[Federal Register Volume 77, Number 52 (Friday, March 16, 2012)]
[Notices]
[Page 15757]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-6347]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: Notice is hereby given of the final approval of a proposed
information collection by the Board of Governors of the Federal Reserve
System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB
Regulations on Controlling Paperwork Burdens on the Public). Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. Copies
of the Paperwork Reduction Act Submission, supporting statements and
approved collection of information instrument(s) are placed into OMB's
public docket files. The Federal Reserve may not conduct or sponsor,
and the respondent is not required to respond to, an information
collection that has been extended, revised, or implemented on or after
October 1, 1995, unless it displays a currently valid OMB control
number.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Cynthia Ayouch--Division of
Research and Statistics, Board of Governors of the Federal Reserve
System, Washington, DC 20551 (202-452-3829). Telecommunications Device
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors
of the Federal Reserve System, Washington, DC 20551.
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory
Affairs, Office of Management and Budget, New Executive Office
Building, Room 10235, 725 17th Street NW., Washington, DC 20503.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Report
Report title: Recordkeeping Requirements of Regulation H and
Regulation K Associated with Bank Secrecy Act Compliance Programs.
Agency form number: Reg K.
OMB control number: 7100-0310.
Frequency: Annually.
Reporters: State member banks; Edge and agreement corporations; and
U.S. branches, agencies, and other offices of foreign banks supervised
by the Federal Reserve.
Estimated annual reporting hours: Establish compliance program, 128
hours; and maintenance of compliance program, 4,476 hours.
Estimated average hours per response: Establish compliance program,
16 hours; and maintenance of compliance program, 4 hours.
Number of respondents: Establish compliance program, 8; and
maintenance of compliance program, 1,119.
General description of report: This information collection is
mandatory pursuant to the Bank Secrecy Act (BSA) (31 U.S.C. 513(h)). In
addition, sections 11, 21, 25, and 25A of the Federal Reserve Act (12
U.S.C. 248(a), 483, 602, and 611(a)) authorize the Federal Reserve to
require the information collection and recordkeeping requirements set
forth in Regulations K and H. Section 5 of the Bank Holding Company Act
(12 U.S.C. 1844) and section 13(a) of the International Banking Act (12
U.S.C. 3108(a)) provide further authority for sections 211.5(m) and
211.24(j)(1) of Regulation K. Since the Federal Reserve does not
collect any information, no issue of confidentiality normally arises.
However, if a BSA compliance program becomes a Federal Reserve record
during an examination, the information may be protected from disclosure
under exemptions (b)(4) and (8) of the Freedom of Information Act (5
U.S.C. 552(b)(4) and (b)(8)).
Abstract: Sections 211.5(m)(1) and 211.24(j)(1) of Regulation K
require Edge and agreement corporations and U.S. branches, agencies,
and other offices of foreign banks supervised by the Federal Reserve to
establish and maintain procedures reasonably designed to ensure and
monitor compliance with the Bank Secrecy Act (BSA) and related
regulations. Section 208.63 of Regulation H requires state member banks
to establish and maintain the same procedures. There are no required
reporting forms associated with this information collection.
Current actions: On January 6, 2012, the Federal Reserve published
a notice in the Federal Register (77 FR 794) requesting public comment
for 60 days on the extension, without revision, of the Recordkeeping
Requirements of Regulation H and Regulation K Associated with Bank
Secrecy Act Compliance Programs. The comment period for this notice
expired on March 6, 2012. The Federal Reserve did not receive any
comments.
Board of Governors of the Federal Reserve System, March 12,
2012.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2012-6347 Filed 3-15-12; 8:45 am]
BILLING CODE 6210-01-P