Agency Information Collection Activities; Submission for OMB Review; Comment Request; Reports of Transactions With Foreign Financial Agencies, 18475-18476 [2022-06643]

Download as PDF khammond on DSKJM1Z7X2PROD with NOTICES Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices information from eligible jurisdictions through an online portal. • Capital Program Reports. Treasury must collect SSBCI information in annual and quarterly reports to implement the SSBCI, determine the participating jurisdiction’s compliance with the SSBCI statute, regulations, and guidance, and evaluate program outcomes. The quarterly report must include basic information about the participating jurisdiction’s SSBCIsupported programs (e.g., program name and type) and program-level information on the use of the participating jurisdiction’s SSBCI funds (e.g., total allocated funds expended, obligated, or transferred). The annual report must include information about the participating jurisdiction’s SSBCIsupported program providers (e.g., provider name and type), the specific terms of its SSBCI-supported loans and investments (e.g., loan type, equity security type), demographics-related data of the businesses that participate in SSBCI (e.g., gender and veteran status of the business’s principal owners), and the performance of its SSBCI-supported loans and investments (e.g., SSBCI funds lost due to loan default or loss of investment). Treasury will collect annual and quarterly reports from eligible jurisdictions through an online portal. • Technical Assistance (TA) Grant Program Application. In order to determine the eligibility of jurisdictions to receive SSBCI funds to carry out TA plans, Treasury must collect the following types of information in an application: Points of contact for the eligible jurisdiction and those administering the program; how the eligible jurisdiction plans to use the funds to provide legal, accounting, and financial advisory services to very small businesses and business enterprises owned and controlled by socially and economically disadvantaged individuals (SEDI-owned businesses); details on the eligible jurisdiction’s proposed TA projects and the associated budgets; how the proposed TA plan complies with the SSBCI statute, regulations, and guidance; and the eligible jurisdiction’s compliance and oversight capabilities. Treasury will collect application information from eligible jurisdictions through an online portal. • TA Grant Program Reports. Treasury must collect financial and performance reports consistent with 2 CFR 200.328–329 in order for Treasury to determine compliance with the SSBCI statute, regulations, and guidance and to evaluate program outcomes. The financial and performance reports must include information about the VerDate Sep<11>2014 17:14 Mar 29, 2022 Jkt 256001 participating jurisdiction’s progress in implementing its TA plan and details on its use of TA funds. Form: Capital Program Application and Quarterly and Annual Report forms. Affected Public: States, the District of Columbia, territories, and Tribal governments. Estimated Number of Respondents: 3,000. Frequency of Response: Annually, Quarterly. Estimated Total Number of Annual Responses: 177,500. Estimated Time per Response: 9 minutes up to 5 hours. Estimated Total Annual Burden Hours: 48,350 hours. 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. Jacob Leibenluft, Chief Recovery Officer. [FR Doc. 2022–06701 Filed 3–29–22; 8:45 am] BILLING CODE 4810–AK–P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Submission for OMB Review; Comment Request; Reports of Transactions With Foreign Financial Agencies 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 SUMMARY: PO 00000 Frm 00126 Fmt 4703 Sfmt 4703 18475 date of publication of this notice. The public is invited to submit comments on these requests. DATES: Comments should be received on or before April 29, 2022 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 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: Title: Reports of transactions with foreign financial agencies (31 CFR 1010.360). OMB Control Number: 1506–0055. Type of Review: Renewal without change of a currently approved information 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), Public Law 107–56 (October 26, 2001), and other legislation, including most recently the Anti-Money Laundering Act of 2020 (AML Act).[1] The BSA is codified at 12 U.S.C. 1829b, 12 U.S.C. 1951–1960, 31 U.S.C. 5311– 5314 and 5316–5336, and includes 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 AML programs and compliance procedures. Regulations implementing 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. The Secretary is authorized to require any ‘‘resident or citizen of the United States or a person in, and doing E:\FR\FM\30MRN1.SGM 30MRN1 khammond on DSKJM1Z7X2PROD with NOTICES 18476 Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices business in, the United States, to . . . keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency.’’ The term ‘‘foreign financial agency’’ (FFA) means any person engaging in any activities outside the United States of a ‘‘financial agency,’’ which the statute defines as ‘‘a person acting for a person . . . as a financial institution, bailee, depository trustee, or agent, or acting in a similar way related to money, credit, securities, gold, or a transaction in money, credit, securities or gold, or a service provided with respect to money, securities, futures, precious metals, stones and jewels, or value that substitutes for currency.’’ The Secretary is also authorized to prescribe exemptions to the reporting requirement and to prescribe other matters the Secretary considers necessary to carry out 31 U.S.C. 5314. The regulations implementing reports of transactions with foreign financial agencies are found at 31 CFR 1010.360. 