Renewal Without Change of Information Collection Requirements in Connection With the Imposition of a Special Measure Concerning the Islamic Republic of Iran as a Jurisdiction of Primary Money Laundering Concern, 5276-5278 [2020-01526]
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5276
Federal Register / Vol. 85, No. 19 / Wednesday, January 29, 2020 / Notices
lotter on DSKBCFDHB2PROD with NOTICES
implantation are remedial procedures
and thus, not medically disqualifying.
Implantable cardioverter defibrillators
are disqualifying due to risk of syncope.
III. Discussion of Comments
FMCSA received three comments in
this proceeding. Of the three comments
received, two were duplicate comments
from an anonymous commenter. The
anonymous commenter supports all
three individuals being granted an
exemption based on the documentation
that they have provided, that they have
improved cardiac statuses, and that
their ICDs have never deployed. The
commenter states that individuals with
epilepsy and diabetes are able to get
approved for exemptions despite their
condition and treatment. This
commenter states that the Agency
should do more research and make
exemption decisions on a case-by-case
basis. Mr. Christopher Oakland, an
applicant, commented in support of
FMCSA granting exemptions for 1 year
to individuals who provide medical
documentation from a qualified
healthcare provider, that the individual
is stable, the individual has no
documented symptoms of syncope,
dyspnea, collapse or congestive heart
failure as stated in the cardiovascular
standard, and the ICD has not
administered therapy. Mr. Oakland
commented that he submitted a total of
three letters and that two of the three
letters are from two different
electrocardiologists. He further
commented that the Federal Register
notice posted that he submitted only
two letters.
In response to the first commenter,
FMCSA reviews and considers each
request received for an ICD exemption
individually to determine whether the
applicant is able to meet a level of safety
equivalent to, or greater than, the level
achieved without an exemption. While
the individuals’ underlying cardiac
conditions may demonstrate levels of
improvement, their medical treatment
plans also rely on the ICD device. The
device, though it may not have
deployed since implantation, may
unpredictably deploy at a future date to
deliver therapy. Based on the available
medical and scientific data concerning
ICDs, FMCSA finds that the applicants
have an ongoing risk for incapacitation
if the device discharges in response to
cardiovascular symptoms. This risk for
incapacitation does not meet an equal or
greater level of safety that would be
achieved absent an exemption.
Concerning the comments on the need
for additional research, FMCSA has
processes and procedures in place to
consider new research and existing
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17:27 Jan 28, 2020
Jkt 250001
research so that the Agency’s
determinations are evidence-based.
Mr. Oakland contacted the Agency
prior to the close of the comment period
to confirm that he submitted a total of
three letters, one from his cardiologist,
and letters from two separate
electrophysiologists. Mr. Oakland was
informed that the statement in the
Federal Register regarding the
submission of two letters was an
oversight, and confirmed that the
content of each of the
electrophysiologists’ letters was
considered prior to the date that the
Federal Register notice was published.
IV. Basis for Exemption Determination
Under 49 U.S.C. 31136(e) and
31315(b), FMCSA may grant an
exemption from the FMCSRs for no
longer than a 5-year period if it finds
such exemption would likely achieve a
level of safety that is equivalent to, or
greater than, the level that would be
achieved absent such exemption.
The Agency’s decision regarding these
exemption applications is based on an
individualized assessment of each
applicant’s medical information,
available medical and scientific data
concerning ICDs, and the public
comments received.
ICDs are electronic devices that treat
cardiac arrest, ventricular fibrillation,
and ventricular tachycardia, through the
delivery of rapid pacing stimuli or
shock therapy. ICDs treat but do not
prevent arrhythmias. Therefore, the
individual remains at risk for syncope
or loss of consciousness. The underlying
conditions for which the ICD was
implanted therefore places these
individuals at high risk for syncope or
other unpredictable events know to
result in gradual or sudden
incapacitation. In addition, ICDs may
discharge, which could result in loss of
ability to safely control a CMV. The
December 2014 focused research report
referenced previously upholds the
findings of the April 2007 report and
indicates that the available scientific
data on individuals with ICDs and CMV
driving does not support that
individuals with ICDs who operate
CMVs are able to meet an equal or
greater level of safety. FMCSA’s
individual assessment of the exemption
applications and the public comments
does not provide any basis for departing
from its general views on the risks
posed by individual with an underlying
cardiovascular condition that requires
the implantation of an ICD to control.
