Implementation of the Privacy Act of 1974, 59313-59314 [2019-22374]
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Federal Register / Vol. 84, No. 213 / Monday, November 4, 2019 / Rules and Regulations
Treasury’s Office of Foreign Assets
Control (OFAC).
hours per affected financial
institution.72
Estimated Total Annual Burden:
47,230 hours.
List of Subjects in 31 CFR Part 1010
Administrative practice and
procedure, Banks and banking, Brokers,
Counter-money laundering, Counterterrorism, Foreign banking.
Authority and Issuance
For the reasons set forth in the
preamble, Part 1010, 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, 5316–5332; Title
III, sec. 314, Pub. L. 107–56, 115 Stat. 307;
sec. 701, Pub. L. 114–74, 129 Stat. 599.
■
2. Add § 1010.661 to read as follows:
§ 1010.661
Special measures against Iran.
(a) Definitions. For purposes of this
section:
(1) Iranian financial institution means
any foreign financial institution, as
defined at § 1010.605(f), organized
under Iranian law wherever located,
including any agency, branch, office, or
subsidiary of such a financial institution
operating in any jurisdiction, and any
branch or office within Iran of any
foreign financial institution.
(2) Correspondent account has the
same meaning as provided in
§ 1010.605(c).
(3) Covered financial institution has
the same meaning as provided in
§ 1010.605(e)(1).
(4) Foreign bank has the same
meaning as provided in § 1010.100.
(5) Subsidiary means a company of
which more than 50 percent of the
voting stock or analogous equity interest
is owned by another company.
(b) Prohibition on accounts and due
diligence requirements for covered
financial institutions—(1) Opening or
maintaining correspondent accounts for
Iranian financial institutions. A covered
financial institution shall not open or
maintain in the United States a
correspondent account for, or on behalf
of, an Iranian financial institution,
unless such account is authorized by
United States Department of the
72 The estimated burden is two hours per
financial institution—one hour for a senior
executive of the financial institution to review and
approve the notice to be provided to correspondent
account holders, and one hour for a compliance
officer to provide notice to correspondent account
holders.
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Note 1 to paragraph (b)(1): Note that
covered financial institutions should block
and report to OFAC any accounts that are
blocked pursuant to any OFAC sanctions
authority and therefore should continue to
maintain such accounts in accordance with
the Reporting Procedures and Penalties
Regulations, 31 CFR part 501.
(2) Prohibition on use of
correspondent accounts. A covered
financial institution shall take
reasonable steps to not process a
transaction for the correspondent
account of a foreign bank in the United
States if such a transaction involves an
Iranian financial institution, unless the
transaction is authorized by, exempt
from, or not prohibited under the
International Emergency Economic
Powers Act (IEEPA) (50 U.S.C. 1701 et
seq.), any regulation, order, directive, or
license issued pursuant thereto, or any
other sanctions program administered
by the Department of the Treasury’s
Office of Foreign Asset Control.
(3) Special due diligence of
correspondent accounts to prohibit use.
(i) A covered financial institution shall
apply special due diligence to the
correspondent accounts of a foreign
bank that is reasonably designed to
guard against their use to process
transactions involving Iranian financial
institutions that are prohibited, and not
authorized or exempt, pursuant to the
IEEPA, any regulation, order, directive,
or license issued pursuant thereto, or
any other sanctions program
administered by the Department of the
Treasury’s Office of Foreign Asset
Control (‘‘prohibited transactions’’). At a
minimum, that special due diligence
must include:
(A) Notifying those foreign
correspondent account holders that the
covered financial institution knows or
has reason to believe the correspondent
account is being used to process
transactions involving Iranian financial
institutions that such prohibited
transactions may not take place; and
(B) Taking reasonable steps to identify
any use of its foreign correspondent
accounts for prohibited transactions
involving Iranian financial institutions,
to the extent that such use can be
determined from transactional records
maintained in the covered financial
institution’s normal course of business.
(ii) A covered financial institution
shall take a risk-based approach when
deciding what, if any, other due
diligence measures it reasonably must
adopt to guard against the use of its
foreign correspondent accounts to
process prohibited transactions
involving Iranian financial institutions.
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59313
(iii) A covered financial institution
that knows or has reason to believe that
a foreign bank’s correspondent account
has been or is being used to process
prohibited transactions involving
Iranian financial institutions shall take
all appropriate steps to further
investigate and prevent such access,
including the notification of its
correspondent account holder under
paragraph (b)(3)(i)(A) of this section
and, where necessary, termination of the
correspondent account.
(4) Recordkeeping and reporting. (i) A
covered financial institution is required
to document its compliance with the
notice requirement set forth in this
section.
(ii) Nothing in this section shall
require a covered financial institution to
report any information not otherwise
required to be reported by law or
regulation.
