Customer Due Diligence Requirements for Financial Institutions; Correction, 45182-45187 [2017-20777]

Download as PDF jstallworth on DSKBBY8HB2PROD with RULES 45182 Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Rules and Regulations the Commission determines that it does not reasonably describe the records sought, the Commission must inform the requester what additional information is needed or why the request is otherwise insufficient. Requesters who are attempting to reformulate or modify such a request may discuss their request with the Commission’s FOIA contact or FOIA Public Liaison. If a request does not reasonably describe the records sought, the agency’s response to the request may be delayed. (1) A written request for inspection or copying of a record of the Commission may be presented in person, by mail, by fax, by email at FOIA@eeoc.gov, online at https://publicportalfoiapal.eeoc.gov/ palMain.aspx, or through the Commission employee designated in § 1610.7. (2) A request must be clearly and prominently identified as a request for information under the ‘‘Freedom of Information Act.’’ If submitted by mail, or otherwise submitted under any cover, the envelope or other cover must be similarly identified. (3) A respondent must always provide a copy of the ‘‘Filed’’ stamped court complaint when requesting a copy of a charge file. The charging party must provide a copy of the ‘‘Filed’’ stamped court complaint when requesting a copy of the charge file if the Notice of Right to Sue has expired as of the date of the charging party’s request. (4) Each request must contain information which reasonably describes the records sought and, when known, should contain date, title or name, author, recipient, subject matter of the record, case number, file designation, or reference number and location for the records requested in order to permit the records to be promptly located. (c) Format. Requests may specify the preferred form or format (including electronic formats) for the records the requester seeks. The Commission will accommodate the request if the records are readily reproducible in that form or format. (d) Requester information. Requesters must provide contact information, such as their phone number, email address, and/or mailing address, to assist the agency in communicating with them and providing released records. ■ 4. Amend § 1610.11 by revising paragraphs (c) and (d) to read as follows: upholds the Commission’s determination in whole or in part must contain a statement that identifies the reasons for the affirmance, including any FOIA exemptions applied. The decision must provide the requester with notification of the statutory right to file a lawsuit and will inform the requester of the dispute resolution services offered by the Office of Government Information Services of the National Archives and Records Administration as a non-exclusive alternative to litigation. If the Commission’s decision is remanded or modified on appeal, the Commission will notify the requester of that determination in writing. The Commission will then further process the request in accordance with that appeal determination and will respond directly to the requester. (d) Engaging in dispute resolution services provided by OGIS. Dispute resolution is a voluntary process. If the Commission agrees to participate in the dispute resolution services provided by OGIS, it will actively engage as a partner to the process in an attempt to resolve the dispute. * * * * * ■ 5. Revise § 1610.13 to read as follows: § 1610.13 Maintenance of files. The Commission must preserve all correspondence pertaining to the requests that it receives under this subpart, as well as copies of all requested records, until disposition or destruction is authorized pursuant to Title 44 of the United States Code or the General Records Schedule 4.2 of the National Archives and Records Administration. The Commission must not dispose of or destroy records while they are the subject of a pending request, appeal, or lawsuit under the FOIA. [FR Doc. 2017–19897 Filed 9–27–17; 8:45 am] BILLING CODE 6570–01–P DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network 31 CFR Parts 1010 and 1024 [Docket No. Fincen–2014–0001] RIN 1506–AB25 Customer Due Diligence Requirements for Financial Institutions; Correction * AGENCY: VerDate Sep<11>2014 14:07 Sep 27, 2017 Jkt 241001 I. Background On May 11, 2016, FinCEN published a final rule (81 FR 29398) entitled ‘‘Customer Due Diligence Requirements for Financial Institutions.’’ The final rule amends the Bank Secrecy Act regulations to include a new requirement for covered financial institutions to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions. The final rule also amends the anti-money laundering (AML) program requirements for all covered institutions. This document makes technical corrections to the Certification Form located in appendix A to 31 CFR 1010.230 and adds a paragraph to 31 CFR 1024.210(b) that was inadvertently omitted in the final rule published in the Federal Register with an effective date of July 11, 2016, and an applicability date of May 11, 2018. II. Description of the Technical Corrections § 1610.11 Appeals to the legal counsel from initial denials. * * * * (c) Decisions on appeals. The Commission must provide its decision on an appeal in writing. A decision that FinCEN is making technical corrections to a final rule published in the Federal Register on Wednesday, May 11, 2016. The final rule relates to certain customer due diligence standards applicable to covered financial institutions, defined as banks, brokers or dealers in securities, mutual funds, and futures commission merchants and introducing brokers in commodities. As published, the final rule contains technical errors that could cause confusion if not corrected. DATES: Effective Date: These corrections are effective September 28, 2017. Applicability date: Covered financial institutions must comply with these rules and the rules published in the Federal Register on May 11, 2016 (81 FR 29398) by May 11, 2018. FOR FURTHER INFORMATION CONTACT: FinCEN Resource Center at 1–800–767– 2825. E-mail inquiries can be sent to frc@fincen.gov. SUPPLEMENTARY INFORMATION: SUMMARY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Correcting amendments. PO 00000 Frm 00010 Fmt 4700 Sfmt 4700 A. Correction to Appendix A to § 1010.230 This document makes technical corrections to Appendix A (Certification Form) to 31 CFR 1010.230. Appendix A inadvertently omitted the words ‘‘, Type,’’ after ‘‘Name’’ in the heading of Section II.b.1 Appendix A also included the term ‘‘foreign persons’’ in lieu of the term ‘‘non-U.S. persons’’ in several places and omitted the term ‘‘Social Security number’’ as described below. Because appendix A was originally 1 See E:\FR\FM\28SER1.SGM 81 FR 29398, 29455. 28SER1 Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Rules and Regulations printed in the Federal Register from camera-ready copy rather than from typed text, the entire Appendix A, with the corrections, must be reprinted in the Federal Register from new cameraready copy. As revised, appendix A (Certification Form) is identical to the original version except for the following: In the first sentence in Part I under the heading ‘‘What information do I have to provide?’’, the term ‘‘foreign persons’’ is changed to ‘‘non-U.S. persons’’; and in Part II: The heading of Section II b. is changed to ‘‘b. Name, Type, and Address of Legal Entity for Which the Account is Being Opened:’’; and in the headings of the last column in the Tables in Section II c and Section II d, the term ‘‘Foreign Persons’’ is changed to ‘‘Non-U.S. Persons’’ and the term ‘‘Social Security Number’’ is added after the term ‘‘persons’’; and in footnote 1, the term ‘‘Foreign Persons’’ is changed to ‘‘Non-U.S. Persons’’ and ‘‘a Social Security Number,’’ is inserted after the word ‘‘provide’’. B. Correction to § 1024.210 This document also makes a technical correction in 31 CFR 1024.210 by reinserting the training element of the AML program requirements for mutual funds, which was inadvertently omitted from the final rule. Consistent with 31 U.S.C. 5318(h)(1)(C) and the AML program requirements for mutual funds adopted in 2002,2 the training element appeared in the proposal amending the AML program requirements for mutual funds to add a new requirement relating to customer due diligence.3 In the final rule, however, the training element was inadvertently omitted from 31 CFR 1024.210(b). The training element is being reinserted by this correction document. III. Administrative Procedure Act and Effective Date Under 5 U.S.C. 553(b)(3)(B) of the Administrative Procedure Act (APA), an agency may, for good cause, find (and incorporate the finding and a brief 2 67 FR 21117, 21121 (April 29, 2002). 