[Federal Register Volume 77, Number 227 (Monday, November 26, 2012)]
[Notices]
[Pages 70544-70545]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-28618]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities; Proposed Information
Collection; Comment Request; Bank Secrecy Act/Money Laundering Risk
Assessment
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection, as required by the Paperwork Reduction Act of
1995.
Under the Paperwork Reduction Act of 1995 (44 U.S.C. chapter
35)(PRA), Federal agencies are required to publish notice in the
Federal Register concerning each proposed collection of information,
including each proposed extension of an existing collection of
information, and to allow 60 days for public comment in response to the
notice.
In accordance with the requirements of the PRA, the OCC may not
conduct or sponsor, and the respondent is not required to respond to,
an information collection unless it displays a currently valid Office
of Management and Budget (OMB) control number.
The OCC is soliciting comment concerning its information collection
entitled, ``Bank Secrecy Act/Money Laundering Risk Assessment,'' also
known as the Money Laundering Risk (MLR) System.
DATES: Comments must be submitted by January 25, 2013.
ADDRESSES: Communications Division, Office of the Comptroller of the
Currency, Mailstop 2-3, Attention: 1557-0231, 250 E Street SW.,
Washington, DC 20219. In addition, comments may be sent by fax to (202)
874-5274, or by electronic mail to [email protected]. You may
personally inspect and photocopy comments at the OCC, 250 E Street SW.,
Washington, DC. For security reasons, the OCC requires that visitors
make an appointment to inspect comments. You may do so by calling (202)
874-4700. Upon arrival, visitors will be required to present valid
government-issued photo identification and submit to security screening
in order to inspect and photocopy comments.
FOR FURTHER INFORMATION CONTACT: You can request additional information
or a copy of the information collection from Mary H. Gottlieb or Johnny
Vilela, OCC Clearance Officers, (202) 874-5090, Legislative and
Regulatory Activities Division, Office of the Comptroller of the
Currency, 250 E Street SW., Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA, Federal agencies must obtain
approval from the Office of Management and Budget (OMB) for each
collection of information they conduct or sponsor. ``Collection of
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to
include agency requests or requirements that members of the public
submit reports, keep records, or provide information to a third party.
Section 3506(c)(2)(A) of the PRA requires Federal agencies to provide a
60-day notice in the Federal Register concerning each proposed
collection of information, including each proposed extension of an
existing collection of information, before submitting the collection to
OMB for approval. To comply with this requirement, the OCC is
publishing notice of the proposed collection of information set forth
in this document.
Bank Secrecy Act/Money Laundering Risk Assessment (OMB Control Number
1557-0231)--Extension
The MLR System enhances the ability of examiners and bank
management to identify and evaluate Bank Secrecy Act/Money Laundering
and Office of Foreign Asset Control (OFAC) sanctions risks associated
with banks' products, services, customers, and locations. As new
products and services are introduced, existing products and services
change, and banks expand through mergers and acquisitions, management's
evaluation of potentially new money laundering and terrorist financing
risks must evolve as well. Consequently, the MLR risk assessment is an
important tool for the OCC's Bank Secrecy Act/Anti-Money Laundering/
OFAC supervision activities because it allows the agency to better
identify those institutions, and areas within institutions, that pose
heightened risk and allocate examination resources accordingly. This
risk assessment is critical in protecting financial institutions of all
sizes from potential abuse from money laundering or terrorist
financing. Absent an appropriate risk assessment, applicable controls
cannot be effectively implemented for these lines of business,
products, or entities, which would elevate Bank Secrecy Act/Money
Laundering and OFAC compliance risks.
The OCC is considering expanding this reporting requirement to
include OCC's Midsize and Large Bank populations and, therefore, is
seeking OMB approval to include these populations in its information
collection.
The OCC recently updated the annual Risk Summary Form. The changes
in the 2012 form enhance the assessment process by requiring the
reporting of products, services, and customers (PSCs) related to
prepaid access or prepaid cards, a growth industry that is receiving
increased attention from regulators, law enforcement, and Congress. The
form now requires the reporting of the following prepaid card PSCs: (i)
Prepaid Cards (Reloadable and Non-Reloadable); (ii) Prepaid Card
Programs--Third-Party Sponsored (Reloadable and Non-Reloadable); (iii)
Prepaid Card Programs--Bank-Sponsored (Reloadable and Non-Reloadable);
(iv) Prepaid Cardholders (Reloadable and Non-Reloadable); and (v)
Prepaid Card Program Managers. In addition, the Money Services Business
(MSB) section of the form was modified to reflect changes in regulatory
definitions. The form now includes MSB customers that are Providers of
Prepaid Access and Sellers of Prepaid Access. All of these changes were
made within the existing subject headers.
The OCC estimates the burden of this collection of information as
follows:
Burden Estimates
Community Bank population
Estimated Number of Respondents: 1,792.
Estimated Number of Responses: 1,792.
Frequency of Response: Annually.
Estimated Annual Burden: 10,752 hours.
Midsize Bank population
Estimated Number of Respondents: 62.
Estimated Number of Responses: 62.
Frequency of Response: Annually.
Estimated Annual Burden: 1,860 hours.
Large Bank population
Estimated Number of Respondents: 99.
Estimated Number of Responses: 99.
Frequency of Response: Annually.
Estimated Annual Burden: 9,900 hours.
With respect to the following collection of information, the OCC
invites comments on these topics:
(a) Whether the collection of information is necessary for the
proper
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performance of the functions of the agency, including whether the
information has 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 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.
All comments will become a matter of public record. Written
comments should address the accuracy of the burden estimates and ways
to minimize burden including the use of automated collection techniques
or the use of other forms of information technology as well as other
relevant aspects of the information collection request.
Dated: November 14, 2012.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2012-28618 Filed 11-23-12; 8:45 am]
BILLING CODE 4810-33-P