Agency Information Collection Activities; Submission for OMB Review; Comment Request; Bank Secrecy Act/Money Laundering Risk Assessment, 15121-15123 [2013-05355]
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Federal Register / Vol. 78, No. 46 / Friday, March 8, 2013 / Notices
Security Guidelines), implementing
section 501(b), require each entity
supervised by the OCC (supervised
institution) to consider and adopt a
response program, if appropriate, that
specifies actions to be taken when the
supervised institution suspects or
detects that unauthorized individuals
have gained access to customer
information.
The Interagency Guidance on
Response Programs for Unauthorized
Customer Information and Customer
Notice (Breach Notice Guidance 1),
which interprets the Security
Guidelines, states that, at a minimum, a
supervised institution’s response
program should contain procedures for
the following:
(1) Assessing the nature and scope of
an incident, and identifying what
customer information systems and types
of customer information have been
accessed or misused;
(2) Notifying its primary Federal
regulator as soon as possible when the
supervised institution becomes aware of
an incident involving unauthorized
access to, or use of, sensitive customer
information;
(3) Consistent with the OCC’s
Suspicious Activity Report regulations,
notifying appropriate law enforcement
authorities, as well as filing a timely
SAR in situations in which Federal
criminal violations require immediate
attention, such as when a reportable
violation is ongoing;
(4) Taking appropriate steps to
contain and control the incident in an
effort to prevent further unauthorized
access to, or use of, customer
information, for example, by
monitoring, freezing, or closing affected
accounts, while preserving records and
other evidence; and
(5) Notifying customers when
warranted.
This collection of information covers
the notice provisions in the Breach
Notice Guidance.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals;
Businesses or other for-profit.
Estimated Number of Respondents:
344.
Developing notices: 16 hrs. × 344
respondents = 5504 hours
Notifying customers: 20 hrs. × 344
respondents = 6880 hours
Estimated average burden per
respondent: 36 hours.
Total Estimated Annual Burden:
12,384 hours.
Frequency of Response: On occasion.
1 12
CFR part 30, Appendix B, Supplement A.
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18:44 Mar 07, 2013
Jkt 229001
Comments submitted in response to
this notice will be summarized and
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
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the information collection;
(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;
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information; and
(f) Whether the estimates need to be
adjusted based upon banks’ experiences
regarding the number of actual security
breaches that occur.
Dated: March 4, 2013.
Michele Meyer,
Assistant Director, Legislative and Regulatory
Activities Division.
[FR Doc. 2013–05358 Filed 3–7–13; 8:45 am]
BILLING CODE P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Bank
Secrecy Act/Money Laundering Risk
Assessment
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and Request for
comment.
AGENCY:
SUMMARY: The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites the
general public and other Federal
agencies 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.
In accordance with the requirements
of the PRA, the OCC may not conduct
PO 00000
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Sfmt 4703
15121
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 comments
concerning an information collection
titled ‘‘Bank Secrecy Act/Money
Laundering Risk Assessment,’’ also
known as the Money Laundering Risk
(MLR) System.
The OCC is also announcing that the
proposed collection of information has
been submitted to OMB for review and
clearance under the Paperwork
Reduction Act of 1995.
DATES: Comments must be submitted by
April 8, 2013.
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
regs.comments@occ.treas.gov. 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. Upon arrival, visitors
will be required to present valid
government-issued photo identification
and to 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
enclose any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
Additionally, please send a copy of
your comments by mail to: OCC Desk
Officer, 1557–0231, U.S. Office of
Management and Budget, 725 17th
Street NW., #10235, Washington, DC
20503, or by email to: oira
submission@omb.eop.gov.
You
can request additional information from
or a copy of the collection from Johnny
Vilela or Mary H. Gottlieb, Clearance
Officers, (202) 649–5490, Legislative
and Regulatory Activities Division
(1557–0231), Office of the Comptroller
of the Currency, 400 7th Street SW.,
FOR FURTHER INFORMATION CONTACT:
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Federal Register / Vol. 78, No. 46 / Friday, March 8, 2013 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
Suite 3E–218, Mail Stop 9W–11,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION: In
compliance with 44 U.S.C. 3507, the
OCC has submitted the following
proposed collection of information to
OMB for review and clearance.