31 CFR 1010.360(a) authorizes the Secretary, when the Secretary deems appropriate, to promulgate regulations requiring specified financial institutions to file reports of certain transactions with designated FFAs. A regulation promulgated pursuant to 31 CFR 1010.360(a) must designate one or more of the following categories of information to be reported by the specified financial institution: • Checks or drafts, including traveler’s checks, received by a respondent financial institution for collection or credit to the account of a designated FFA, sent by the respondent financial institution to a foreign country for collection or payment, drawn by the respondent financial institution on a designated FFA, or drawn by a designated FFA on the respondent financial institution, including the following information: Name of maker or drawer; name of drawee or drawee financial institution; name of payee; date and amount of instrument; and names of all endorsers. • Transmittal orders received by a respondent financial institution from a designated FFA or sent by the respondent financial institution to a designated FFA, including all information maintained by that institution pursuant to 31 CFR 1010.410 and 1020.410. • Loans made by a respondent financial institution to or through a designated FFA, including the following information: Name of borrower; name of person acting for borrower; date and amount of loan; terms of repayment; name of guarantor; rate of interest; VerDate Sep<11>2014 17:14 Mar 29, 2022 Jkt 256001 method of distributing proceeds; and collateral for loan. • Commercial paper received or shipped by a respondent financial institution, including the following information: Name of maker; date and amount of paper; due date; certificate number; and amount of transaction. • Stocks received or shipped by a respondent financial institution, including the following information: Name of corporation; type of stock; certificate number; number of shares; date of certificate; name of registered holder; and amount of transaction. • Bonds received or shipped by a respondent financial institution, including the following information: Name of issuer; bond number; type of bond series; date issued; due date; rate of interest; amount of transaction; and name of registered holder. • Certificates of deposit received or shipped by a respondent financial institution, including the following information: Name and address of issuer; date issued; dollar amount; name of registered holder; due date; rate of interest; certificate number; and name and address of issuing agent. In issuing regulations as provided in 31 CFR 1010.360(a), the Secretary must prescribe: A reasonable classification of financial institutions subject to or exempt from a reporting requirement; a foreign country to which a reporting requirement applies if the Secretary decides that applying the requirement to all foreign countries is unnecessary or undesirable; the magnitude of transactions subject to a reporting requirement; and the kind of transaction subject to or exempt from a reporting requirement. Regulations issued pursuant to 31 CFR 1010.360(a) may prescribe the manner in which the information is to be reported. However, the Secretary may authorize a designated financial institution to report in a different manner if the institution demonstrates to the Secretary that the form of the required report is unnecessarily burdensome on the institution as prescribed; that a report in a different form will provide all the information the Secretary deems necessary; and that submission of the information in a different manner will not unduly hinder the effective administration of 31 CFR Chapter X. In issuing regulations under 31 CFR 1010.360(e), the Secretary: (i) Must consider the need to avoid impeding or controlling the export or import of monetary instruments and the need to avoid burdening unreasonably a person making a transaction with a designated FFA; (ii) cannot issue a regulation under PO 00000 Frm 00127 Fmt 4703 Sfmt 4703 31 CFR 1010.360(a) for the purpose of obtaining individually identifiable account information concerning a customer, as defined by the Right to Financial Privacy Act, where that customer is already the subject of an ongoing investigation for possible violation of the BSA, or is known by the Secretary to be the subject of an investigation for possible violation of any other Federal law; and (iii) may issue a regulation pursuant to 31 CFR 1010.360(a) requiring a financial institution to report transactions completed prior to the date it received notice of the reporting requirement. However, with respect to completed transactions, a financial institution may be required to provide information only from records required to be maintained pursuant to the requirements of 31 CFR Chapter X, or any other provision of state or Federal law, or otherwise maintained in the regular course of business. 31 CFR 1010.430(d) requires that all records that are required to be retained by Chapter X must be retained for a period of five years. FinCEN is issuing this notice to renew the OMB control number for regulations requiring reports of transactions with designated FFAs. Form: None. Affected Public: Businesses or other for-profit institutions; non-profit institutions. Estimated Number of Respondents: 9. Frequency of Response: On occasion. Estimated Total Number of Annual Responses: 84. Estimated Total Annual Burden Hours: 11,897 hours. Authority: 44 U.S.C. 3501 et seq. Molly Stasko, Treasury PRA Clearance Officer. [FR Doc. 2022–06643 Filed 3–29–22; 8:45 am] BILLING CODE 4810–02–P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Emergency Submission for OMB Review; Comment Request; Homeowner Assistance Fund Compliance Reporting Departmental Offices, Department of the Treasury. ACTION: Notice. AGENCY: The Department of the Treasury has submitted the following information collection request to the Office of Management and Budget (OMB) for review and clearance utilizing emergency review procedures in accordance with the Paperwork SUMMARY: E:\FR\FM\30MRN1.SGM 30MRN1

