Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Financial Crimes Enforcement Network Information Collection Requests, 75408-75409 [2020-26093]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 85, Number 228 (Wednesday, November 25, 2020)]
[Notices]
[Pages 75408-75409]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26093]



[[Page 75408]]

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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple Financial Crimes Enforcement Network 
Information Collection Requests

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: 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 December 28, 2020 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Molly Stasko by emailing [email protected], calling (202) 
622-8922, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 

Financial Crimes Enforcement Network (FinCEN)

    1. Title: Customer identification programs (CIP) for certain 
financial institutions (31 CFR 1020.220, 1023.220, 1024.220, and 
1026.220).
    OMB Control Number: 1506-0022, 1506-0026, 1506-0033, and 1506-0034.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The legislative framework generally referred to as the 
Bank Secrecy Act (BSA) consists of the Currency and Financial 
Transactions Reporting Act of 1970, as amended by the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) (Pub. L. 
107-56) and other legislation. The BSA is codified at 12 U.S.C. 1829b, 
12 U.S.C. 1951-1959, 31 U.S.C. 5311-5314 and 5316-5332, and notes 
thereto, with implementing regulations at 31 CFR Chapter X.
    The BSA authorizes the Secretary of the Treasury, inter alia, to 
require financial institutions to keep records and file reports that 
are determined to have a high degree of usefulness in criminal, tax, 
and regulatory matters, or in the conduct of intelligence or counter-
intelligence activities, to protect against international terrorism, 
and to implement anti-money laundering (AML) programs and compliance 
procedures. Regulations implementing Title II of the BSA appear at 31 
CFR Chapter X. The authority of the Secretary to administer the BSA has 
been delegated to the Director of FinCEN.
    31 U.S.C. 5318(l) requires FinCEN to issue regulations prescribing 
minimum standards for customer identification programs (CIP) for 
financial institutions. Regulations implementing section 5318(l) are as 
follows: (i) Banks, savings associations, credit unions, and certain 
non-federally regulated banks (31 CFR 1020.220); (ii) brokers or 
dealers in securities (31 CFR 1023.220); (iii) mutual funds (31 CFR 
1024.220); and (iv) futures commission merchants and introducing 
brokers in commodities (31 CFR 1026.220).
    Form: Not applicable.
    Affected Public: Businesses or other for-profit institutions; Not-
for-profit institutions.
    Estimated Number of Respondents: 16,938.
    Frequency of Response: As required.
    Estimated Total Number of Annual Responses: 29,000,000.
    Estimated Total Annual Burden Hours: 1,152,985 hours.
    2. Title: Information Collection Requirements in Connection With 
the Imposition of a Special Measure Against Bank of Dandong, a 
Financial Institution of Primary Money Laundering Concern.
    OMB Control Number: 1506-0072.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The legislative framework generally referred to as the 
Bank Secrecy Act (BSA) consists of the Currency and Financial 
Transactions Reporting Act of 1970, as amended by the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) (Pub. L. 
107-56) and other legislation. The BSA is codified at 12 U.S.C. 1829b, 
12 U.S.C. 1951-1959, 31 U.S.C. 5311-5314 and 5316-5332, and notes 
thereto, with implementing regulations at 31 CFR Chapter X.
    The BSA authorizes the Secretary of the Treasury, inter alia, to 
require financial institutions to keep records and file reports that 
are determined to have a high degree of usefulness in criminal, tax, 
and regulatory matters, or in the conduct of intelligence or counter-
intelligence activities, to protect against international terrorism, 
and to implement anti-money laundering (AML) programs and compliance 
procedures. Regulations implementing Title II of the BSA appear at 31 
CFR Chapter X. The authority of the Secretary to administer the BSA has 
been delegated 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.
    FinCEN issued a final rule on November 8, 2017, imposing the fifth 
special measure to prohibit covered U.S. financial institutions from 
opening or maintaining a correspondent account for, or on behalf of, 
Bank of Dandong.[3] The rule further requires covered U.S. financial 
institutions to apply due diligence to their correspondent accounts 
that is reasonably designed to guard against their use by Bank of 
Dandong.[4] It also requires covered institutions to apply special due 
diligence to their foreign correspondent accounts that is reasonably 
designed to guard against their use to process transactions involving 
Bank of Dandong.
    The notification requirement in 31 CFR 1010.660(b)(3)(i)(A) is 
intended to enhance cooperation from correspondent account holders in 
preventing Bank of Dandong from accessing to the U.S. financial system. 
The information financial institutions are required to maintain 
pursuant to section 1010.660(b)(4)(i) will be used by federal agencies 
and certain self-regulatory organizations to verify compliance by 
covered financial

[[Page 75409]]

institutions with the provisions of 31 CFR 1010.660.
    Form: Not applicable.
    Affected Public: Businesses or other for-profit institutions; Not-
for-profit institutions.
    Estimated Number of Respondents: 17,063.
    Frequency of Response: Once.
    Estimated Total Number of Annual Responses: 17,063.
    Estimated Time per Response: 1 hour.
    Estimated Total Annual Burden Hours: 17,063 hours.

    Authority: 44 U.S.C. 3501 et seq.

    Dated: November 20, 2020.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2020-26093 Filed 11-24-20; 8:45 am]
BILLING CODE 4810-02-P