Renewal Without Change of Information Collection Requirements in Connection With the Imposition of a Special Measure Concerning North Korea as a Jurisdiction of Primary Money Laundering Concern, 47632-47633 [2019-19486]
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khammond on DSKBBV9HB2PROD with NOTICES
47632
Federal Register / Vol. 84, No. 175 / Tuesday, September 10, 2019 / Notices
649–5597, Chief Counsel’s Office, Office
of the Comptroller of the Currency, 400
7th Street SW, Suite 3E–218,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501–3520), federal
agencies must obtain approval from the
OMB for each collection of information
that they conduct or sponsor.
‘‘Collection of information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. The OCC
asks that OMB extend its approval of the
information collection in this notice.
Title: Securities Exchange Act
Disclosure Rules.
OMB Control No.: 1557–0106.
Description: This submission covers
an existing regulation and involves no
change to the regulation or to the
information collection requirements.
The OCC requests only that OMB
approve its revised burden estimates.
The Securities and Exchange
Commission (SEC) is required by statute
to collect, in accordance with its
regulations, certain information and
documents from any firm that is
required to register its stock with the
SEC.2 Federal law requires the OCC to
apply similar regulations to any national
bank or federal savings association
similarly required to be registered with
the OCC (generally those with a class of
equity securities held by 2,000 or more
shareholders).3
12 CFR part 11 ensures that a national
bank or federal savings association
whose securities are subject to
registration provides adequate
information about its operations to
current and potential shareholders, and
the public. The OCC reviews the
information to ensure that it complies
with federal law and makes public all
information required to be filed under
the rule.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals;
Businesses or other for-profit.
Frequency of Response: On occasion.
Estimated Number of Respondents:
41.
Estimated Total Annual Burden:
408.948 hours.
On March 29, 2019, the OCC issued
a notice for 60 days of comment
concerning this collection, 84 FR 12029.
The notice was reissued on May 20,
2019 to correct an error in the burden
estimates, 84 FR 22933. No comments
were received in response to the notices.
2 15
3 15
U.S.C. 78m(a)(1).
U.S.C. 78l(i).
VerDate Sep<11>2014
16:56 Sep 09, 2019
Jkt 247001
Comments continue to be requested
on:
(a) Whether the information
collections are necessary for the proper
performance of the OCC’s functions,
including whether the information has
practical utility;
(b) The accuracy of the OCC’s
estimates of the burden of the
information collections, including the
validity of the methodology and
assumptions used;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
information collections 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: September 4, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2019–19516 Filed 9–9–19; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Renewal Without Change of
Information Collection Requirements
in Connection With the Imposition of a
Special Measure Concerning North
Korea as a Jurisdiction of Primary
Money Laundering Concern
Financial Crimes Enforcement
Network, Department of the Treasury.
ACTION: Notice and request for
comments.
AGENCY:
As part of a continuing effort
to reduce paperwork and respondent
burden, the Financial Crimes
Enforcement Network (‘‘FinCEN’’)
invites comment on a renewal, without
change, to information collection
requirements finalized on November 9,
2016, imposing a special measure with
respect to North Korea as a jurisdiction
of primary money laundering concern.
This request for comments is being
made pursuant to the Paperwork
Reduction Act of 1995.
DATES: Written comments are welcome
and must be received on or before
November 12, 2019.
ADDRESSES: Comments may be
submitted by any of the following
methods:
• Federal E-rulemaking Portal: https://
www.regulations.gov. Follow the
SUMMARY:
PO 00000
Frm 00159
Fmt 4703
Sfmt 4703
instructions for submitting comments.
Refer to Docket Number FINCEN–2019–
0003 and the specific Office of
Management and Budget (‘‘OMB’’)
control number 1506–0071.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2019–0003 and OMB
control number 1506–0071.
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:
FinCEN Resource Center at 1–800–767–
2825 or 1–703–905–3591 (not a toll free
number) and select option 3 for
regulatory questions. Email inquiries
can be sent to FRC@fincen.gov.
