Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Information Collection Requirements in Connection With the Imposition of a Special Measure Concerning Commercial Bank of Syria, Including Its Subsidiary, Syrian Lebanese Commercial Bank, as a Financial Institution of Primary Money Laundering Concern, 69822-69824 [2019-27359]
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69822
Federal Register / Vol. 84, No. 244 / Thursday, December 19, 2019 / Notices
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Bank Secrecy Act Advisory Group;
Solicitation of Application for
Membership
Financial Crimes Enforcement
Network (‘‘FinCEN’’), Treasury.
ACTION: Notice and request for
nominations.
AGENCY:
FinCEN is inviting the public
to nominate financial institutions, trade
groups, and non-federal regulators or
law enforcement agencies for
membership on the Bank Secrecy Act
Advisory Group. New members will be
selected for three-year membership
terms.
SUMMARY:
Nominations must be received
by January 21, 2020.
ADDRESSES: Nominations must be
emailed to BSAAG@fincen.gov.
FOR FURTHER INFORMATION CONTACT:
FinCEN Resource Center at 800–767–
2825.
DATES:
The
Annunzio-Wylie Anti-Money
Laundering Act of 1992 required the
Secretary of the Treasury to establish a
Bank Secrecy Act Advisory Group
(BSAAG) consisting of representatives
from federal regulatory and law
enforcement agencies, financial
institutions, and trade groups with
members subject to the requirements of
the Bank Secrecy Act, 31 CFR 1000–
1099 et seq. or Section 6050I of the
Internal Revenue Code of 1986. The
BSAAG is the means by which the
Treasury receives advice on the
operations of the Bank Secrecy Act. As
chair of the BSAAG, the Director of
FinCEN is responsible for ensuring that
relevant issues are placed before the
BSAAG for review, analysis, and
discussion.
BSAAG membership is open to
financial institutions, trade groups, and
non-federal regulators and law
enforcement agencies. Membership is
granted to organizations, not to
individuals. Organizational members
will be selected to serve a three-year
term and must designate one individual
to represent that member at plenary
meetings. The designated representative
should be knowledgeable about Bank
Secrecy Act requirements and the
representative’s organization must be
able and willing to devote the personnel
time and effort. Examples of expected
effort include actively sharing not just
anecdotal perspectives, but also
quantifiable insights on BSA
requirements and industry trends in
lotter on DSKBCFDHB2PROD with NOTICES
SUPPLEMENTARY INFORMATION:
VerDate Sep<11>2014
19:13 Dec 18, 2019
Jkt 250001
BSAAG discussions. The organization’s
representative must be able to attend
biannual plenary meetings, generally
conducted over one or two days, held in
Washington, DC, in May and October.
Additional BSAAG meetings are held by
phone or in person.
It is important to provide complete
answers to the following items, as
nominations will be evaluated on the
information provided through this
application process. There is no formal
application; interested organizations
may submit their nominations via email
or email attachment. Nominations
should consist of:
• Name of the organization requesting
membership
• Point of contact, title, address, email
address and phone number
• Description of the financial institution
or trade group and its involvement
with the Bank Secrecy Act, 31 CFR
1000–1099 et seq.
• Reasons why the organization’s
participation on the BSAAG will
bring value to the group
Organizations may nominate
themselves, but nominations for
individuals who are not representing an
organization will not be considered.
Members will not be remunerated for
their time, services, or travel. In making
the selections, FinCEN will seek to
complement current BSAAG members
in terms of affiliation, industry, and
geographic representation. The Director
of FinCEN retains full discretion on all
membership decisions. The Director
may consider prior years’ applications
when making selections and does not
limit consideration to institutions
nominated by the public when making
selections.
Jamal El-Hindi,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2019–27358 Filed 12–18–19; 8:45 am]
BILLING CODE 4810–02–P
PO 00000
Frm 00103
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Sfmt 4703
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection
Activities; Proposed Renewal;
Comment Request; Renewal Without
Change of Information Collection
Requirements in Connection With the
Imposition of a Special Measure
Concerning Commercial Bank of Syria,
Including Its Subsidiary, Syrian
Lebanese Commercial Bank, as a
Financial Institution of Primary Money
Laundering Concern
Financial Crimes Enforcement
Network (‘‘FinCEN’’), U.S. Department
of the Treasury.