31 CFR 1024.210(b)(4) and (5) in the proposed rule published August 4, 2014 (79 FR 45151, 45173). jstallworth on DSKBBY8HB2PROD with RULES 3 See VerDate Sep<11>2014 14:07 Sep 27, 2017 Jkt 241001 statement of reasons therefore in the rules issued) that notice and public comment procedure thereon are impracticable, unnecessary, or contrary to the public interest. This correcting document reinserts language inadvertently omitted from the ‘‘Customer Due Diligence Requirements for Financial Institutions’’ final rule, specifically the training element in the AML program rule for mutual funds, and deletes a term and adds language that was inadvertently omitted from the Certification Form which accompanied the final rule. The agency has determined that publishing a notice of proposed rulemaking and providing opportunity for public comment is unnecessary. Under 5 U.S.C. 553(d)(3) of the APA, the required publication or service of a substantive rule shall be made not less than 30 days before its effective date, except, among other things, as provided by the agency for good cause found and published with the rule. FinCEN finds that there is good cause for shortened notice since the revisions made by this final rule are minor, non-substantive, and technical. This final rule takes effect September 28, 2017 with an applicability date of May 11, 2018. IV. Regulatory Flexibility Act The Regulatory Flexibility Act (RFA) does not apply to a rulemaking where a general notice of proposed rulemaking is not required.4 As noted previously, FinCEN has determined that it is unnecessary to publish a notice of proposed rulemaking for this final rule. Accordingly, the RFA’s requirements relating to an initial and final regulatory flexibility analysis do not apply. V. Executive Order 13563 and 12866 FinCEN has determined that Executive Orders 13563 and 12866 do not apply in this final rulemaking. 45183 VII. Unfunded Mandates Act of 1995 Statement Section 202 of the Unfunded Mandates Reform Act of 1995, 2 U.S.C. 1532 (Unfunded Mandates Act), requires that an agency must prepare a budgetary impact statement before promulgating any rule likely to result in a Federal mandate that may result in the expenditure by State, local, and tribal governments, in the aggregate, or by the private sector of $100 million or more in any one year. If a budgetary impact statement is required, section 205 of the Unfunded Mandates Act also requires an agency to identify and consider a reasonable number of regulatory alternatives before promulgating a rule. FinCEN has determined that no portion of this final rule will result in expenditures by State, local, and tribal governments, or by the private sector, of $100 million or more in any one year. Accordingly, this final rule is not subject to section 202 of the Unfunded Mandates Act. List of Subjects in 31 CFR Parts 1010 and 1024 Administrative practice and procedure, Banks, Banking, Brokers, Counter money laundering, Counterterrorism, Currency, Foreign banking, Reporting and recordkeeping requirement, Securities, Terrorism. Authority and Issuance For the reasons set forth in the preamble, chapter X of title 31 of the Code of Federal Regulations is amended as follows: PART 1010—GENERAL PROVISIONS 1. The authority citation for part 1010 continues to read as follows: ■ Authority: 12 U.S.C. 1829b and 1951– 1959; 31 U.S.C. 5311–5314 and 5316–5332; title III, sec. 314 Pub. L. 107–56, 115 Stat. 307; sec. 701, Pub. L. 114–74, 129 Stat. 599. VI. Paperwork Reduction Act Notices 2. In § 1010.230, revise appendix A to read as follows: There are no collection of information requirements in this