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 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—BankSponsored (Reloadable and Non-
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18:44 Mar 07, 2013
Jkt 229001
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.
Comment Summary
In the Federal Register of November
26, 2012 (77 FR 70544), the OCC
published a 60-day notice soliciting
comments concerning this information
collection. The OCC received two
comment letters in response to the 60day notice from OCC supervised banks.
Both commenters recommended the
OCC not expand its data collection
requirement beyond the current
community bank population. One
comment letter indicated the collection
of Bank Secrecy Act/Money Laundering
related data should not be performed in
a uniform manner since banks serve
different customer types and
geographies, and have varied products,
transaction volumes, staffing, and
expertise. The commenter observed that
risk management is not a universal
exercise and that management may
tailor its risk assessment process to meet
a bank’s unique needs. The other
commenter indicated expanding the
data collection to Midsize and Large
Banks would create redundancies and
unnecessary burden on these financial
institutions. The comment letter stated
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Fmt 4703
Sfmt 4703
Midsize and Large Banks have been
performing annual risk assessments for
years, and, as such, these banks are best
suited to evaluate their bank secrecy/
money laundering risks. The commenter
went on to suggest the OCC should
instead focus on reviewing banks’
analyses and risk assessment
methodologies. Finally, the commenter
suggested that the burden estimates are
low, as the OCC may not fully
appreciate the variance between bank
data metrics and the data requested by
the OCC.
The OCC carefully considered both
comment letters. The purpose of the
MLR System is to support the OCC’s
supervisory objectives by allowing for
the identification and analysis of Bank
Secrecy Act/Money Laundering and
OFAC sanctions risks across the
population of supervised banks, and to
assist examiners in carrying out riskbased supervision and to improve
examination scoping and transaction
testing. The MLR System is not
intended to supplant a bank’s full Bank
Secrecy Act and OFAC risk assessments,
as the MLR seeks only to gather certain
specific data without also collecting and
considering information related to risk
management processes. The OCC’s
evaluation of the institution’s full risk
assessment is performed during regular
examinations. The MLR System can
complement banks’ Bank Secrecy Act
and OFAC risk assessments, as data
gathered should be substantially similar
to the information needed to perform
internal analyses of inherent Bank
Secrecy Act and OFAC risks. Also, the
burden estimates provided in this notice
were calculated in conformance with
OMB methodologies. Finally, the OCC is
considering, but has not yet made a
decision whether to expand the MLR
reporting requirement to the OCC’s
Midsize and Large Bank populations.
Comments continue to be invited on:
(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.
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Federal Register / Vol. 78, No. 46 / Friday, March 8, 2013 / Notices
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: March 4, 2013.
Michele Meyer,
Assistant Director, Legislative and Regulatory
Activities Division.
[FR Doc. 2013–05355 Filed 3–7–13; 8:45 am]
BILLING CODE P
DEPARTMENT OF THE TREASURY
Fiscal Service
Financial Management Service;
Proposed Collection of Information:
Accountable Official Application Form
for U.S. Department of the Treasury
Stored Value Card (SVC) Program
Financial Management Service,
Fiscal Service, Treasury.
ACTION: Notice and Request for
comments.
mstockstill on DSK4VPTVN1PROD with NOTICES
AGENCY:
SUMMARY: The Financial Management
Service, 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
requirement, ‘‘Accountable Official
Application Form for U.S. Department
of the Treasury Stored Value Card (SVC)
Program.’’
DATES: Written comments should be
received on or before May 7, 2013.
ADDRESSES: Direct all written comments
to Financial Management Service,
Records and Information Management
Branch, Room 135, 3700 East West
Highway, Hyattsville, Maryland, 20782.
FOR FURTHER INFORMATION CONTACT:
Request for additional information or
copies of the form(s) and instructions
should be directed to Sean Kemple;
Agency Enterprise Solutions Division;
401 14th Street SW., Room 348E,
Washington, DC 20227, (202) 874–0132.
