Agency Information Collection Activities; Proposed Renewal; Comment Request; Reports of Foreign Financial Accounts Regulations and FinCEN Form 114, Report of Foreign Bank and Financial Accounts, 65394-65395 [2018-27513]
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Federal Register / Vol. 83, No. 244 / Thursday, December 20, 2018 / Notices
Frequency: 0–6,444 complaints per
year for each respondent (A range of the
lowest number of complaints and an
average of the highest number of
complaints received over the past three
years).
Comments are invited on: (a) Whether
the collection of information is
necessary for the proper performance of
the Department’s functions, 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.
All responses to this notice will be
summarized and included in the request
for OMB approval. All comments will
also become a matter of public record.
Authority: The Paperwork Reduction Act
of 1995; 44 U.S.C. Chapter 35, as amended;
and 49 CFR part 1.
Issued in Washington, DC, on December
14, 2018.
Blane A. Workie,
Assistant General Counsel for Aviation
Enforcement and Proceedings.
[FR Doc. 2018–27532 Filed 12–19–18; 8:45 am]
BILLING CODE 4910–9X–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection
Activities; Proposed Renewal;
Comment Request; Reports of Foreign
Financial Accounts Regulations and
FinCEN Form 114, Report of Foreign
Bank and Financial Accounts
Financial Crimes Enforcement
Network (‘‘FinCEN’’), Treasury.
AGENCY:
Notice and request for
comments.
ACTION:
FinCEN invites comment on a
renewal, without change, of existing
information collection requirements
concerning reports of foreign financial
accounts and FinCEN Form 114, Report
of Foreign Bank and Financial Accounts
(‘‘FBAR’’). This request for comments is
being made pursuant to the Paperwork
Reduction Act (‘‘PRA’’) of 1995.
khammond on DSK30JT082PROD with NOTICES
SUMMARY:
Written comments are welcome
and must be received on or before
February 19, 2019 to be assured of
consideration.
DATES:
VerDate Sep<11>2014
17:21 Dec 19, 2018
Jkt 247001
Comments may be
submitted by any of the following
methods:
• Federal E-rulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Refer to Docket Number FINCEN–2018–
0018 and the Office of Management and
Budget (‘‘OMB’’) control number 1506–
0009.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2018–0018 and OMB
control number 1506–0009.
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. 5311–5314
and 5316–5332, 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 countermoney laundering programs and
compliance procedures.1 Title III of the
USA PATRIOT Act of 2001, Pub. L.
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 assist Federal,
state, and local law enforcement as well
ADDRESSES:
as regulatory authorities in the
identification, investigation, and
prosecution of money laundering and
other matters.
Under 31 U.S.C. 5314, the Secretary is
authorized to require any ‘‘resident or
citizen of the United States or a person
in, and doing business in, the United
States, to . . . keep records and file
reports, when the resident, citizen, or
person makes a transaction or maintains
a relation for any person with a foreign
financial agency.’’ The term ‘‘foreign
financial agency’’ encompasses the
activities found in the statutory
definition of ‘‘financial agency,’’ 2 which
means, in pertinent part, ‘‘a person
acting for a person as a financial
institution, bailee, depository trustee, or
agent, or acting in a similar way related
to money, credit, securities, gold, or a
transaction in money, credit, securities,
or gold.’’ 3 The Secretary is also
authorized to prescribe exemptions to
the reporting requirement and to
prescribe other matters the Secretary
considers necessary to carry out section
5314.
Pursuant to the authority in section
5314, 31 CFR 1010.350 generally
requires each U.S. person having a
financial interest in, or signature or
other authority over, a bank, securities,
or other financial account in a foreign
country to report such relationship to
the Commissioner of Internal Revenue
for each year in which such relationship
exists, and to provide and report such
information specified in a reporting
form prescribed under 31 U.S.C. 5314.
Section 1010.350 provides certain
exceptions from reporting. FinCEN
Form 114 (the FBAR) is the form used
to file the required information. The
recordkeeping requirements associated
with foreign financial accounts required
to be reported under section 1010.350
are set forth in 31 CFR 1010.420.