final rule. § 1010.230 Beneficial ownership requirements for legal entity customers. ■ * 4 See PO 00000 5 U.S.C. 603 and 604. Frm 00011 Fmt 4700 Sfmt 4700 * * * BILLING CODE 4810–02–P E:\FR\FM\28SER1.SGM 28SER1 * 45184 Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Rules and Regulations APPENDIX A to§ 1010.230-- CERTIFICATION REGARDING BENEFICIAL OWNERS OF LEGAL ENTITY CUSTOMERS I. GENERAL INSTRUCTIONS What is this form? To help the government fight financial crime, Federal regulation requires certain financial institutions to obtain, verify, and record information about the beneficial owners of legal entity customers. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes. Who has to complete this form? This form must be completed by the person opening a new account on behalf of a legal entity with any of the following U.S. financial institutions: (i) a bank or credit union; (ii) a broker or dealer in securities; (iii) a mutual fund; (iv) a futures commission merchant; or (v) an introducing broker in commodities. For the purposes of this form, a legal entity includes a corporation, limited liability company, or other entity that is created by a filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business entity formed in the United States or a foreign country. Legal entity does not include sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf. What information do I have to provide? This form requires you to provide the name, address, date of birth and Social Security number (or passport number or other similar information, in the case ofNon-U.S. Persons) for the following individuals (i.e., the beneficial owners): An individual with significant responsibility for managing the legal entity customer (e.g., a Chief Executive Officer, ChiefFinancial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer). VerDate Sep<11>2014 14:07 Sep 27, 2017 Jkt 241001 PO 00000 Frm 00012 Fmt 4700 Sfmt 4725 E:\FR\FM\28SER1.SGM 28SER1 ER28SE17.004</GPH> Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests ofthe legal entity customer (e.g., each natural person that owns 25 percent or more of the shares of a corporation); and (ii) jstallworth on DSKBBY8HB2PROD with RULES (i) Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Rules and Regulations 45185 The number of individuals that satisfy this definition of"beneficial owner" may vary. Under section (i), depending on the factual circumstances, up to four individuals (but as few as zero) may need to be identified. Regardless of the number of individuals identified under section (i), you must provide the identifying information of one individual under section (ii). It is possible that in some circumstances the same individual might be identified under both sections (e.g., the President of Acme, Inc. who also holds a 30% equity interest). Thus, a completed form will contain the identifying information of at least one individual (under section (ii)), and up to five individuals (i.e., one individual under section (ii) and four 25 percent equity holders under section (i)). The financial institution may also ask to see a copy of a driver's license or other identifying document for each beneficial owner listed on this form. II. CERTIFICATION OF BENEFICIAL OWNER(S) Persons opening an account on behalf of a legal entity must provide the following information: a. Name and Title ofNatural Person Opening Account: VerDate Sep<11>2014 Name, Type, and Address ofLegal Entity for Which the Account is Being Opened: 14:07 Sep 27, 2017 Jkt 241001 PO 00000 Frm 00013 Fmt 4700 Sfmt 4725 E:\FR\FM\28SER1.SGM 28SER1 ER28SE17.005</GPH> jstallworth on DSKBBY8HB2PROD with RULES b. 45186 Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Rules and Regulations c. Name The following information for each individual, if any, who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25 percent or more of the equity interests of the legal entity listed above: Date of Birth Address (Residential or Business Street Address) For US. Persons: Social Security Number For Non-US. Persons: Social Security Number, Passport Number and Country of Issuance, or other similar identification number 