (codified at 31 U.S.C. 5311-5314, 5316-5326, 5328-5330) appear at 31 CFR Part 103. The authority of the Secretary to administer the BSA regulations has been delegated to the Director of FinCEN.

[8] The Bank Secrecy Act specifically authorizes the Secretary to issue regulations that require a report when "a domestic financial institution is involved in a transaction for the payment, receipt, or transfer of United States coins or currency (or other monetary instruments the Secretary of the Treasury prescribes), in an amount, denomination, or amount and denomination, or under circumstances the Secretary prescribes * * *" See 31 U.S.C. 5313(a). The BSA also defines casinos as financial institutions. 31 U.S.C. 5312(a)(2)(X). See 31 CFR 103.11(n)(7)(i). The authority of 31 U.S.C. 5313(a) to require domestic financial institutions to report certain transactions has been implemented through regulations promulgated at 31 CFR 103.22(a)(2) and through promulgation of the CTRC, IRS Form 8362.

[9] Information collected on the CTRC is made available, in accordance with strict safeguards, to appropriate criminal law enforcement and regulatory personnel in the official performance of their duties. The information collected is used for regulatory purposes and in investigations involving international and domestic money laundering, tax violations, fraud, and other financial crimes.

[10] This notice proposes changes to the current text of the CTRC and to its instructions, as well as the extension of this information collection requirement. The CTRC is being revised to enhance its value to law enforcement personnel and, in many instances, to simplify it by eliminating non-critical items. Also, FinCEN intends to replace the current OMB Control Number for this collection requirement with a new OMB Control Number. This technical change will facilitate FinCEN's oversight over BSA information collection requirements by obtaining a unique OMB Control Number for each form.

[11] In accordance with requirements of the Paperwork Reduction Act of 1995, 44 U.S.C. 3506(c)(2)(A), and its implementing regulations, 5 CFR 1320, the following information concerning the collection of information on the CTRC is presented to assist those persons wishing to comment on the information collection. (Since the number of respondents has significantly increased during 1996 because of the inclusion of tribal casinos under the BSA, the estimates below are based on 1996 filings.)

[12] Title: Currency Transaction Report by Casinos.

[13] Form Number: IRS Form 8362.

[14] OMB Number: 1506-0003.

[15] Description of Respondents: All United States casinos, except those in Nevada. A separate form will be authorized for use by casinos in Nevada, which are subject to state imposed reporting and recordkeeping requirements, pursuant to 31 CFR 103.45.

[16] Estimated Number of Respondents: 300.

[17] Estimated Number of Annual Responses: 93,000.

[18] Frequency: As required.

[19] Estimate of Burden: Reporting average of 19 minutes per response; recordkeeping average of 5 minutes per response.

[20] Estimate of Total Annual Burden on Respondents: Reporting burden estimate = 29,450 hours; recordkeeping burden 5 estimate = 7,750 hours. Estimated combined total of 37,200 hours.

[21] Estimate of Total Annual Cost to Respondents for Hour Burdens: Based on $20 per hour, the total cost to the public is estimated to be $744,000.

[22] Estimate of Total Other Annual Costs to Respondents: None.

[23] Type of Request: Revision and extension of a currently approved information collection.

Request for Comments

[24] FinCEN specifically invites comments on the following subjects: (a) Whether the proposed collection of information is necessary for the proper performance of the mission of FinCEN, including whether the information shall have practical utility; (b) the accuracy of FinCEN's estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (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.

[25] In addition, the Paperwork Reduction Act of 1995 requires agencies to estimate the total annual cost burden to respondents or recordkeepers resulting from the collection of information. Thus, FinCEN also specifically requests comments to assist with this estimate. In this connection, FinCEN requests commenters to identify any additional costs associated with the completion of the form. These comments on costs should be divided into two parts: (1) any additional costs associated with reporting; and (2) any additional costs associated with recordkeeping.

[26] Responses to the questions posed by this notice will be summarized and included in the request for Office of Management and Budget approval. All comments will become a matter of public record.

Dated: February 21, 1997

Stanley E. Morris,

[FR Doc. 97-5305 Filed 3-3-97; 8:45 am]