Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Recordkeeping and Termination of Correspondent Accounts for Foreign Banks, 42555-42556 [2018-18079]

Download as PDF amozie on DSK3GDR082PROD with NOTICES1 Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices this information collection.1 In response, the agency received three comments, only one of which was relevant to this collection.2 The Governors Highway Safety Association (GHSA) expressed its support for strong motorcycle helmet labeling requirements, and submitted information about motorcycle safety. GHSA commented that this information collection was ‘‘atypical’’ in their view. GHSA explained that typically ICRs involved the collection or submission of information directly to the agency and that while NHTSA spot checks the performance of motorcycle helmets through a compliance program, the content of the label is more for the benefit of consumers and law enforcement. GHSA is correct that a common type of information collection under the Paperwork Reduction Act (PRA) occurs when an agency directly collects information from the public. However, a collection of information, as defined by the PRA, means ‘‘the obtaining, causing to be obtained, soliciting, or requiring the disclosure to third parties or the public, of facts or opinions by or for an agency, regardless of form or format . . .’’ 3 This labeling requirement imposes a disclosure (label) to the public, and is therefore covered by the PRA. NHTSA has sought and received PRA clearance for FMVSS No. 218 dating back to 1984.4 Therefore, NHTSA believes no changes are necessary in response to comments. The following describes the collection of information for which NHTSA intends to seek OMB approval. It is titled ‘‘Motorcycle Helmets (Labeling),’’ OMB Control Number: 2127–0518. NHTSA’s existing collection for FMVSS No. 218 expired during the 60 day notice comment period, therefore the agency has amended the type of request to be a reinstatement of a previously approved collection. Title: Motorcycle Helmets (Labeling). OMB Control Number: 2127–0518. Type of Request: Reinstatement without change of previously approved collection of information. Abstract: The National Traffic and Motor Vehicle Safety Act, now codified at 49 U.S.C. 30111, authorizes the issuance of FMVSS. Moreover, under 49 U.S.C. 30117, the Secretary is also authorized to require manufacturers to provide information to first purchasers 1 83 FR 16431 (April 16, 2018). Docket Number: NHTSA– 2018–0051. 3 44 U.S.C. 3502(3). 4 See: https://www.reginfo.gov/public/do/ PRAOMBHistory?ombControlNumber=2127-0518 (last accessed June 22, 2018). 2 www.regulations.gov. VerDate Sep<11>2014 16:34 Aug 21, 2018 Jkt 244001 of motor vehicles or motor vehicle equipment when the vehicle equipment is purchased, in the form of printed matter placed in the vehicle or attached to the motor vehicle or motor vehicle equipment. The Secretary is authorized to issue, amend, and revoke such rules and regulations as he/she deems necessary. Using this authority, the agency issued the initial FMVSS No. 218 in 1974. Motorcycle helmets are devices used to protect motorcyclists from head injury in motor vehicle crashes. FMVSS No. 218 S5.6 requires that each helmet shall be labeled permanently and legibly in a manner such that the label(s) can be read easily without removing padding or any other permanent part. Affected Public: Motorcycle helmet manufacturers. Estimated Number of Respondents: 45. Frequency: Every certified helmet produced. Number of Responses: 3,250,000. Estimated Total Annual Burden Hours: 9,100. Estimated Total Annual Burden Cost: $1,300,000 ($1.3 million). The 45 respondents (helmet manufacturers) produce a total of 3,250,000 annual responses. A manufacturer spends approximately 0.0028 hours per response. The estimated annual number of burden hours for helmet manufacturers is 9,100 burden hours per year (3,250,000 × 0.028 hours). Using a total labeling cost of $0.40, the estimated total annual burden cost is $1,300,000 (3,250,000 × $0.40). Public Comments Invited: You are asked to comment on any aspects of this information collection, including: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Department, including whether the information will have practical utility; (b) the accuracy of the Department’s estimate of the burden of the proposed information collection; (c) ways to enhance the quality, utility and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. Authority: The Paperwork Reduction Act of 1995, 44 U.S.C. Chapter 35, as amended; and Delegation of Authority at 49 CFR 1.95 and 501.8. Raymond R. Posten, Associate Administrator for Rulemaking. [FR Doc. 2018–18052 Filed 8–21–18; 8:45 am] BILLING CODE 4910–59–P PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 42555 DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Recordkeeping and Termination of Correspondent Accounts for Foreign Banks Financial Crimes Enforcement Network (‘‘FinCEN’’), U.S. Department of the Treasury. ACTION: Notice and request for comments. AGENCY: FinCEN invites comment on the renewal of information collections in existing regulations requiring records concerning owners of foreign banks and agents of foreign banks for service of legal process. DATES: Written comments are welcome and must be received on or before October 22, 2018. 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– 0011 and the Office of Management and Budget (‘‘OMB’’) control number 1506– 0043. • Mail: Policy Division, Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN–2018–0011 and OMB control number 1506–0043. Please submit comments by one method only. Comments will also be incorporated to FinCEN’s retrospective regulatory review process, as mandated by E.O. 12866 and 13563. All comments submitted in response to this notice will become a matter of public record. 