1 (If no individual meets this definition, please write "Not Applicable.") d. The following information for one individual with significant responsibility for managing the legal entity listed above, such as: D An executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer); or D Any other individual who regularly performs similar functions. (If appropriate, an individual listed under section (c) above may also be listed in this section (d)). In lieu of a passport number, Non-U.S. Persons may also provide a Social Security Number, an alien identification card number, or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard. VerDate Sep<11>2014 14:07 Sep 27, 2017 Jkt 241001 PO 00000 Frm 00014 Fmt 4700 Sfmt 4725 E:\FR\FM\28SER1.SGM 28SER1 ER28SE17.006</GPH> jstallworth on DSKBBY8HB2PROD with RULES 1 Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Rules and Regulations ENVIRONMENTAL PROTECTION AGENCY 3. The authority citation for part 1024 continues to read as follows: 40 CFR Part 52 ■ Authority: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5314 and 5316–5332; title III, sec. 314 Pub. L. 107–56, 115 Stat. 307; sec. 701, Pub. L. 114–74, 129 Stat. 599. 4. In § 1024.210: a. Redesignate paragraph (b)(4) as paragraph (b)(5); ■ b. In newly redesignated paragraph (b)(5)(ii), remove the words ‘‘paragraph (b)(4)(ii)’’ and add in their place the words ‘‘paragraph (b)(5)(ii)’’; and ■ c. Add a new paragraph (b)(4). The addition reads as follows: ■ ■ § 1024.210 Anti-money laundering program requirements for mutual funds. jstallworth on DSKBBY8HB2PROD with RULES * * * * * (b) * * * (4) Provide ongoing training for appropriate persons; and * * * * * Dated: September 14, 2017. Jamal El-Hindi, Deputy Director, Financial Crimes Enforcement Network. [FR Doc. 2017–20777 Filed 9–27–17; 8:45 am] BILLING CODE 4810–02–C VerDate Sep<11>2014 14:07 Sep 27, 2017 Jkt 241001 [EPA–R03–OAR–2017–0215; FRL–9968–34– Region 3] Approval and Promulgation of Air Quality Implementation Plans; Virginia; Removal of Clean Air Interstate Rule (CAIR) Trading Programs Environmental Protection Agency (EPA). ACTION: Direct final rule. AGENCY: The Environmental Protection Agency (EPA) is taking direct final action to approve a state implementation plan (SIP) revision submitted by the Commonwealth of Virginia. The submitted revision requests EPA remove from the Virginia SIP regulations from the Virginia Administrative Code that established EPA-administered trading programs under the Clean Air Interstate Rule (CAIR), one of which also included requirements to address nitrogen oxide (NOX) reductions required under the NOX SIP Call. The EPA-administered trading programs under CAIR were discontinued on December 31, 2014 upon the implementation of the CrossState Air Pollution Rule (CSAPR), which was promulgated by EPA to SUMMARY: PO 00000 Frm 00015 Fmt 4700 Sfmt 4700 replace CAIR. CSAPR established federal implementation plans (FIPs) for 23 states, including Virginia. The SIP submittal seeks removal from the Virginia SIP of Virginia regulations that implemented the CAIR annual NOX, ozone season NOX, and sulfur dioxide (SO2) trading programs (as CSAPR has replaced CAIR). EPA is approving the SIP revision in accordance with the requirements of the Clean Air Act (CAA). This rule is effective on November 27, 2017 without further notice, unless EPA receives adverse written comment by October 30, 2017. If EPA receives such comments, it will publish a timely withdrawal of the direct final rule in the Federal Register and inform the public that the rule will not take effect. ADDRESSES: Submit your comments, identified by Docket ID No. EPA–R03– OAR–2017–0215 at https:// www.regulations.gov, or via email to stahl.cynthia@epa.gov. For comments submitted at Regulations.gov, follow the online instructions for submitting comments. Once submitted, comments cannot be edited or removed from Regulations.gov. For either manner of submission, EPA may publish any comment received to its public docket. Do not submit electronically any information you consider to be DATES: E:\FR\FM\28SER1.SGM 28SER1 ER28SE17.007</GPH> PART 1024—RULES FOR MUTUAL FUNDS 45187