Specifically, filers must retain records of
such accounts for a period of 5 years
and make the records available for
inspection as authorized by law.4
In accordance with the requirements
of the PRA and its implementing
regulations, the following information is
presented concerning the information
collection below.
Title: Reports of foreign financial
accounts and records to be made and
retained by persons having financial
2 31
U.S.C. 5312(b)(2).
31 U.S.C. 5312(a)(1), which exempts from
the definition of financial agency a person acting for
a country, a monetary or financial authority acting
as a monetary or financial authority or an
international financial institution of which the
United States government is a member.
4 The penalties provided in the BSA apply to both
the FBAR reporting and recordkeeping requirement.
3 See
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,
P.L. 107–56 (‘‘USA PATRIOT Act’’).
PO 00000
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khammond on DSK30JT082PROD with NOTICES
Federal Register / Vol. 83, No. 244 / Thursday, December 20, 2018 / Notices
interests in foreign financial accounts
(31 CFR 1010.350, 1010.420) and
FinCEN Form 114, Report of Foreign
Bank and Financial Accounts.
OMB Control Number: 1506–0009.
Form Number: FinCEN Form 114.
Abstract: Each U.S. person having a
financial interest in, or signature or
other authority over, a bank, securities,
or other financial account in a foreign
country shall report such relationship to
the Commissioner of Internal Revenue
for each year in which such relationship
exists and shall provide such
information as shall be specified in a
reporting form prescribed under 31
U.S.C. 5314 to be filed by such persons.
This information will be provided on
the FinCEN Form 114. Records of
accounts required by § 1010.350 to be
reported shall be retained by each
person having a financial interest in or
signature or other authority over any
such account. Such records shall be
retained for a period of 5 years and shall
be kept at all times available for
inspection as authorized by law.
Type of Review: Renewal without
change to a currently approved
information collection.
Affected Public: Individuals,
businesses or other for-profit
institutions, and non-profit institutions.
Burden:
• Estimated Number of Respondents:
1,090,774.5
• Estimated Number of Responses:
1,090,774.
• Estimated Average Annual Burden
Per Response: The estimated average
burden associated with the
recordkeeping requirements in the rules
will vary depending on the number of
reportable accounts. We estimate that
the recordkeeping burden will range
from five minutes to sixty minutes, and
that the average burden will be 30
minutes. The estimated average burden
associated with the reporting
requirement (i.e., FBAR form
completion) will also vary depending on
the number of reportable accounts and
whether the filer will be able to take
advantage of the exceptions provided in
the rule. We estimate that the average
reporting burden will range from
approximately 15 minutes to 50 minutes
and that the average reporting burden
will be approximately 30 minutes. The
estimated total annual recordkeeping
and reporting burden per response will
be 1 hour.
• Estimated Total Annual
Respondent Burden: 1,090,774 hours
(one hour per report).
5 The total number of FBARs reported for foreign
financial accounts reported for calendar year 2016
is 1,090,774.
VerDate Sep<11>2014
17:21 Dec 19, 2018
Jkt 247001
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: December 11, 2018.
Jamal El-Hindi,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2018–27513 Filed 12–19–18; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Notice of OFAC Sanctions Actions
Office of Foreign Assets
Control, Treasury.
ACTION: Notice.
AGENCY:
The Department of the
Treasury’s Office of Foreign Assets
Control (OFAC) is publishing the names
of one or more persons that have been
placed on OFAC’s Specially Designated
Nationals and Blocked Persons List
based on OFAC’s determination that one
or more applicable legal criteria were
satisfied. All property and interests in
property subject to U.S. jurisdiction of
these persons are blocked, and U.S.
persons are generally prohibited from
engaging in transactions with them.
DATES: See SUPPLEMENTARY INFORMATION
section.
SUMMARY:
PO 00000
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65395
FOR FURTHER INFORMATION CONTACT:
OFAC: Associate Director for Global
Targeting, tel.: 202–622–2420; Assistant
Director for Sanctions Compliance &
Evaluation, tel.: 202–622–2490;
Assistant Director for Licensing, tel.:
202–622–2480; Assistant Director for
Regulatory Affairs, tel. 202–622–4855;
or the Department of the Treasury’s
Office of the General Counsel: Office of
the Chief Counsel (Foreign Assets
Control), tel.: 202–622–2410.