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 frc@fincen.gov. 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, among other things, to require financial institutions to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters or in the conduct of intelligence or counterintelligence activities to protect against international terrorism, and to implement counter-money laundering SUMMARY: E:\FR\FM\22AUN1.SGM 22AUN1 amozie on DSK3GDR082PROD with NOTICES1 42556 Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices programs and compliance procedures.1 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 Chapter X. 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 assists Federal, state, and local law enforcement as well as regulatory authorities in the identification, investigation and prosecution of money laundering and other matters. This request for comments is being made pursuant to the Paperwork Reduction Act (‘‘PRA’’) of 1995, Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). In accordance with the requirements of the PRA 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 1010.630). OMB Control Number: 1506–0043. Abstract: Covered financial institutions are prohibited from maintaining correspondent accounts for foreign shell banks (31 CFR 1010.630(a)(1)). Covered financial institutions that maintain correspondent accounts for foreign banks must maintain records of owner(s) of the foreign bank and the name 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 1010.630(a)(2)). Covered financial institutions may satisfy these requirements by using the sample certification on the FinCEN website: (https://www.fincen.gov/sites/default/ files/shared/Certification%20 Regarding%20Correspondent %20Accounts%20for%20 Foreign%20Banks.pdf) and recertification (https://www.fincen.gov/ sites/default/files/shared/Recertification %20Regarding%20Correspondent %20Accounts%20for%20Foreign%20 1 Language expanding the scope of the BSA to intelligence or counter-intelligence activities to protect against international terrorism was added by Section 358 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107–56. VerDate Sep<11>2014 16:34 Aug 21, 2018 Jkt 244001 Banks.pdf). Records of documents relied upon by a financial institution for purposes of 31 CFR 1010.630 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 1010.630(e)). Current Action: Renewal without change to the existing regulations. Type of Review: Renewal without change of a currently approved collection. Affected Public: Businesses and other for-profit institutions. Burden: It is estimated that 2,000 covered financial institutions maintain correspondent accounts with 9,000 foreign banks. The estimated average annual reporting burden associated with certification is 180,000 hours (9,000 responses at 20 hours per response); the estimated average annual reporting burden associated with recertification is 45,000 hours (9,000 responses at 5 hours per response); and the estimated average recordkeeping burden associated with section 1010.630(e) is 81,000 hours (9,000 responses at 9 hours per response).2 Total PRA burden for this OMB Control number is 306,000 hours. 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 2 FinCEN does not have an independent method to research the exact number of foreign bank certifications and recertfications in any given year because depository institutions do not file the model form with FinCEN and only provide the data upon FinCEN’s request. Accordingly, FinCEN has chosen to take an expansive approach in its estimates of yearly certifications and recertifications. PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 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. 2018–18079 Filed 8–21–18; 8:45 am] BILLING CODE 4810–02–P DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Suspicious Activity Reporting Requirements by Brokers or Dealers in Securities and Futures Commission Merchants and Introducing Brokers in Commodities Financial Crimes Enforcement Network (‘‘FinCEN’’), U.S. Department of the Treasury. AGENCY: Notice and request for comments. ACTION: FinCEN invites comment on the renewal of an information collection requirement for the recordkeeping and reporting of suspicious activities by brokers or dealers in securities and futures commission merchants and introducing brokers in commodities. DATES: Written comments are welcome and must be received on or before October 22, 2018. 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– 0009 and OMB control number 1506– 0019. • Mail: Policy Division, Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN–2018–0009 and OMB control number 1506–0019. Please submit comments by one method only. Comments will also be incorporated to FinCEN’s retrospective regulatory review process, as mandated by E.O. 12866 and 13563. All comments submitted in response to this notice will become a matter of public record. Therefore, you should submit only information that you wish to make publicly available. SUMMARY: E:\FR\FM\22AUN1.SGM 22AUN1

Agencies

[Federal Register Volume 83, Number 163 (Wednesday, August 22, 2018)]
[Notices]
[Pages 42555-42556]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-18079]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Agency Information Collection Activities; Proposed Renewal; 
Comment Request; Renewal Without Change of Recordkeeping and 
Termination of Correspondent Accounts for Foreign Banks

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S. 
Department of the Treasury.