ACTION: Notice and request for
comments.
AGENCY:
As part of a continuing effort
to reduce paperwork and respondent
burden, FinCEN invites comment on a
renewal, without change, to information
collection requirements finalized on
March 15, 2006, imposing a special
measure with respect to Commercial
Bank of Syria, including its subsidiary,
Syrian Lebanese Commercial Bank, as a
financial institution 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
February 18, 2020.
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–
0009 and the specific Office of
Management and Budget (OMB) control
number 1506–0036.
• Mail: Global Investigations
Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA
22183. Refer to Docket Number
FinCEN–2019–0009 and OMB control
number 1506–0036.
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
SUMMARY:
E:\FR\FM\19DEN1.SGM
19DEN1
Federal Register / Vol. 84, No. 244 / Thursday, December 19, 2019 / Notices
regulatory questions. Email inquiries
can be sent to FRC@fincen.gov.
SUPPLEMENTARY INFORMATION:
I. Background
lotter on DSKBCFDHB2PROD with NOTICES
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.
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 Commercial Bank of Syria.
On March 15, 2006, FinCEN issued a
final rule imposing the fifth special
measure to prohibit covered financial
institutions from opening or
maintaining a correspondent account
for, or on behalf of, Commercial Bank of
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.
VerDate Sep<11>2014
19:13 Dec 18, 2019
Jkt 250001
Syria.2 The rule further requires covered
financial institutions to apply due
diligence to their correspondent
accounts that is reasonably designed to
guard against their indirect use by
Commercial Bank of Syria. See 31 CFR
1010.653.
Information Collection Under the Fifth
Special Measure
The notification requirement in
section 1010.653(b)(2)(i)(A) is intended
to aid cooperation from correspondent
account holders in denying Commercial
Bank of Syria access to the U.S.
financial system. The information
required to be maintained by section
1010.653(b)(3)(i) will be used by federal
agencies and certain self-regulatory
organizations to verify compliance by
covered financial institutions with the
provisions of section 1010.653.
II. Paperwork Reduction Act (PRA)
Title: Renewal of Information
Collection Requirements in connection
with the Imposition of a Special
Measure concerning Commercial Bank
of Syria, including its subsidiary Syrian
Lebanese Commercial Bank, as a
financial institution of primary money
laundering concern.
OMB Control Number: 1506–0036.
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for the imposition of a special
measure concerning Commercial Bank
of Syria, including its subsidiary Syrian
Lebanese Commercial Bank, as a
financial institution of primary money
laundering concern pursuant to the
authority contained in 31 U.S.C. 5318A.
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 part 1010.653(b)(2)(i)(A) and 31
CFR part 1010.653(b)(3)(i).
Estimated Number of Respondents:
23,615.3
2 References to Commercial Bank of Syria include
its Syrian Lebanese Commercial Bank, and any
other branch, office, or subsidiary of Commercial
Bank of Syria or Syrian Lebanese Commercial Bank.
See 71 FR, 13260, No. 50, March 15, 2006.
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
INUSRANCE: 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];
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Frm 00104
Fmt 4703
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69823
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 on
March 15, 2006, 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 recognizing that, under the
final rule, covered financial institutions
are required to apply due diligence to
their correspondent accounts that is
reasonably designed to guard against
their indirect use by Commercial Bank
of Syria.
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.
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.
• 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].
E:\FR\FM\19DEN1.SGM
19DEN1
69824
Federal Register / Vol. 84, No. 244 / Thursday, December 19, 2019 / Notices
(Authority: Pub. L. 104–13, 44 U.S.C.
3506(c)(2)(A))
Jamal El-Hindi,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2019–27359 Filed 12–18–19; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Multiple
Internal Revenue Service Information
Collection Requests
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice.
AGENCY:
The Department of the
Treasury will submit the following
information collection requests to the
Office of Management and Budget
(OMB) for review and clearance in
accordance with the Paperwork
Reduction Act of 1995, on or after the
date of publication of this notice. The
public is invited to submit comments on
these requests.
DATES: Comments should be received on
or before January 21, 2020 to be assured
of consideration.