SUPPLEMENTARY INFORMATION:
Electronic Availability
The Specially Designated Nationals
and Blocked Persons List and additional
information concerning OFAC sanctions
programs are available on OFAC’s
website (www.treasury.gov/ofac).
Notice of OFAC Action(s)
On December 14, 2018, OFAC
determined that the property and
interests in property subject to U.S.
jurisdiction of the following persons are
blocked under the relevant sanctions
authorities listed below.
Individuals
1. DIMITRY, Gregory Vasili (a.k.a. ADUOL,
Gregory Deng Kuac; a.k.a. KUAC, Gregory
Deng; a.k.a. KUACH, Gregory Deng; a.k.a.
YALOURIS, Gregory Vasilis Dimitry), Juba,
South Sudan; DOB 01 Jan 1961; POB Ajogo,
South Sudan; nationality South Sudan;
Gender Male (individual) [SOUTH SUDAN].
Designated pursuant to Section 1(a)(i)(A) of
Executive Order 13664 of April 3, 2014,
‘‘Blocking Property of Certain Persons With
Respect to South Sudan’’ (E.O. 13664) for
being responsible for or complicit in, or
having engaged in, directly or indirectly, in
or in relation to South Sudan, actions or
policies that threaten the peace, security, or
stability of South Sudan.
2. ZIV, Israel (a.k.a. ZILBERSTEIN, Israel
Baruch; a.k.a. ZIV, Israel Baruch; a.k.a. ZIV,
Yisrael), Haela 16, Har Hadar, Israel; Haela
40, Har Adar, Israel; DOB 06 Jul 1957;
nationality Israel; Gender Male; Passport
29037166 (Israel); National ID No. 5490537
(individual) [SOUTH SUDAN].
Designated pursuant to Section 1(a)(ii) of
E.O. 13664 for being a leader of an entity that
has, or whose members have, engaged in
actions or policies that have the purpose or
effect of expanding or extending the conflict
in South Sudan or obstructing reconciliation
or peace talks or processes.
3. OLAWO, Obac William (a.k.a. OLAH,
Ubac William; a.k.a. OLAU, Obaj William),
South Sudan; DOB 01 Jan 1962; POB
Malakal, South Sudan; Gender Male;
Passport M6200000021304 (South Sudan)
(individual) [SOUTH SUDAN].
Designated pursuant to Section 1(a)(ii) of
E.O. 13664 for being a leader of an entity that
has, or whose members have, engaged in
actions or policies that have the purpose or
effect of expanding or extending the conflict
in South Sudan or obstructing reconciliation
or peace talks or processes.
E:\FR\FM\20DEN1.SGM
20DEN1
]]>Agencies
[Federal Register Volume 83, Number 244 (Thursday, December 20, 2018)]
[Notices]
[Pages 65394-65395]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-27513]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Proposed Renewal;
Comment Request; Reports of Foreign Financial Accounts Regulations and
FinCEN Form 114, Report of Foreign Bank and Financial Accounts
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: FinCEN invites comment on a renewal, without change, of
existing information collection requirements concerning reports of
foreign financial accounts and FinCEN Form 114, Report of Foreign Bank
and Financial Accounts (``FBAR''). This request for comments is being
made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
DATES: Written comments are welcome and must be received on or before
February 19, 2019 to be assured of consideration.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal E-rulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Refer to Docket Number
FINCEN-2018-0018 and the Office of Management and Budget (``OMB'')
control number 1506-0009.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2018-0018 and OMB control number 1506-0009.
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. 5311-5314 and 5316-5332, 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 programs and compliance procedures.\1\ Title
III of the USA PATRIOT Act of 2001, Pub. L. 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, P.L. 107-56 (``USA PATRIOT Act'').
---------------------------------------------------------------------------
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 assist Federal, state, and local law enforcement as well as
regulatory authorities in the identification, investigation, and
prosecution of money laundering and other matters.