In the case of persons with ICDs, the
underlying condition for which the ICD
was implanted places the individual at
high risk for syncope or other
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
unpredictable events known to result in
gradual or sudden incapacitation. ICDs
may discharge, which could result in
loss of ability to safely control a CMV.
The December 2014 focused research
report referenced previously upholds
the findings of the April 2007 report and
indicates that the available scientific
data on persons with ICDs and CMV
driving does not support that persons
with ICDs who operate CMVs are able
to meet an equal or greater level of
safety.
V. Conclusion
The Agency has determined that the
available medical and scientific
literature and research provides
insufficient data, even when considered
with the individual assessment of each
application, to enable the Agency to
conclude that granting these exemptions
would achieve a level of safety
equivalent to, or greater than, the level
of safety maintained without the
exemption. Therefore, the following
four applicants have been denied
exemptions from the physical
qualification standards in § 391.41(b)(4):
Christopher Cloud (GA)
Joby Doucet (LA)
Robert D. Forbes (NY)
Christopher Oakland (RI)
Each applicant has, prior to this
notice, received a letter of final
disposition regarding his/her exemption
request. Those decision letters fully
outlined the basis for the denial and
constitute final action by the Agency.
The list published today summarizes
the Agency’s recent denials as required
under 49 U.S.C. 31315(b)(4).
Issued on: January 23, 2020.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2020–01550 Filed 1–28–20; 8:45 am]
BILLING CODE 4910–EX–P
DEPARTMENT OF THE TREASURY
Renewal Without Change of
Information Collection Requirements
in Connection With the Imposition of a
Special Measure Concerning the
Islamic Republic of Iran as a
Jurisdiction of Primary Money
Laundering Concern
Financial Crimes Enforcement
Network (‘‘FinCEN’’), 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
SUMMARY:
E:\FR\FM\29JAN1.SGM
29JAN1
Federal Register / Vol. 85, No. 19 / Wednesday, January 29, 2020 / Notices
collection requirements finalized on
November 4, 2019, imposing a special
measure with respect to the Islamic
Republic of Iran 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
March 30, 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–2020–
0001 and the specific Office of
Management and Budget (‘‘OMB’’)
control number 1506–0074.
• Mail: Global Investigation Division,
Financial Crimes Enforcement Network,
P.O. Box 39, Vienna, VA 22183. Refer to
Docket Number FINCEN–2020–0001
and OMB control number 1506–0074.
Please submit comments by one
method only. 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
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
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
17:27 Jan 28, 2020
Jkt 250001
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 the Islamic Republic of Iran
FinCEN issued a final rule on
November 4, 2019, imposing the fifth
special measure to prohibit U.S.
financial institutions from opening or
maintaining a correspondent account
for, or on behalf of, Iranian banking
institutions. (84 FR 59302). 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 an
Iranian financial institution, and
requires institutions to apply special
due diligence to guard against such use
by Iranian financial institutions. See 31
CFR 1010.661.
Information Collection Under the Fifth
Special Measure
The notification requirement in
section 1010.661(b)(3)(i)(A) is intended
to enhance cooperation from
correspondent account holders in
denying Iran access to the U.S. financial
system. The information required to be
maintained by section 1010.661(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 1010.661.
II. Paperwork Reduction Act (PRA) 2
Title: Renewal of Information
Collection Requirements in connection
2 Public
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Law 104–13, 44 U.S.C. 3506(c)(2)(A).