ACTION: Notice and request for comments.

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

SUMMARY: FinCEN invites comment on the renewal of information 
collections in existing regulations requiring records concerning owners 
of foreign banks and agents of foreign banks for service of legal 
process.

DATES: Written comments are welcome and must be received on or before 
October 22, 2018.

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-2018-0011 and the Office of Management and Budget (``OMB'') 
control number 1506-0043.
     Mail: Policy Division, Financial Crimes Enforcement 
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2018-0011 and OMB control number 1506-0043.
    Please submit comments by one method only. Comments will also be 
incorporated to FinCEN's retrospective regulatory review process, as 
mandated by E.O. 12866 and 13563. All comments submitted in response to 
this notice will become a matter of public record. 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 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, among other things, to require financial institutions to 
keep records and file reports that are determined to have a high degree 
of usefulness in criminal, tax, and regulatory matters or in the 
conduct of intelligence or counter-intelligence activities to protect 
against international terrorism, and to implement counter-money 
laundering

[[Page 42556]]

programs and compliance procedures.\1\ 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.
---------------------------------------------------------------------------

    \1\ Language expanding the scope of the BSA to intelligence or 
counter-intelligence activities to protect against international 
terrorism was added by Section 358 of the Uniting and Strengthening 
America by Providing Appropriate Tools Required to Intercept and 
Obstruct Terrorism Act of 2001, Public Law 107-56.
---------------------------------------------------------------------------

    Regulations implementing Title II of the BSA appear at 31 CFR 
Chapter X. 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 assists Federal, state, and local law enforcement as well 
as regulatory authorities in the identification, investigation and 
prosecution of money laundering and other matters.
    This request for comments is being made pursuant to the Paperwork 
Reduction Act (``PRA'') of 1995, Public Law 104-13, 44 U.S.C. 
3506(c)(2)(A). In accordance with the requirements of the PRA 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 1010.630).
    OMB Control Number: 1506-0043.
    Abstract: Covered financial institutions are prohibited from 
maintaining correspondent accounts for foreign shell banks (31 CFR 
1010.630(a)(1)). Covered financial institutions that maintain 
correspondent accounts for foreign banks must maintain records of 
owner(s) of the foreign bank and the name 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 1010.630(a)(2)). Covered 
financial institutions may satisfy these requirements by using the 
sample certification on the FinCEN website: (https://www.fincen.gov/sites/default/files/shared/Certification%20Regarding%20Correspondent%20Accounts%20for%20Foreign%20Banks.pdf) and re-certification (https://www.fincen.gov/sites/default/files/shared/Recertification%20Regarding%20Correspondent%20Accounts%20for%20Foreign%20Banks.pdf). Records of documents relied upon by a financial 
institution for purposes of 31 CFR 1010.630 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 
1010.630(e)).
    Current Action: Renewal without change to the existing regulations.
    Type of Review: Renewal without change of a currently approved 
collection.
    Affected Public: Businesses and other for-profit institutions.
    Burden: It is estimated that 2,000 covered financial institutions 
maintain correspondent accounts with 9,000 foreign banks. The estimated 
average annual reporting burden associated with certification is 
180,000 hours (9,000 responses at 20 hours per response); the estimated 
average annual reporting burden associated with recertification is 
45,000 hours (9,000 responses at 5 hours per response); and the 
estimated average recordkeeping burden associated with section 
1010.630(e) is 81,000 hours (9,000 responses at 9 hours per 
response).\2\ Total PRA burden for this OMB Control number is 306,000 
hours.
---------------------------------------------------------------------------

    \2\ FinCEN does not have an independent method to research the 
exact number of foreign bank certifications and recertfications in 
any given year because depository institutions do not file the model 
form with FinCEN and only provide the data upon FinCEN's request. 
Accordingly, FinCEN has chosen to take an expansive approach in its 
estimates of yearly certifications and recertifications.
---------------------------------------------------------------------------

    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. 2018-18079 Filed 8-21-18; 8:45 am]
 BILLING CODE 4810-02-P