ADDRESSES: Send comments regarding
the burden estimate, or any other aspect
of the information collection, including
suggestions for reducing the burden, to
(1) Office of Information and Regulatory
Affairs, Office of Management and
Budget, Attention: Desk Officer for
Treasury, New Executive Office
Building, Room 10235, Washington, DC
20503, or email at OIRA_Submission@
OMB.EOP.gov and (2) Treasury PRA
Clearance Officer, 1750 Pennsylvania
Ave. NW, Suite 8100, Washington, DC
20220, or email at PRA@treasury.gov.
FOR FURTHER INFORMATION CONTACT:
Copies of the submissions may be
obtained from Spencer W. Clark by
emailing PRA@treasury.gov, calling
(202) 927–5331, or viewing the entire
information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
lotter on DSKBCFDHB2PROD with NOTICES
SUMMARY:
Internal Revenue Service (IRS)
1. Title: Qualified Business Income
Deduction Simplified Computation
(Form 8995).
OMB Control Number: 1545–NEW.
Type of Review: New collection.
Description: Form 8995 is used by
taxpayers to figure the deduction for
items of income, gain, deduction, and
loss from trades or businesses that are
effectively connected with the conduct
of a trade or business in the U.S.
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19:13 Dec 18, 2019
Jkt 250001
Form: 8995.
Affected Public: Individuals and
households.
Estimated Number of Respondents:
10,000.
Frequency of Response: On occasion.
Estimated Total Number of Annual
Responses: 10,000.
Estimated Time per Response: 3
hours.
Estimated Total Annual Burden
Hours: 30,000.
2. Title: Initial and Annual Statements
of Qualified Opportunity Fund (QOF)
Investments (Form 8997).
OMB Control Number: 1545–NEW.
Type of Review: New collection.
Description: Form 8997 will be used
by eligible taxpayers holding a qualified
opportunity fund (QOF) investment to
report their QOF investments and
deferred gains.
Form: 8997.
Affected Public: Individuals and
households.
Estimated Number of Respondents:
10,000.
Frequency of Response: Once,
Annually.
Estimated Total Number of Annual
Responses: 10,000.
Estimated Time per Response: 1 hour.
Estimated Total Annual Burden
Hours: 10,000.
3. Title: Revenue Procedure 2019–38
Section 199A Trade or Business Safe
Harbor: Rental Real Estate.
OMB Control Number: 1545–NEW.
Type of Review: New collection.
Description: Congress enacted section
199A to provide a deduction to noncorporate taxpayers of up to 20 percent
of the taxpayer’s qualified business
income from each of the taxpayer’s
qualified trades or businesses, including
those operated through a partnership, S
corporation, or sole proprietorship, as
well as a deduction of up to 20 percent
of aggregate qualified real estate
investment trust (REIT) dividends and
qualified publicly traded partnership
income.
This revenue procedure provides a
safe harbor under which a rental real
estate enterprise will be treated as a
trade or business for purposes of section
199A of the Internal Revenue Code
(Code) and §§ 1.199A–1 through
1.199A–6 of the Income Tax Regulations
(26 CFR part I).
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Number of Respondents:
1,100,000.
Frequency of Response: Annually.
Estimated Total Number of Annual
Responses: 1,100,000.
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Frm 00105
Fmt 4703
Sfmt 4703
Estimated Time per Response: 5
hours.
Estimated Total Annual Burden
Hours: 5,500,000.
4. Title: Form 4506–T and Form
4506–C Request for Transcript of Tax
Return and IVES Request for Transcript
of Tax Return.
OMB Control Number: 1545–1872.
Type of Review: Revision of a
currently approved collection.
Description: Internal Revenue Code
section 7513 allows taxpayers to request
a copy of a tax return or related
products. Form 4506–T is used to
request all products except copies of
returns. The information provided will
be used to search the taxpayers account
and provide the requested information
and to ensure that the requestor is the
taxpayer or someone authorized by the
taxpayer to obtain the documents
requested. Form 4506–C is used to
permit the cleared and vetted Income
Verification Express Service (IVES)
participants to request tax return
information on the behalf of the
authorizing taxpayer.
Form: 4506–T, 4506–C.
Affected Public: Individuals and
households.
Estimated Number of Respondents:
18,263,857.
Frequency of Response: Once, On
occasion.
Estimated Total Number of Annual
Responses: 18,263,857.
Estimated Time per Response: 42
minutes.
Estimated Total Annual Burden
Hours: 12,803,169.