Frm 00088
Fmt 4703
Sfmt 4703
5277
with the Imposition of a Special
Measure concerning the Islamic
Republic of Iran as a Jurisdiction of
Primary Money Laundering Concern.
Office of Management and Budget
(OMB) Control Number: 1506–0074.
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for the imposition of a special
measure against the Islamic Republic of
Iran as a jurisdiction of primary money
laundering concern pursuant to the
authority contained in 31 U.S.C. 5318A.
See 31 CFR 1010.661.
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 1010.661(b)(3)(i)(A) and
1010.661(b)(4)(i).
Estimated Number of Respondents:
23,615.3
Estimated Time per Respondent: 1
hour.
Estimated Total Annual Burden:
23,615 hours.
FinCEN’s estimated number of
affected financial institutions accounts
for all domestic financial institutions
that could potentially maintain
correspondent accounts for foreign
banks, and is designed to ensure that all
U.S. financial institutions are
conducting their due diligence and not
processing transactions that may
involve Iranian financial institutions.
There are approximately 23,615 such
financial institutions doing business in
the United States. 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 Iran.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
3 The Estimated Number of Respondents is based
on the 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].
E:\FR\FM\29JAN1.SGM
29JAN1
5278
Federal Register / Vol. 85, No. 19 / Wednesday, January 29, 2020 / Notices
unless it displays a valid control
number assigned by OMB. 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. 2020–01526 Filed 1–28–20; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Proposed Collection;
Comment Request; Regulation Agency
Protests
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice.
AGENCY:
The Department of the
Treasury, as part of its continuing effort
to reduce paperwork and respondent
burden, invites the general public and
other federal agencies to comment on
the proposed information collections
listed below, in accordance with the
Paperwork Reduction Act of 1995.
DATES: Written comments must be
received on or before March 30, 2020.
ADDRESSES: Send comments regarding
the burden estimate, or any other aspect
of the information collection, including
suggestions for reducing the burden, to
lotter on DSKBCFDHB2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
17:27 Jan 28, 2020
Jkt 250001
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 Steven Kvalevog by
emailing Steven.Kvalevog@treasury.gov,
calling (202) 622–6585, or viewing the
entire information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Title: Regulation Agency Protests.
OMB Control Number: 1505–0107.
Type of Review: Extension without
change of a currently approved
collection.
Description: Information is requested
of contractors so that the Government
will be able to evaluate protests
effectively and provide prompt
resolution of issues in dispute when
contractors file protests.
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Number of Respondents: 9.
Frequency of Response: Once.
Estimated Total Number of Annual
Responses: 9.
Estimated Time per Response: 2
hours.
Estimated Total Annual Burden
Hours: 18.
Request for Comments: Comments
submitted in response to this notice will
be summarized and included in the
request for Office of Management and
Budget 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 technology; and (e) estimates of
capital or start-up costs and costs of
operation, maintenance, and purchase
of services required to provide
information.
Authority: 44 U.S.C. 3501 et seq.
Dated: January 24, 2020.
Spencer W. Clark,
Treasury PRA Clearance Officer.
DEPARTMENT OF VETERANS
AFFAIRS
National Research Advisory Council;
Amended Notice of Meeting
The Department of Veterans Affairs
(VA) gives notice under the Federal
Advisory Committee Act, that the
National Research Advisory Council
will hold a meeting on Wednesday,
March 4, 2020, at 810 Vermont Avenue
NW, Room 230, Washington, DC 20420.
The meeting will convene at 9:00 a.m.
and end at 3:30 p.m. This meeting is
open to the public.
The purpose of the National Research
Advisory Council is to advise the
Secretary on research development
conducted by the Veterans Health
Administration, including policies and
programs targeting the high priority of
Veterans’ health care needs.
On March 4, 2019, the agenda will
include ethics training, briefing from
Advisory Committee Management
Office (ACMO), and briefings on various
VA Research programs designed to
enhance the research potential for
Veterans. The Committee will also
explore potential recommendations to
be included in the next annual report.
