[Federal Register Volume 79, Number 103 (Thursday, May 29, 2014)]
[Notices]
[Pages 30927-30928]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-12450]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Comment Request;
Renewal Without Change to Correspondent Accounts for Foreign Shell
Banks; Recordkeeping and Termination of Correspondent Accounts.
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S.
Department of the Treasury.
ACTION: Notice and request for comments.
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SUMMARY: FinCEN, a bureau of the U.S. Department of the Treasury
(``Treasury''), invites all interested parties to comment on its
proposed renewal without change to the collection of information in 31
CFR 1010.630 concerning the prohibition on correspondent accounts for
foreign shell banks, including recordkeeping and termination of
correspondent account provisions. This request for comments is made
pursuant to the Paperwork Reduction Act (``PRA'') of 1995, Public Law
104-13, 44 U.S.C. 3506(c)(2)(A).
DATES: Written comments should be received on or before July 28, 2014
to be assured of consideration.
ADDRESSES: Written comments should be submitted to: Policy Division,
Financial Crimes Enforcement Network, U.S. Department of the Treasury,
P.O. Box 39, Vienna, Virginia 22183. Attention: PRA Comments--OMB
Control Number 1506-0043 Renewal. Comments also may be submitted by
electronic mail to the following Internet address:
[email protected] with the caption in the body of the text,
``Attention: PRA Comments--OMB Control Number 1506-0043 Renewal.''
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.
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 Resource Center at 800-767-
2825.
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
[[Page 30928]]
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, 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 (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%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 without change of a currently approved
collection.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Burden: Total PRA burden hours for this OMB Control number is
306,000 hours.
The burden is calculated as follows: 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).
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 22, 2014.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2014-12450 Filed 5-28-14; 8:45 am]
BILLING CODE 4810-02-P