Kenneth A. Blanco,
Director, Financial Crimes Enforcement
Network.
[FR Doc. 2019–23697 Filed 11–1–19; 8:45 am]
BILLING CODE 4810–02–P
NATIONAL FOUNDATION ON THE
ARTS AND THE HUMANITIES
National Endowment for the
Humanities
45 CFR Part 1169
RIN 3136–AA18
Implementation of the Privacy Act of
1974
National Endowment for the
Humanities, National Foundation on the
Arts and the Humanities.
ACTION: Final rule; technical correction.
AGENCY:
On July 19, 2019, the National
Endowment for the Humanities (NEH)
published in a final rule implementing
its agency-specific Privacy Act
regulation. This document makes
technical corrections to that rule.
DATES: Effective November 4, 2019.
FOR FURTHER INFORMATION CONTACT:
Elizabeth Voyatzis, Deputy General
Counsel, Office of the General Counsel,
National Endowment for the
Humanities, 400 Seventh Street SW,
Room 4060, Washington, DC 20506;
(202) 606–8322; gencounsel@neh.gov.
SUPPLEMENTARY INFORMATION: On July
19, 2019, NEH published a final rule at
84 FR 34788 implementing its agencyspecific Privacy Act regulation. That
rule amended 45 CFR chapter XI,
subchapter D, by adding part 1169.
SUMMARY:
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59314
Federal Register / Vol. 84, No. 213 / Monday, November 4, 2019 / Rules and Regulations
When NEH added that part, the
paragraphs within § 1169.8 were
incorrectly designated because there
were two paragraphs (b). This action
corrects this error by redesignating the
second paragraph (b) through paragraph
(g) as paragraphs (c) through (h).
List of Subjects in 45 CFR Part 1169
Administrative practice and
procedure, Privacy.
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For the reasons set forth in the
preamble, the National Endowment for
the Humanities amends 45 CFR part
1169 as follows:
PART 1169—PRIVACY ACT
REGULATIONS
1. The authority citation for part 1169
continues to read as follows:
■
Authority: 5 U.S.C. 552a(f).
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§ 1169.8
[Amended]
2. Amend § 1169.8 by redesignating
the second paragraph (b) through
paragraph (g) as paragraphs (c) through
(h).
■
Dated: October 8, 2019.
Elizabeth Voyatzis,
Deputy General Counsel, National
Endowment for the Humanities.
[FR Doc. 2019–22374 Filed 11–1–19; 8:45 am]
BILLING CODE 7536–01–P
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]]>Agencies
[Federal Register Volume 84, Number 213 (Monday, November 4, 2019)]
[Rules and Regulations]
[Pages 59313-59314]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-22374]
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NATIONAL FOUNDATION ON THE ARTS AND THE HUMANITIES
National Endowment for the Humanities
45 CFR Part 1169
RIN 3136-AA18
Implementation of the Privacy Act of 1974
AGENCY: National Endowment for the Humanities, National Foundation on
the Arts and the Humanities.
ACTION: Final rule; technical correction.
-----------------------------------------------------------------------
SUMMARY: On July 19, 2019, the National Endowment for the Humanities
(NEH) published in a final rule implementing its agency-specific
Privacy Act regulation. This document makes technical corrections to
that rule.
DATES: Effective November 4, 2019.
FOR FURTHER INFORMATION CONTACT: Elizabeth Voyatzis, Deputy General
Counsel, Office of the General Counsel, National Endowment for the
Humanities, 400 Seventh Street SW, Room 4060, Washington, DC 20506;
(202) 606-8322; [email protected].
SUPPLEMENTARY INFORMATION: On July 19, 2019, NEH published a final rule
at 84 FR 34788 implementing its agency-specific Privacy Act regulation.
That rule amended 45 CFR chapter XI, subchapter D, by adding part 1169.
[[Page 59314]]
When NEH added that part, the paragraphs within Sec. 1169.8 were
incorrectly designated because there were two paragraphs (b). This
action corrects this error by redesignating the second paragraph (b)
through paragraph (g) as paragraphs (c) through (h).
List of Subjects in 45 CFR Part 1169
Administrative practice and procedure, Privacy.
For the reasons set forth in the preamble, the National Endowment
for the Humanities amends 45 CFR part 1169 as follows:
PART 1169--PRIVACY ACT REGULATIONS
0
1. The authority citation for part 1169 continues to read as follows:
Authority: 5 U.S.C. 552a(f).
Sec. 1169.8 [Amended]
0
2. Amend Sec. 1169.8 by redesignating the second paragraph (b) through
paragraph (g) as paragraphs (c) through (h).
Dated: October 8, 2019.
Elizabeth Voyatzis,
Deputy General Counsel, National Endowment for the Humanities.
[FR Doc. 2019-22374 Filed 11-1-19; 8:45 am]
BILLING CODE 7536-01-P