Agencies

[Federal Register Volume 87, Number 61 (Wednesday, March 30, 2022)]
[Notices]
[Pages 18475-18476]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06643]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Reports of Transactions With Foreign Financial 
Agencies

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

ACTION: Notice.

-----------------------------------------------------------------------

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 April 29, 2022 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 Spencer W. Clark by emailing [email protected], calling 
(202) 927-5331, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Reports of transactions with foreign financial agencies (31 
CFR 1010.360).
    OMB Control Number: 1506-0055.
    Type of Review: Renewal without change of a currently approved 
information 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), Public 
Law 107-56 (October 26, 2001), and other legislation, including most 
recently the Anti-Money Laundering Act of 2020 (AML Act).[1] The BSA is 
codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1960, 31 U.S.C. 5311-5314 
and 5316-5336, and includes 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 AML programs and compliance procedures. Regulations 
implementing 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.
    The Secretary is authorized to require any ``resident or citizen of 
the United States or a person in, and doing

[[Page 18476]]

business in, the United States, to . . . keep records and file reports, 
when the resident, citizen, or person makes a transaction or maintains 
a relation for any person with a foreign financial agency.'' The term 
``foreign financial agency'' (FFA) means any person engaging in any 
activities outside the United States of a ``financial agency,'' which 
the statute defines as ``a person acting for a person . . . as a 
financial institution, bailee, depository trustee, or agent, or acting 
in a similar way related to money, credit, securities, gold, or a 
transaction in money, credit, securities or gold, or a service provided 
with respect to money, securities, futures, precious metals, stones and 
jewels, or value that substitutes for currency.'' The Secretary is also 
authorized to prescribe exemptions to the reporting requirement and to 
prescribe other matters the Secretary considers necessary to carry out 
31 U.S.C. 5314. The regulations implementing reports of transactions 
with foreign financial agencies are found at 31 CFR 1010.360.
    31 CFR 1010.360(a) authorizes the Secretary, when the Secretary 
deems appropriate, to promulgate regulations requiring specified 
financial institutions to file reports of certain transactions with 
designated FFAs.
    A regulation promulgated pursuant to 31 CFR 1010.360(a) must 
designate one or more of the following categories of information to be 
reported by the specified financial institution:
     Checks or drafts, including traveler's checks, received by 
a respondent financial institution for collection or credit to the 
account of a designated FFA, sent by the respondent financial 
institution to a foreign country for collection or payment, drawn by 
the respondent financial institution on a designated FFA, or drawn by a 
designated FFA on the respondent financial institution, including the 
following information: Name of maker or drawer; name of drawee or 
drawee financial institution; name of payee; date and amount of 
instrument; and names of all endorsers.
     Transmittal orders received by a respondent financial 
institution from a designated FFA or sent by the respondent financial 
institution to a designated FFA, including all information maintained 
by that institution pursuant to 31 CFR 1010.410 and 1020.410.
     Loans made by a respondent financial institution to or 
through a designated FFA, including the following information: Name of 
borrower; name of person acting for borrower; date and amount of loan; 
terms of repayment; name of guarantor; rate of interest; method of 
distributing proceeds; and collateral for loan.