SUPPLEMENTARY INFORMATION:
I. Background
a. Statutory Provisions
On October 26, 2001, the President
signed into law the Uniting and
Strengthening America by Providing
Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001,
Public Law 107–56 (the USA PATRIOT
Act). Title III of the USA PATRIOT Act
amended the anti-money laundering
(AML) provisions of the Bank Secrecy
Act (BSA), codified at 12 U.S.C. 1829b,
12 U.S.C. 1951–1959, and 31 U.S.C.
5311–5314, 5316–5332, to promote the
prevention, detection, and prosecution
of international money laundering and
the financing of terrorism. Regulations
implementing the BSA appear at 31 CFR
Chapter X. The authority of the
Secretary of the Treasury (the Secretary)
to administer the BSA and its
implementing regulations has been
delegated to the Director of FinCEN.1
Section 311 of the USA PATRIOT Act
(Section 311), codified at 31 U.S.C.
5318A, grants FinCEN the authority,
upon finding that reasonable grounds
exist for concluding that a foreign
jurisdiction, financial institution, class
of transactions, or type of account is of
‘‘primary money laundering concern,’’
to require domestic financial
institutions and financial agencies to
take certain ‘‘special measures’’ to
address the primary money laundering
concern.
1 Therefore, references to the authority of the
Secretary of the Treasury under Section 311 of the
USA PATRIOT Act apply equally to the Director of
FinCEN.
E:\FR\FM\10SEN1.SGM
10SEN1
Federal Register / Vol. 84, No. 175 / Tuesday, September 10, 2019 / Notices
FinCEN may impose one or more of
these special measures in order to
protect the U.S. financial system from
these threats. Special measures one
through four, codified at 31 U.S.C.
5318A(b)(1)–(b)(4), impose additional
recordkeeping, information collection,
and reporting requirements on covered
U.S. financial institutions. The fifth
special measure, codified at 31 U.S.C.
5318A(b)(5), allows FinCEN to impose
prohibitions or conditions on the
opening or maintenance of certain
correspondent accounts.
b. Overview of the Current Regulatory
Provisions Regarding Special Measures
Concerning North Korea
FinCEN issued the final rule imposing
the fifth special measure to prohibit U.S.
financial institutions from opening or
maintaining a correspondent account
for, or on behalf of, North Korean
banking institutions.2 The rule further
prohibits U.S. financial institutions
from processing transactions for the
correspondent account of a foreign bank
in the United States if such a transaction
involves a North Korean financial
institution, and requires institutions to
apply special due diligence to guard
against such use by North Korean
financial institutions. See 31 CFR
1010.659.
Information Collection Under the Fifth
Special Measure
The notification requirement in
section 1010.659(b)(3)(i)(A) is intended
to aid cooperation from correspondent
account holders in denying North Korea
access to the U.S. financial system. The
information required to be maintained
by section 1010.659(b)(4)(i) will be used
by federal agencies and certain selfregulatory organizations to verify
compliance by covered financial
institutions with the provisions of 31
CFR 1010.659.
khammond on DSKBBV9HB2PROD with NOTICES
II. Paperwork Reduction Act (PRA)
Title: Renewal of Information
Collection Requirements in connection
with the Imposition of a Special
Measure concerning North Korea as a
Jurisdiction of Primary Money
Laundering Concern.
Office of Management and Budget
(OMB) Control Number: 1506–0071.
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for the imposition of a special
measure against North Korea as a
jurisdiction of primary money
laundering concern pursuant to the
2 See 81 FR 78715, RIN 1506–AB35, November 9,
2016.
VerDate Sep<11>2014
16:56 Sep 09, 2019
Jkt 247001
authority contained in 31 U.S.C. 5318A.
See 31 CFR 1010.659.
Type of Review: Renewal without
change of a currently approved
collection.
Affected Public: Businesses and
certain not-for-profit institutions.
Frequency: One time notification. See
31 CFR 1010.659(b)(3)(i)(A) and
1010.659(b)(4)(i).
Estimated Number of Respondents:
23,615.3
Estimated Time per Respondent: 1
hour.
Estimated Total Annual Burden:
23,615 hours.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it 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.
When the final rule was published in
November 2016, the number of financial
institutions affected by the rule was
estimated at 5,000. FinCEN has since
revised the estimated number of affected
financial institutions upward to account
for all domestic financial institutions
that could potentially maintain
correspondent accounts for foreign
banks, and to ensure that all U.S.
financial institutions are conducting
their due diligence and not processing
transactions that may involve DPRK
financial institutions.