Agencies

[Federal Register Volume 82, Number 187 (Thursday, September 28, 2017)]
[Rules and Regulations]
[Pages 45182-45187]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-20777]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network

31 CFR Parts 1010 and 1024

[Docket No. Fincen-2014-0001]

RIN 1506-AB25


Customer Due Diligence Requirements for Financial Institutions; 
Correction

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

ACTION: Correcting amendments.

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

SUMMARY: FinCEN is making technical corrections to a final rule 
published in the Federal Register on Wednesday, May 11, 2016. The final 
rule relates to certain customer due diligence standards applicable to 
covered financial institutions, defined as banks, brokers or dealers in 
securities, mutual funds, and futures commission merchants and 
introducing brokers in commodities. As published, the final rule 
contains technical errors that could cause confusion if not corrected.

DATES: Effective Date: These corrections are effective September 28, 
2017.
    Applicability date: Covered financial institutions must comply with 
these rules and the rules published in the Federal Register on May 11, 
2016 (81 FR 29398) by May 11, 2018.

FOR FURTHER INFORMATION CONTACT: FinCEN Resource Center at 1-800-767-
2825. E-mail inquiries can be sent to frc@fincen.gov.

SUPPLEMENTARY INFORMATION: 

I. Background

    On May 11, 2016, FinCEN published a final rule (81 FR 29398) 
entitled ``Customer Due Diligence Requirements for Financial 
Institutions.'' The final rule amends the Bank Secrecy Act regulations 
to include a new requirement for covered financial institutions to 
identify and verify the identity of beneficial owners of legal entity 
customers, subject to certain exclusions and exemptions. The final rule 
also amends the anti-money laundering (AML) program requirements for 
all covered institutions. This document makes technical corrections to 
the Certification Form located in appendix A to 31 CFR 1010.230 and 
adds a paragraph to 31 CFR 1024.210(b) that was inadvertently omitted 
in the final rule published in the Federal Register with an effective 
date of July 11, 2016, and an applicability date of May 11, 2018.

II. Description of the Technical Corrections

A. Correction to Appendix A to Sec.  1010.230

    This document makes technical corrections to Appendix A 
(Certification Form) to 31 CFR 1010.230. Appendix A inadvertently 
omitted the words ``, Type,'' after ``Name'' in the heading of Section 
II.b.\1\ Appendix A also included the term ``foreign persons'' in lieu 
of the term ``non-U.S. persons'' in several places and omitted the term 
``Social Security number'' as described below. Because appendix A was 
originally

[[Page 45183]]

printed in the Federal Register from camera-ready copy rather than from 
typed text, the entire Appendix A, with the corrections, must be 
reprinted in the Federal Register from new camera-ready copy. As 
revised, appendix A (Certification Form) is identical to the original 
version except for the following: In the first sentence in Part I under 
the heading ``What information do I have to provide?'', the term 
``foreign persons'' is changed to ``non-U.S. persons''; and in Part II: 
The heading of Section II b. is changed to ``b. Name, Type, and Address 
of Legal Entity for Which the Account is Being Opened:''; and in the 
headings of the last column in the Tables in Section II c and Section 
II d, the term ``Foreign Persons'' is changed to ``Non-U.S. Persons'' 
and the term ``Social Security Number'' is added after the term 
``persons''; and in footnote 1, the term ``Foreign Persons'' is changed 
to ``Non-U.S. Persons'' and ``a Social Security Number,'' is inserted 
after the word ``provide''.
---------------------------------------------------------------------------

    \1\ See 81 FR 29398, 29455.
---------------------------------------------------------------------------

B. Correction to Sec.  1024.210

    This document also makes a technical correction in 31 CFR 1024.210 
by reinserting the training element of the AML program requirements for 
mutual funds, which was inadvertently omitted from the final rule. 
Consistent with 31 U.S.C. 5318(h)(1)(C) and the AML program 
requirements for mutual funds adopted in 2002,\2\ the training element 
appeared in the proposal amending the AML program requirements for 
mutual funds to add a new requirement relating to customer due 
diligence.\3\ In the final rule, however, the training element was 
inadvertently omitted from 31 CFR 1024.210(b). The training element is 
being reinserted by this correction document.
---------------------------------------------------------------------------

    \2\ 67 FR 21117, 21121 (April 29, 2002).
    \3\ See 31 CFR 1024.210(b)(4) and (5) in the proposed rule 
published August 4, 2014 (79 FR 45151, 45173).
---------------------------------------------------------------------------

III. Administrative Procedure Act and Effective Date

    Under 5 U.S.C. 553(b)(3)(B) of the Administrative Procedure Act 
(APA), an agency may, for good cause, find (and incorporate the finding 
and a brief statement of reasons therefore in the rules issued) that 
notice and public comment procedure thereon are impracticable, 
unnecessary, or contrary to the public interest. This correcting 
document reinserts language inadvertently omitted from the ``Customer 
Due Diligence Requirements for Financial Institutions'' final rule, 
specifically the training element in the AML program rule for mutual 
funds, and deletes a term and adds language that was inadvertently 
omitted from the Certification Form which accompanied the final rule. 
The agency has determined that publishing a notice of proposed 
rulemaking and providing opportunity for public comment is unnecessary.
    Under 5 U.S.C. 553(d)(3) of the APA, the required publication or 
service of a substantive rule shall be made not less than 30 days 
before its effective date, except, among other things, as provided by 
the agency for good cause found and published with the rule. FinCEN 
finds that there is good cause for shortened notice since the revisions 
made by this final rule are minor, non-substantive, and technical. This 
final rule takes effect September 28, 2017 with an applicability date 
of May 11, 2018.

