Financial Crimes Enforcement Network; Agency Information Collection Activities; Renewal Without Change of a Current Collection; Comment Request, 8109-8110 [E8-2505]

Agencies

• DEPARTMENT OF THE TREASURY
• Department of Treasury

[Federal Register Volume 73, Number 29 (Tuesday, February 12, 2008)]
[Notices]
[Pages 8109-8110]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2505]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Financial Crimes Enforcement Network; Agency Information 
Collection Activities; Renewal Without Change of a Current Collection; 
Comment Request

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: In order to comply with the requirements of the Paperwork 
Reduction Act of 1995, FinCEN intends to submit the information 
collection addressed in this notice for a three-year extension of 
approval by the Office of Management and Budget (OMB). OMB Control 
Number 1506-0043 currently covers the information collection addressed 
in this notice. Prior to submission of the extension request, FinCEN is 
soliciting comment on those information collections in 31 CFR 103.177, 
Prohibition on correspondent accounts for foreign shell banks; records 
concerning owners of foreign banks and agents for service of legal 
process.

DATES: Written comments should be received on or before April 14, 2008.

ADDRESSES: You may submit comments, identified by 1506-0043, by any of 
the following methods:
     Federal e-rulemaking portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: regcomments@fincen.gov. Include OMB Control Number 
1506-0043 in the subject line of the message.
     Mail: Department of the Treasury, Financial Crimes 
Enforcement Network, P.O. Box 39, Vienna, VA 22183. Include OMB Control 
Number 1506-0043 in the body of the text.
    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 Office of 
Management and Budget (OMB) control number for this rulemaking. All 
comments received will be posted without change to https://
www.fincen.gov, including any personal information provided.
    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 Regulatory helpline at 
(800) 949-2732 and select Option 6.

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 part 103. 
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 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 Paperwork Reduction Act of 1995, 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 for Foreign 
Banks (31 CFR 103.177).
    OMB Number: 1506-0043.\1\
---------------------------------------------------------------------------

    \1\ This collection was formerly assigned OMB Control number 
1505-0184.
---------------------------------------------------------------------------

    Abstract: Covered financial institutions are prohibited from 
maintaining correspondent accounts for foreign shell banks (31 CFR 
103.177(a)(1)). Covered financial institutions that maintain 
correspondent accounts for foreign banks must maintain records of 
owner(s) of the foreign bank and the names 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 103.177(a)(2)). Covered 
financial institutions may satisfy these requirements by using the 
sample certification and re-certification forms contained in Appendices 
A and B of 31 CFR 103. Records of documents relied upon by a financial 
institution for purposes of 31 CFR 103.177 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 
103.177(e)).
    Current Action: There is no change to the existing regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or for-profit institutions, and non-
profit institutions.
    Burden: The estimated average annual reporting burden associated 
with

[[Page 8110]]

Appendix A is 20 hours per respondent; the estimated average annual 
reporting burden associated with Appendix B is 5 hours per respondent; 
and the estimated average recordkeeping burden associated with section 
103.177(e) is 9 hours per recordkeeper.
    The following paragraph applies to the collection of information 
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.

    Dated: February 1, 2008.
James H. Freis, Jr.
Director, Financial Crimes Enforcement Network.
 [FR Doc. E8-2505 Filed 2-11-08; 8:45 am]
BILLING CODE 4810-02-P