SUPPLEMENTARY INFORMATION: Pursuant
to the Paperwork Reduction Act of 1995,
(44 U.S.C. 3506(c)(2)(A)), the Financial
Management Service solicits comments
on the collection of information
described below:
Title: Accountable Official
Application Form for U.S. Department
of the Treasury Stored Value Card (SVC)
Program.
OMB Number: 1510–0NUU (OMB to
affix number).
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18:44 Mar 07, 2013
Jkt 229001
Form Number: DRAFT—FMS Form
2888.
Abstract: This form is used to collect
information from accountable officials
requesting enrollment in the Treasury
SVC program in their official capacity,
to obtain authorization to initiate debit
and credit entries to their bank or credit
union accounts to load value on the
cards, and to facilitate collection of any
delinquent amounts that may become
due and owning as a result of the use
of the cards.
This information is collected under
the authority in: 31 U.S.C. 321, General
Authority of the Secretary of the
Treasury; Public Law 104–134, Debt
Collection Improvement Act of 1996, as
amended; Department of Defense
Financial Management Regulation
(DoDFMR) 7000.14—R, as amended; 5
U.S.C. 5514, Installment deduction for
indebtedness to the United States; 31
U.S.C. 1322, Payments of unclaimed
trust fund amounts and refund of
amounts erroneously deposited; 31
U.S.C. 3720, Collection of payments; 31
U.S.C. 3720A, Reduction of tax refund
by amount of debt; 31 U.S.C. 7701,
Taxpayer identifying number; 37 U.S.C.
1007, Deductions from pay; 31 CFR part
210, Federal Government Participation
in the Automated Clearing House; 31
CFR part 285, Debt Collection
Authorities under the Debt Collection
Improvement Act of 1996; and E.O.
9397 (SSN), as amended.
The information on this form may be
disclosed as generally permitted under
5 U.S.C. 552(a) (b) of the Privacy Act of
1974, as amended. It may be disclosed
outside of the U.S. Department of the
Treasury to its Fiscal and Financial
Agents and their contractors involved in
providing SVC services, or to the
Department of Defense (DoD) for the
purpose of administering the Treasury
SVC programs. In addition, other
Federal, State, or local government
agencies that have identified a need to
know may obtain this information for
the purpose(s) as identified by FMS’s
Routine Uses as published in the
Federal Register.
Current Actions: Continuing
Information Collection. This form
replaces DD Form 2887, Application for
Department of Defense (DoD) Stored
Value Card (SVC) Programs, OMB
Control Number: 0730–0116, Expiration
Date: 31 October 2011, Request for
Renewal Submitted: FR Doc. 2012–3519
Filed 2–14–12.
Type of Review: Regular.
Affected Public: Individuals.
Estimated Number of Respondents:
7,500.
Estimated Time per Respondent: 10
Minutes.
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15123
Estimated Total Annual Burden
Hours: 1,250 Hours.
Comments: Comments submitted in
response to this notice will be
summarized and/or included in the
request for Office of Management and
Budget 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 28, 2013.
John B. Hill,
Assistant Commissioner, Payment
Management and Chief Disbursing Officer.
[FR Doc. 2013–05390 Filed 3–7–13; 8:45 am]
BILLING CODE M
DEPARTMENT OF THE TREASURY
Fiscal Service
Surety Companies Acceptable On
Federal Bonds: Atlantic Specialty
Insurance Company
Financial Management Service,
Fiscal Service, Department of the
Treasury.
ACTION: Notice.
AGENCY:
SUMMARY: This is Supplement No. 5 to
the Treasury Department Circular 570,
2012 Revision, published July 2, 2012,
at 77 FR 39322.
FOR FURTHER INFORMATION CONTACT:
Surety Bond Branch at (202) 874–6850.
SUPPLEMENTARY INFORMATION: A
Certificate of Authority as an acceptable
surety on Federal bonds is hereby
issued under 31 U.S.C. 9305 to the
following company: Atlantic Specialty
Insurance Company (NAIC #27154).
