[Federal Register Volume 83, Number 85 (Wednesday, May 2, 2018)]
[Notices]
[Pages 19402-19403]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09267]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Comment Requested;
Renewal Without Change to the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 Reporting Requirements Under
Section 104(e)
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S.
Department of the Treasury.
ACTION: Notice and request for comments.
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[[Page 19403]]
SUMMARY: FinCEN, a bureau of the U.S. Department of the Treasury
(``Treasury''), invites all interested parties to comment on the Bank
Secrecy Act (``BSA'') regulations implemented pursuant to section
104(e) of the Comprehensive Iran Sanctions, Accountability, and
Divestment Act of 2010 (``CISADA'') and consistent with its statutory
mission under 31 U.S.C. 310. FinCEN is proposing to renew this
information collection without change. The rule requires a U.S. bank
that maintains a correspondent account for a foreign bank to inquire of
the foreign bank, and report to FinCEN upon written request, certain
information with respect to transactions or other financial services
provided by that foreign bank.
DATES: Written comments should be received on or before July 2, 2018 to
be assured of consideration.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal E-rulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments. Refer to Docket Number
FINCEN-2018-0002 and the OMB control number 1506-0066.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2018-0002 and the OMB control number 1506-0066. Please submit comments
by one method only (electronically preferred). All comments submitted
in response to this notice will become a matter of public record.
Comments will also be incorporated to FinCEN's retrospective regulatory
review process, as mandated by E.O. 12866 and 13563. Therefore, you
should submit only information that you wish to make publicly
available.
FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at 800-767-
2825 or electronically at [email protected].
SUPPLEMENTARY INFORMATION: The 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 (``the
Secretary''), 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 U.S.A. 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 Secretary's authority 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 assists Federal,
state, and local law enforcement, as well as regulatory authorities in
the identification, investigation, and prosecution of money laundering
and other matters.
Title: CISADA Reporting Requirements--31 CFR 1060.300.
OMB Number: 1506-0066.
Current Action: Renewal without change to the existing regulations.
Type of Review: Extension of currently approved reporting
requirements.
Affected Public: Banks as defined in 31 CFR 1010.100(d).
Frequency: As required.
Estimated Number of Respondents: There are approximately 350
potential respondents. It is estimated that, if contacted, 250 of these
respondents will respond indicating they maintain no accounts subject
to reporting pursuant to the CISADA requirements.\1\
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\1\ Please note that U.S. banks are only required to report this
information to FinCEN upon receiving a specific written request from
FinCEN.\\
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Estimated Time per Respondent: Response by the 250 banks is
estimated to require 30 minutes per response for a total of 125 hours.
It is estimated that the remaining 100 banks will provide approximately
900 responses, each response requiring 3 hours for a total of 2700
hours.
Estimated Total Annual Burden Hours: 2825 hours.
The following paragraph applies to the recordkeeping requirements
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.
Jamal El Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2018-09267 Filed 5-1-18; 8:45 am]
BILLING CODE 4810-02-P