IV. Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) does not apply to a rulemaking 
where a general notice of proposed rulemaking is not required.\4\ As 
noted previously, FinCEN has determined that it is unnecessary to 
publish a notice of proposed rulemaking for this final rule. 
Accordingly, the RFA's requirements relating to an initial and final 
regulatory flexibility analysis do not apply.
---------------------------------------------------------------------------

    \4\ See 5 U.S.C. 603 and 604.
---------------------------------------------------------------------------

V. Executive Order 13563 and 12866

    FinCEN has determined that Executive Orders 13563 and 12866 do not 
apply in this final rulemaking.

VI. Paperwork Reduction Act Notices

    There are no collection of information requirements in this final 
rule.

VII. Unfunded Mandates Act of 1995 Statement

    Section 202 of the Unfunded Mandates Reform Act of 1995, 2 U.S.C. 
1532 (Unfunded Mandates Act), requires that an agency must prepare a 
budgetary impact statement before promulgating any rule likely to 
result in a Federal mandate that may result in the expenditure by 
State, local, and tribal governments, in the aggregate, or by the 
private sector of $100 million or more in any one year. If a budgetary 
impact statement is required, section 205 of the Unfunded Mandates Act 
also requires an agency to identify and consider a reasonable number of 
regulatory alternatives before promulgating a rule. FinCEN has 
determined that no portion of this final rule will result in 
expenditures by State, local, and tribal governments, or by the private 
sector, of $100 million or more in any one year. Accordingly, this 
final rule is not subject to section 202 of the Unfunded Mandates Act.

List of Subjects in 31 CFR Parts 1010 and 1024

    Administrative practice and procedure, Banks, Banking, Brokers, 
Counter money laundering, Counter-terrorism, Currency, Foreign banking, 
Reporting and recordkeeping requirement, Securities, Terrorism.

Authority and Issuance

    For the reasons set forth in the preamble, chapter X of title 31 of 
the Code of Federal Regulations is amended as follows:

PART 1010--GENERAL PROVISIONS

0
1. The authority citation for part 1010 continues to read as follows:

    Authority:  12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314 
and 5316-5332; title III, sec. 314 Pub. L. 107-56, 115 Stat. 307; 
sec. 701, Pub. L. 114-74, 129 Stat. 599.


0
2. In Sec.  1010.230, revise appendix A to read as follows:


Sec.  1010.230  Beneficial ownership requirements for legal entity 
customers.

* * * * *
BILLING CODE 4810-02-P

[[Page 45184]]

[GRAPHIC] [TIFF OMITTED] TR28SE17.004


[[Page 45185]]


[GRAPHIC] [TIFF OMITTED] TR28SE17.005


[[Page 45186]]


[GRAPHIC] [TIFF OMITTED] TR28SE17.006


[[Page 45187]]


[GRAPHIC] [TIFF OMITTED] TR28SE17.007

PART 1024--RULES FOR MUTUAL FUNDS

0
3. The authority citation for part 1024 continues to read as follows:

    Authority: 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314 
and 5316-5332; title III, sec. 314 Pub. L. 107-56, 115 Stat. 307; 
sec. 701, Pub. L. 114-74, 129 Stat. 599.


0
4. In Sec.  1024.210:
0
a. Redesignate paragraph (b)(4) as paragraph (b)(5);
0
b. In newly redesignated paragraph (b)(5)(ii), remove the words 
``paragraph (b)(4)(ii)'' and add in their place the words ``paragraph 
(b)(5)(ii)''; and
0
c. Add a new paragraph (b)(4).
    The addition reads as follows:


Sec.  1024.210  Anti-money laundering program requirements for mutual 
funds.

* * * * *
    (b) * * *
    (4) Provide ongoing training for appropriate persons; and
* * * * *

    Dated: September 14, 2017.
Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2017-20777 Filed 9-27-17; 8:45 am]
BILLING CODE 4810-02-C
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