[Federal Register Volume 81, Number 1 (Monday, January 4, 2016)]
[Notices]
[Pages 143-144]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-33023]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities; Information Collection
Extension With Revision; 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.
In accordance with the requirements of the Paperwork Reduction Act
of 1995 (44 U.S.C. chapter 35) (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 March 4, 2016.
ADDRESSES: Because paper mail in the Washington, DC area and at the OCC
is subject to delay, commenters are encouraged to submit comments by
email, if possible. Comments may be sent to: Legislative and Regulatory
Activities Division, Office of the Comptroller of the Currency,
Attention: 1557-0231, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to
(571) 465-4326 or by electronic mail to [email protected]. You may
personally inspect and photocopy comments at the OCC, 400 7th Street
SW., Washington, DC, 20219. For security reasons, the OCC requires that
visitors make an appointment to inspect comments. You may do so by
calling (202) 649-6700, or for persons who are deaf or hard of hearing,
TTY, (202) 649-5597. 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.
All comments received, including attachments and other supporting
materials, are part of the public record and subject to public
disclosure. Do not include any information in your comment or
supporting materials that you consider confidential or inappropriate
for public disclosure.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 874-5090, or for persons who are deaf or hard of
hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities
Division, Office of the Comptroller of the Currency, 400 7th Street
SW., Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA, Federal agencies must obtain
approval from the 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 questions posed to agencies,
instrumentalities, or employees of the United States, if the results
are to be used for general statistical purposes, that is, if the
results are to be used for statistical compilations of general public
interest, including compilations showing the status or implementation
of Federal activities and programs. 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 or revision of an existing collection of
information, before submitting the collection to OMB for approval. In
compliance with the PRA, the OCC is publishing notice of the proposed
extension with revision of the collection of information set forth in
this document.
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, banks'
evaluation of money laundering and terrorist financing risks should
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 U.S. financial institutions of all
sizes from potential abuse from money laundering and terrorist
financing. Absent an appropriate risk assessment, applicable controls
cannot be effectively implemented for the lines of business, products,
or entities that would elevate Bank Secrecy Act/Money Laundering and
OFAC compliance risks.
We will collect MLR information for all financial institutions
supervised by the OCC.
The OCC recently updated the annual Risk Summary Form (RSF). The
2015 form has a fully automated format that makes data entry quick and
efficient and provides an electronic record for all parties.
The OCC estimates the burden of this collection of information as
follows:
Burden Estimates
Community Bank and Federal Branches and Agencies populations:
Estimated Number of Respondents: 1,450.
Estimated Number of Responses: 1,450.
Frequency of Response: Annually.
Estimated Annual Burden: 8,700 hours.
Midsize Bank population:
Estimated Number of Respondents: 47.
Estimated Number of Responses: 47.
Frequency of Response: Annually.
Estimated Annual Burden: 1,175 hours.
Large Bank population:
Estimated Number of Respondents: 38.
Estimated Number of Responses: 38.
Frequency of Response: Annually.
Estimated Annual Burden: 3,040 hours.
With respect to the above collection of information, the OCC
invites comments on these topics:
[[Page 144]]
(a) Whether the collection of information is necessary for the
proper 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: December 28, 2015.
Mary H. Gottlieb,
Regulatory Specialist, Legislative and Regulatory Activities Division.
[FR Doc. 2015-33023 Filed 12-31-15; 8:45 am]
BILLING CODE 4810-33-P