There are approximately 23,615 such
financial institutions doing business in
the United States. As noted, this
revision should not have a significant
impact on a substantial number of small
entities. In addition, all U.S. persons,
including U.S. financial institutions,
currently exercise some degree of due
3 The above Estimated Number of Respondents is
based on sum of the following numbers:
• 5,358 banks [Federal Deposit Insurance
Corporation, Key Statistics web page, April 25,
2019];
• 5,375 federally-insured credit unions [National
Credit Union Administration, Quarterly Credit
Union Data Summary, December 31, 2018];
• 125 privately-insured credit unions [General
Accountability Office, PRIVATE DEPOSIT
INSURANCE: Credit Unions Largely Complied with
Disclosure Rules, but Rules Should Be Clarified,
March 2017];
• 1,130 introducing brokers [National Futures
Association website, March 31, 2019];
• 64 futures commission merchants [National
Futures Association website, March 31, 2019];
• 3,607 securities firms [Financial Industry
Regulatory Authority website, December 31, 2018];
and,
• 7,956 U.S. mutual funds [Investment Company
Institute, 2018 Factbook, 2018].
PO 00000
Frm 00160
Fmt 4703
Sfmt 4703
47633
diligence in order to comply with
existing U.S. sanctions programs
applicable to North Korea.
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.
Authority: Pub. L. 104–13, 44 U.S.C.
3506(c)(2)(A).
Jamal El-Hindi,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2019–19486 Filed 9–9–19; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Open Meeting of the Taxpayer
Advocacy Panel’s Tax Forms and
Publications Project Committee
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of meeting.
AGENCY:
An open meeting of the
Taxpayer Advocacy Panel’s Tax Forms
and Publications Project Committee will
be conducted. The Taxpayer Advocacy
Panel is soliciting public comments,
ideas, and suggestions on improving
customer service at the Internal Revenue
Service.
DATES: The meeting will be held
Wednesday, October 9, 2019.
FOR FURTHER INFORMATION CONTACT:
Robert Rosalia at 1–888–912–1227 or
(718) 834–2203.
SUPPLEMENTARY INFORMATION: Notice is
hereby given pursuant to Section
10(a)(2) of the Federal Advisory
Committee Act, 5 U.S.C. App. (1988)
that a meeting of the Taxpayer
Advocacy Panel’s Tax Forms and
Publications Project Committee will be
SUMMARY:
E:\FR\FM\10SEN1.SGM
10SEN1
]]>Agencies
[Federal Register Volume 84, Number 175 (Tuesday, September 10, 2019)]
[Notices]
[Pages 47632-47633]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19486]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Renewal Without Change of Information Collection Requirements in
Connection With the Imposition of a Special Measure Concerning North
Korea as a Jurisdiction of Primary Money Laundering Concern
AGENCY: Financial Crimes Enforcement Network, Department of the
Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: As part of a continuing effort to reduce paperwork and
respondent burden, the Financial Crimes Enforcement Network
(``FinCEN'') invites comment on a renewal, without change, to
information collection requirements finalized on November 9, 2016,
imposing a special measure with respect to North Korea as a
jurisdiction of primary money laundering concern. This request for
comments is being made pursuant to the Paperwork Reduction Act of 1995.
DATES: Written comments are welcome and must be received on or before
November 12, 2019.
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-2019-0003 and the specific Office of Management and Budget
(``OMB'') control number 1506-0071.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2019-0003 and OMB control number 1506-0071.
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: FinCEN Resource Center at 1-800-767-
2825 or 1-703-905-3591 (not a toll free number) and select option 3 for
regulatory questions. Email inquiries can be sent to [email protected].
SUPPLEMENTARY INFORMATION:
I. Background
a. Statutory Provisions
On October 26, 2001, the President signed into law the Uniting and
Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the
USA PATRIOT Act). Title III of the USA PATRIOT Act amended the anti-
money laundering (AML) provisions of the Bank Secrecy Act (BSA),
codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-
5314, 5316-5332, to promote the prevention, detection, and prosecution
of international money laundering and the financing of terrorism.
Regulations implementing the BSA appear at 31 CFR Chapter X. The
authority of the Secretary of the Treasury (the Secretary) to
administer the BSA and its implementing regulations has been delegated
to the Director of FinCEN.\1\
---------------------------------------------------------------------------
\1\ Therefore, references to the authority of the Secretary of
the Treasury under Section 311 of the USA PATRIOT Act apply equally
to the Director of FinCEN.
---------------------------------------------------------------------------
Section 311 of the USA PATRIOT Act (Section 311), codified at 31
U.S.C. 5318A, grants FinCEN the authority, upon finding that reasonable
grounds exist for concluding that a foreign jurisdiction, financial
institution, class of transactions, or type of account is of ``primary
money laundering concern,'' to require domestic financial institutions
and financial agencies to take certain ``special measures'' to address
the primary money laundering concern.