No time will be allocated at this meeting
for receiving oral presentations from the
public. However, public comments and
presentations can be submitted to Avery
Rock, Designated Federal Officer, Office
of Research and Development (10X2),
Department of Veterans Affairs, 810
Vermont Avenue NW, Washington, DC
20420, at (202) 461–9760, or by email at
Avery.Rock@va.gov no later than close
of business on February 26, 2020. All
questions and presentations will be
presented during the public comment
section of the meeting. Because the
meeting is being held in a government
building, a photo I.D. must be presented
at the Guard’s Desk as a part of the
clearance process. Any member of the
public seeking additional information
should contact Avery Rock at the above
phone number or email address noted
above.
Dated: January 24, 2020.
LaTonya L. Small,
Federal Advisory Committee Management
Officer.
[FR Doc. 2020–01542 Filed 1–28–20; 8:45 am]
[FR Doc. 2020–01570 Filed 1–28–20; 8:45 am]
BILLING CODE P
BILLING CODE 4810–25–P
PO 00000
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E:\FR\FM\29JAN1.SGM
29JAN1
Agencies
[Federal Register Volume 85, Number 19 (Wednesday, January 29, 2020)]
[Notices]
[Pages 5276-5278]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-01526]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Renewal Without Change of Information Collection Requirements in
Connection With the Imposition of a Special Measure Concerning the
Islamic Republic of Iran as a Jurisdiction of Primary Money Laundering
Concern
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), 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
[[Page 5277]]
collection requirements finalized on November 4, 2019, imposing a
special measure with respect to the Islamic Republic of Iran 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
March 30, 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-2020-0001 and the specific Office of Management and Budget
(``OMB'') control number 1506-0074.
Mail: Global Investigation Division, Financial Crimes
Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket
Number FINCEN-2020-0001 and OMB control number 1506-0074.
Please submit comments by one method only. 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.
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 the Islamic Republic of Iran
FinCEN issued a final rule on November 4, 2019, imposing the fifth
special measure to prohibit U.S. financial institutions from opening or
maintaining a correspondent account for, or on behalf of, Iranian
banking institutions. (84 FR 59302). 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 an Iranian financial institution, and requires
institutions to apply special due diligence to guard against such use
by Iranian financial institutions. See 31 CFR 1010.661.
Information Collection Under the Fifth Special Measure
The notification requirement in section 1010.661(b)(3)(i)(A) is
intended to enhance cooperation from correspondent account holders in
denying Iran access to the U.S. financial system. The information
required to be maintained by section 1010.661(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 1010.661.
II. Paperwork Reduction Act (PRA) 2
---------------------------------------------------------------------------
\2\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
---------------------------------------------------------------------------
Title: Renewal of Information Collection Requirements in connection
with the Imposition of a Special Measure concerning the Islamic
Republic of Iran as a Jurisdiction of Primary Money Laundering Concern.
Office of Management and Budget (OMB) Control Number: 1506-0074.
Abstract: FinCEN is issuing this notice to renew the OMB control
number for the imposition of a special measure against the Islamic
Republic of Iran as a jurisdiction of primary money laundering concern
pursuant to the authority contained in 31 U.S.C. 5318A. See 31 CFR
1010.661.
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 1010.661(b)(3)(i)(A)
and 1010.661(b)(4)(i).
Estimated Number of Respondents: 23,615.\3\
---------------------------------------------------------------------------
\3\ The Estimated Number of Respondents is based on the 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.
FinCEN's estimated number of affected financial institutions
accounts for all domestic financial institutions that could potentially
maintain correspondent accounts for foreign banks, and is designed to
ensure that all U.S. financial institutions are conducting their due
diligence and not processing transactions that may involve Iranian
financial institutions.
There are approximately 23,615 such financial institutions doing
business in the United States. 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 Iran.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information
[[Page 5278]]
unless it displays a valid control number assigned by OMB. 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. 2020-01526 Filed 1-28-20; 8:45 am]
BILLING CODE 4810-02-P