[Federal Register Volume 76, Number 88 (Friday, May 6, 2011)]
[Notices]
[Pages 26338-26339]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-11101]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Renewal Without Change
of a Current Collection; Comment Request
ACTION: Notice and request for comments.
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SUMMARY: In order to comply with the requirements of the Paperwork
Reduction Act (PRA) of 1995, FinCEN intends to submit the information
collection addressed in this notice for a three-year extension of
approval by the Office of Management and Budget (OMB). OMB Control
Number 1506-0043 currently covers the information collection addressed
in this notice. Prior to submission of the extension request, FinCEN is
soliciting comment on those information collections in 31 CFR 1010.630,
Prohibition on correspondent accounts for foreign shell banks; records
concerning owners of foreign banks and agents for service of legal
process.
DATES: Written comments should be received on or before July 5, 2011.
ADDRESSES: You may submit comments, identified by 1506-0043, by any of
the following methods:
E-mail: [email protected]. Include OMB Control Number
1506-0043 in the subject line of the message.
Mail: Department of the Treasury, Financial Crimes
Enforcement Network, P.O. Box 39, Vienna, VA 22183. Include OMB Control
Number 1506-0043 in the body of the text.
Instructions: It is preferable for comments to be submitted by
electronic mail. Please submit comments by one method only. All
submissions received must include the agency name and the OMB control
number for this notice. All comments received will be posted without
change to http://www.fincen.gov including any personal information
provided.
Inspection of comments: Comments may be inspected, between 10 a.m.
and 4 p.m., in the FinCEN reading room in Vienna, VA. Persons wishing
to inspect the comments submitted must request an appointment with the
Disclosure Officer by telephoning (703) 905-5034 (Not a toll free
call).
FOR FURTHER INFORMATION CONTACT: The FinCEN Regulatory helpline at
(800) 949-2732 and select Option 6.
SUPPLEMENTARY INFORMATION: The Bank Secrecy Act (``BSA''), Titles I and
II of Public Law 91-508, as amended, codified at 12 U.S.C. 1829(b), 12
U.S.C. 1951-1959, and 31 U.S.C. et seq., 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. Title III of the USA PATRIOT Act
of 2001, Public Law 107-56, included certain amendments to the anti-
money laundering provisions of Title II of the BSA, 31 U.S.C. 5311 et
seq., which are intended to aid in the prevention, detection and
prosecution of international money laundering and terrorist financing.
Regulations implementing Title II of the BSA appear at 31 CFR Chapter
X. The authority of the Secretary of the Treasury to administer Title
II of the BSA has been delegated to the Director of FinCEN. The
information collected and retained under the regulation addressed in
this notice assist federal, state, and local law enforcement as well as
regulatory authorities in the identification, investigation and
prosecution of money laundering and other matters. In accordance with
the requirements of the PRA of 1995, 44 U.S.C. 3506(c)(2)(A), and its
implementing regulations, the following information is presented
concerning the information collection below.
Title: Correspondent Accounts for Foreign Shell Banks;
Recordkeeping and Termination of Correspondent Accounts for Foreign
Banks (31 CFR 1010.630).
OMB Number: 1506-0043.
Abstract: Covered financial institutions are prohibited from
maintaining correspondent accounts for foreign shell banks (31 CFR
1010.630(a)(1)). Covered financial institutions that maintain
correspondent accounts for foreign banks must maintain records of
owner(s) of the foreign bank and the name and address of a person
residing in the United States who is authorized to accept service of
legal process for the foreign bank. (31 CFR 1010.630(a)(2)). Covered
financial institutions may satisfy these requirements by using the
sample certification on the FinCEN Web site (http://www.fincen.gov/forms/files/Certification%20Regarding%20Correspondent%20Accounts%20for%20Foreign%20Banks.pdf) and re-certification (http://www.fincen.gov/forms/files/
Recertification%20Regarding
[[Page 26339]]
%20Correspondent%20Accounts%20for%20Foreign%20Banks.pdf). Records of
documents relied upon by a financial institution for purposes of 31 CFR
1010.630 must be maintained for at least five years after the date that
the financial institution no longer maintains a correspondent account
for such foreign bank (31 CFR 1010.630(e)).
Current Action: Renewal without change to the existing regulations.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or for profit institutions, and non-
profit institutions.
Burden: It is estimated that 2,000 covered financial institutions
maintain correspondent accounts with 9,000 foreign banks. The estimated
average annual reporting burden associated with certification is
180,000 hours (9,000 respondents at 20 hours per respondent); the
estimated average annual reporting burden associated with
recertification is 45,000 hours (9,000 respondents at 5 hours per
respondent); and the estimated average recordkeeping burden associated
with section 1010.630(e) is 81,000 hours (9,000 respondents at 9 hours
per recordkeeper). Total PRA burden for this OMB Control number is
306,000.
The following paragraph applies to the collection of information
addressed in this notice. 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. Generally, information collected pursuant to the BSA is
confidential, but may be shared as provided by law with regulatory and
law enforcement authorities.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; (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; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance and purchase of services to provide information.
Dated: May 2, 2011.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2011-11101 Filed 5-5-11; 8:45 am]
BILLING CODE 4810-02-P