[[Page 47633]]
FinCEN may impose one or more of these special measures in order to
protect the U.S. financial system from these threats. Special measures
one through four, codified at 31 U.S.C. 5318A(b)(1)-(b)(4), impose
additional recordkeeping, information collection, and reporting
requirements on covered U.S. financial institutions. The fifth special
measure, codified at 31 U.S.C. 5318A(b)(5), allows FinCEN to impose
prohibitions or conditions on the opening or maintenance of certain
correspondent accounts.
b. Overview of the Current Regulatory Provisions Regarding Special
Measures Concerning North Korea
FinCEN issued the final rule imposing the fifth special measure to
prohibit U.S. financial institutions from opening or maintaining a
correspondent account for, or on behalf of, North Korean banking
institutions.\2\ The rule further prohibits U.S. financial institutions
from processing transactions for the correspondent account of a foreign
bank in the United States if such a transaction involves a North Korean
financial institution, and requires institutions to apply special due
diligence to guard against such use by North Korean financial
institutions. See 31 CFR 1010.659.
---------------------------------------------------------------------------
\2\ See 81 FR 78715, RIN 1506-AB35, November 9, 2016.
---------------------------------------------------------------------------
Information Collection Under the Fifth Special Measure
The notification requirement in section 1010.659(b)(3)(i)(A) is
intended to aid cooperation from correspondent account holders in
denying North Korea access to the U.S. financial system. The
information required to be maintained by section 1010.659(b)(4)(i) will
be used by federal agencies and certain self-regulatory organizations
to verify compliance by covered financial institutions with the
provisions of 31 CFR 1010.659.
II. Paperwork Reduction Act (PRA)
Title: Renewal of Information Collection Requirements in connection
with the Imposition of a Special Measure concerning North Korea as a
Jurisdiction of Primary Money Laundering Concern.
Office of Management and Budget (OMB) Control Number: 1506-0071.
Abstract: FinCEN is issuing this notice to renew the OMB control
number for the imposition of a special measure against North Korea as a
jurisdiction of primary money laundering concern pursuant to the
authority contained in 31 U.S.C. 5318A. See 31 CFR 1010.659.
Type of Review: Renewal without change of a currently approved
collection.
Affected Public: Businesses and certain not-for-profit
institutions.
Frequency: One time notification. See 31 CFR 1010.659(b)(3)(i)(A)
and 1010.659(b)(4)(i).
Estimated Number of Respondents: 23,615.\3\
---------------------------------------------------------------------------
\3\ The above Estimated Number of Respondents is based on sum of
the following numbers:
5,358 banks [Federal Deposit Insurance Corporation, Key
Statistics web page, April 25, 2019];
5,375 federally-insured credit unions [National Credit
Union Administration, Quarterly Credit Union Data Summary, December
31, 2018];
125 privately-insured credit unions [General
Accountability Office, PRIVATE DEPOSIT INSURANCE: Credit Unions
Largely Complied with Disclosure Rules, but Rules Should Be
Clarified, March 2017];
1,130 introducing brokers [National Futures Association
website, March 31, 2019];
64 futures commission merchants [National Futures
Association website, March 31, 2019];
3,607 securities firms [Financial Industry Regulatory
Authority website, December 31, 2018]; and,
7,956 U.S. mutual funds [Investment Company Institute,
2018 Factbook, 2018].
---------------------------------------------------------------------------
Estimated Time per Respondent: 1 hour.
Estimated Total Annual Burden: 23,615 hours.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it 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.
When the final rule was published in November 2016, the number of
financial institutions affected by the rule was estimated at 5,000.
FinCEN has since revised the estimated number of affected financial
institutions upward to account for all domestic financial institutions
that could potentially maintain correspondent accounts for foreign
banks, and to ensure that all U.S. financial institutions are
conducting their due diligence and not processing transactions that may
involve DPRK financial institutions.
There are approximately 23,615 such financial institutions doing
business in the United States. As noted, this revision should not have
a significant impact on a substantial number of small entities. In
addition, all U.S. persons, including U.S. financial institutions,
currently exercise some degree of due diligence in order to comply with
existing U.S. sanctions programs applicable to North Korea.
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.
Authority: Pub. L. 104-13, 44 U.S.C. 3506(c)(2)(A).
Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2019-19486 Filed 9-9-19; 8:45 am]
BILLING CODE 4810-02-P