     Commercial paper received or shipped by a respondent 
financial institution, including the following information: Name of 
maker; date and amount of paper; due date; certificate number; and 
amount of transaction.
     Stocks received or shipped by a respondent financial 
institution, including the following information: Name of corporation; 
type of stock; certificate number; number of shares; date of 
certificate; name of registered holder; and amount of transaction.
     Bonds received or shipped by a respondent financial 
institution, including the following information: Name of issuer; bond 
number; type of bond series; date issued; due date; rate of interest; 
amount of transaction; and name of registered holder.
     Certificates of deposit received or shipped by a 
respondent financial institution, including the following information: 
Name and address of issuer; date issued; dollar amount; name of 
registered holder; due date; rate of interest; certificate number; and 
name and address of issuing agent.
    In issuing regulations as provided in 31 CFR 1010.360(a), the 
Secretary must prescribe: A reasonable classification of financial 
institutions subject to or exempt from a reporting requirement; a 
foreign country to which a reporting requirement applies if the 
Secretary decides that applying the requirement to all foreign 
countries is unnecessary or undesirable; the magnitude of transactions 
subject to a reporting requirement; and the kind of transaction subject 
to or exempt from a reporting requirement.
    Regulations issued pursuant to 31 CFR 1010.360(a) may prescribe the 
manner in which the information is to be reported. However, the 
Secretary may authorize a designated financial institution to report in 
a different manner if the institution demonstrates to the Secretary 
that the form of the required report is unnecessarily burdensome on the 
institution as prescribed; that a report in a different form will 
provide all the information the Secretary deems necessary; and that 
submission of the information in a different manner will not unduly 
hinder the effective administration of 31 CFR Chapter X.
    In issuing regulations under 31 CFR 1010.360(e), the Secretary: (i) 
Must consider the need to avoid impeding or controlling the export or 
import of monetary instruments and the need to avoid burdening 
unreasonably a person making a transaction with a designated FFA; (ii) 
cannot issue a regulation under 31 CFR 1010.360(a) for the purpose of 
obtaining individually identifiable account information concerning a 
customer, as defined by the Right to Financial Privacy Act, where that 
customer is already the subject of an ongoing investigation for 
possible violation of the BSA, or is known by the Secretary to be the 
subject of an investigation for possible violation of any other Federal 
law; and (iii) may issue a regulation pursuant to 31 CFR 1010.360(a) 
requiring a financial institution to report transactions completed 
prior to the date it received notice of the reporting requirement. 
However, with respect to completed transactions, a financial 
institution may be required to provide information only from records 
required to be maintained pursuant to the requirements of 31 CFR 
Chapter X, or any other provision of state or Federal law, or otherwise 
maintained in the regular course of business.
    31 CFR 1010.430(d) requires that all records that are required to 
be retained by Chapter X must be retained for a period of five years.
    FinCEN is issuing this notice to renew the OMB control number for 
regulations requiring reports of transactions with designated FFAs.
    Form: None.
    Affected Public: Businesses or other for-profit institutions; non-
profit institutions.
    Estimated Number of Respondents: 9.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 84.
    Estimated Total Annual Burden Hours: 11,897 hours.
    Authority: 44 U.S.C. 3501 et seq.

Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2022-06643 Filed 3-29-22; 8:45 am]
BILLING CODE 4810-02-P