BUSINESS ADDRESS: 150 Royall Street,
Canton, MA 02021–1030. PHONE: (781)
332–7000. UNDERWRITING
LIMITATION b/: $62,660,000. SURETY
LICENSES c/: AL, AK, AZ, AR, CA, CO,
CT, DE, DC, FL, GA, HI, ID, IL, IN, IA,
KS, KY, LA, ME, MD, MA, MI, MN, MS,
MO, MT, NE., NV, NH, NJ, NM, NY, NC,
ND, OH, OK, OR, PA, RI, SC, SD, TN,
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]]>Agencies
[Federal Register Volume 78, Number 46 (Friday, March 8, 2013)]
[Notices]
[Pages 15121-15123]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-05355]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities; Submission for OMB
Review; 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.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies 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.
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 comments concerning an information collection
titled ``Bank Secrecy Act/Money Laundering Risk Assessment,'' also
known as the Money Laundering Risk (MLR) System.
The OCC is also announcing that the proposed collection of
information has been submitted to OMB for review and clearance under
the Paperwork Reduction Act of 1995.
DATES: Comments must be submitted by April 8, 2013.
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 regs.comments@occ.treas.gov.
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. Upon arrival, visitors will be
required to present valid government-issued photo identification and to
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 enclose any information in your comment or
supporting materials that you consider confidential or inappropriate
for public disclosure.
Additionally, please send a copy of your comments by mail to: OCC
Desk Officer, 1557-0231, U.S. Office of Management and Budget, 725 17th
Street NW., 10235, Washington, DC 20503, or by email to: oira
submission@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: You can request additional information
from or a copy of the collection from Johnny Vilela or Mary H.
Gottlieb, Clearance Officers, (202) 649-5490, Legislative and
Regulatory Activities Division (1557-0231), Office of the Comptroller
of the Currency, 400 7th Street SW.,
[[Page 15122]]
Suite 3E-218, Mail Stop 9W-11, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: In compliance with 44 U.S.C. 3507, the OCC
has submitted the following proposed collection of information to OMB
for review and clearance.
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 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.
Comment Summary
In the Federal Register of November 26, 2012 (77 FR 70544), the OCC
published a 60-day notice soliciting comments concerning this
information collection. The OCC received two comment letters in
response to the 60-day notice from OCC supervised banks.
Both commenters recommended the OCC not expand its data collection
requirement beyond the current community bank population. One comment
letter indicated the collection of Bank Secrecy Act/Money Laundering
related data should not be performed in a uniform manner since banks
serve different customer types and geographies, and have varied
products, transaction volumes, staffing, and expertise. The commenter
observed that risk management is not a universal exercise and that
management may tailor its risk assessment process to meet a bank's
unique needs. The other commenter indicated expanding the data
collection to Midsize and Large Banks would create redundancies and
unnecessary burden on these financial institutions. The comment letter
stated Midsize and Large Banks have been performing annual risk
assessments for years, and, as such, these banks are best suited to
evaluate their bank secrecy/money laundering risks. The commenter went
on to suggest the OCC should instead focus on reviewing banks' analyses
and risk assessment methodologies. Finally, the commenter suggested
that the burden estimates are low, as the OCC may not fully appreciate
the variance between bank data metrics and the data requested by the
OCC.
The OCC carefully considered both comment letters. The purpose of
the MLR System is to support the OCC's supervisory objectives by
allowing for the identification and analysis of Bank Secrecy Act/Money
Laundering and OFAC sanctions risks across the population of supervised
banks, and to assist examiners in carrying out risk-based supervision
and to improve examination scoping and transaction testing. The MLR
System is not intended to supplant a bank's full Bank Secrecy Act and
OFAC risk assessments, as the MLR seeks only to gather certain specific
data without also collecting and considering information related to
risk management processes. The OCC's evaluation of the institution's
full risk assessment is performed during regular examinations. The MLR
System can complement banks' Bank Secrecy Act and OFAC risk
assessments, as data gathered should be substantially similar to the
information needed to perform internal analyses of inherent Bank
Secrecy Act and OFAC risks. Also, the burden estimates provided in this
notice were calculated in conformance with OMB methodologies. Finally,
the OCC is considering, but has not yet made a decision whether to
expand the MLR reporting requirement to the OCC's Midsize and Large
Bank populations.
Comments continue to be invited on:
(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.
[[Page 15123]]
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: March 4, 2013.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2013-05355 Filed 3-7-13; 8:45 am]
BILLING CODE P