5. Title: Nonemployee Compensation.
OMB Control Number: 1545–0116.
Type of Review: Reinstatement of a
previously approved collection.
Description: Form 1099–NEC is used
to report payments made in the course
of a trade or business for services
performed by someone who is not an
employee, cash payments for fish and
withholding of federal income tax under
the backup withholding rules.
Form: 1099–NEC.
Affected Public: Businesses or other
for-profits.
Estimated Number of Respondents:
70,802,480.
Frequency of Response: On occasion,
annually.
Estimated Total Number of Annual
Responses: 70,802,480.
Estimated Time per Response: 5
minutes.
Estimated Total Annual Burden
Hours: 5,900,206.
Authority: 44 U.S.C. 3501 et seq.
E:\FR\FM\19DEN1.SGM
19DEN1
]]>Agencies
[Federal Register Volume 84, Number 244 (Thursday, December 19, 2019)]
[Notices]
[Pages 69822-69824]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27359]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Proposed Renewal;
Comment Request; Renewal Without Change of Information Collection
Requirements in Connection With the Imposition of a Special Measure
Concerning Commercial Bank of Syria, Including Its Subsidiary, Syrian
Lebanese Commercial Bank, as a Financial Institution of Primary Money
Laundering Concern
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S.
Department of the Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: As part of a continuing effort to reduce paperwork and
respondent burden, FinCEN invites comment on a renewal, without change,
to information collection requirements finalized on March 15, 2006,
imposing a special measure with respect to Commercial Bank of Syria,
including its subsidiary, Syrian Lebanese Commercial Bank, as a
financial institution 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
February 18, 2020.
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-2019-0009 and the specific Office of Management and Budget (OMB)
control number 1506-0036.
Mail: Global Investigations Division, Financial Crimes
Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket
Number FinCEN-2019-0009 and OMB control number 1506-0036.
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
[[Page 69823]]
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.
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 Commercial Bank of Syria.
On March 15, 2006, FinCEN issued a final rule imposing the fifth
special measure to prohibit covered financial institutions from opening
or maintaining a correspondent account for, or on behalf of, Commercial
Bank of Syria.\2\ The rule further requires covered financial
institutions to apply due diligence to their correspondent accounts
that is reasonably designed to guard against their indirect use by
Commercial Bank of Syria. See 31 CFR 1010.653.
---------------------------------------------------------------------------
\2\ References to Commercial Bank of Syria include its Syrian
Lebanese Commercial Bank, and any other branch, office, or
subsidiary of Commercial Bank of Syria or Syrian Lebanese Commercial
Bank. See 71 FR, 13260, No. 50, March 15, 2006.
---------------------------------------------------------------------------
Information Collection Under the Fifth Special Measure
The notification requirement in section 1010.653(b)(2)(i)(A) is
intended to aid cooperation from correspondent account holders in
denying Commercial Bank of Syria access to the U.S. financial system.
The information required to be maintained by section 1010.653(b)(3)(i)
will be used by federal agencies and certain self-regulatory
organizations to verify compliance by covered financial institutions
with the provisions of section 1010.653.
II. Paperwork Reduction Act (PRA)
Title: Renewal of Information Collection Requirements in connection
with the Imposition of a Special Measure concerning Commercial Bank of
Syria, including its subsidiary Syrian Lebanese Commercial Bank, as a
financial institution of primary money laundering concern.
OMB Control Number: 1506-0036.
Abstract: FinCEN is issuing this notice to renew the OMB control
number for the imposition of a special measure concerning Commercial
Bank of Syria, including its subsidiary Syrian Lebanese Commercial
Bank, as a financial institution of primary money laundering concern
pursuant to the authority contained in 31 U.S.C. 5318A.
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 part
1010.653(b)(2)(i)(A) and 31 CFR part 1010.653(b)(3)(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 INUSRANCE: 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 on March 15, 2006, 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 recognizing that, under the final rule, covered financial
institutions are required to apply due diligence to their correspondent
accounts that is reasonably designed to guard against their indirect
use by Commercial Bank of Syria.
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.
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.
[[Page 69824]]
(Authority: Pub. L. 104-13, 44 U.S.C. 3506(c)(2)(A))
Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2019-27359 Filed 12-18-19; 8:45 am]
BILLING CODE 4810-02-P