Under 31 U.S.C. 5314, the Secretary is authorized to require any
``resident or citizen of the United States or a person in, and doing
business in, the United States, to . . . keep records and file reports,
when the resident, citizen, or person makes a transaction or maintains
a relation for any person with a foreign financial agency.'' The term
``foreign financial agency'' encompasses the activities found in the
statutory definition of ``financial agency,'' \2\ which means, in
pertinent part, ``a person acting for a person as a financial
institution, bailee, depository trustee, or agent, or acting in a
similar way related to money, credit, securities, gold, or a
transaction in money, credit, securities, or gold.'' \3\ The Secretary
is also authorized to prescribe exemptions to the reporting requirement
and to prescribe other matters the Secretary considers necessary to
carry out section 5314.
---------------------------------------------------------------------------
\2\ 31 U.S.C. 5312(b)(2).
\3\ See 31 U.S.C. 5312(a)(1), which exempts from the definition
of financial agency a person acting for a country, a monetary or
financial authority acting as a monetary or financial authority or
an international financial institution of which the United States
government is a member.
---------------------------------------------------------------------------
Pursuant to the authority in section 5314, 31 CFR 1010.350
generally requires each U.S. person having a financial interest in, or
signature or other authority over, a bank, securities, or other
financial account in a foreign country to report such relationship to
the Commissioner of Internal Revenue for each year in which such
relationship exists, and to provide and report such information
specified in a reporting form prescribed under 31 U.S.C. 5314. Section
1010.350 provides certain exceptions from reporting. FinCEN Form 114
(the FBAR) is the form used to file the required information. The
recordkeeping requirements associated with foreign financial accounts
required to be reported under section 1010.350 are set forth in 31 CFR
1010.420. Specifically, filers must retain records of such accounts for
a period of 5 years and make the records available for inspection as
authorized by law.\4\
---------------------------------------------------------------------------
\4\ The penalties provided in the BSA apply to both the FBAR
reporting and recordkeeping requirement.
---------------------------------------------------------------------------
In accordance with the requirements of the PRA and its implementing
regulations, the following information is presented concerning the
information collection below.
Title: Reports of foreign financial accounts and records to be made
and retained by persons having financial
[[Page 65395]]
interests in foreign financial accounts (31 CFR 1010.350, 1010.420) and
FinCEN Form 114, Report of Foreign Bank and Financial Accounts.
OMB Control Number: 1506-0009.
Form Number: FinCEN Form 114.
Abstract: Each U.S. person having a financial interest in, or
signature or other authority over, a bank, securities, or other
financial account in a foreign country shall report such relationship
to the Commissioner of Internal Revenue for each year in which such
relationship exists and shall provide such information as shall be
specified in a reporting form prescribed under 31 U.S.C. 5314 to be
filed by such persons. This information will be provided on the FinCEN
Form 114. Records of accounts required by Sec. 1010.350 to be reported
shall be retained by each person having a financial interest in or
signature or other authority over any such account. Such records shall
be retained for a period of 5 years and shall be kept at all times
available for inspection as authorized by law.
Type of Review: Renewal without change to a currently approved
information collection.
Affected Public: Individuals, businesses or other for-profit
institutions, and non-profit institutions.
Burden:
Estimated Number of Respondents: 1,090,774.\5\
---------------------------------------------------------------------------
\5\ The total number of FBARs reported for foreign financial
accounts reported for calendar year 2016 is 1,090,774.
---------------------------------------------------------------------------
Estimated Number of Responses: 1,090,774.
Estimated Average Annual Burden Per Response: The
estimated average burden associated with the recordkeeping requirements
in the rules will vary depending on the number of reportable accounts.
We estimate that the recordkeeping burden will range from five minutes
to sixty minutes, and that the average burden will be 30 minutes. The
estimated average burden associated with the reporting requirement
(i.e., FBAR form completion) will also vary depending on the number of
reportable accounts and whether the filer will be able to take
advantage of the exceptions provided in the rule. We estimate that the
average reporting burden will range from approximately 15 minutes to 50
minutes and that the average reporting burden will be approximately 30
minutes. The estimated total annual recordkeeping and reporting burden
per response will be 1 hour.
Estimated Total Annual Respondent Burden: 1,090,774 hours
(one hour per report).
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: December 11, 2018.
Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2018-27513 Filed 12-19-18; 8:45 am]
BILLING CODE 4810-02-P
