WASHINGTON- The Financial Crimes Enforcement Network wants the public’s opinion on amendments it is proposing to simplify the form financial institutions file for currency transaction reporting exemptions. The notice and request for comment appeared in the Dec. 27 edition of the Federal Register. FinCEN is seeking input on proposed revisions to its “Designation of Exempt Person” form (FinCEN form 110, formerly TD F 90-22-53). The form is employed to exempt reporting on transactions over $10,000 for banks and credit unions, certain governmental entities, and businesses for which reporting would serve little or no law enforcement purpose. The proposed changes would simplify some of the elements on the form based on information from regulators and questions on FinCEN’s Helpline. Additional instructions, along with clarifications, have been included. Specifically, FinCEN asks: (a) whether the collection of information is necessary for agency function, including whether the information is of practical utility; (b) the accuracy of the agency’s estimate of the burden collection of the information (106,250 estimated annual burden hours for an estimated 19,000 institutions filing approximately 85,000 forms); (c) way to enhance quality, utility, and clarity of the information collected; (d) ways to minimize the burden on respondents, including through automated techniques; and (e) estimates of capital or start up costs and costs of operation, maintenance and purchase of services to provide information. See http://www.fincen.gov/31cfr12272004ex.pdf for the Federal Register notice.

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