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 North Korea as a Jurisdiction of Primary Money Laundering Concern, 66776-66778 [2022-24050]

Download as PDF khammond on DSKJM1Z7X2PROD with NOTICES 66776 Federal Register / Vol. 87, No. 213 / Friday, November 4, 2022 / Notices potential for use of high speed ferry services and alternative-fueled ferry services. In 2005, the Safe, Accountable, Flexible Efficient Transportation Equity Act—A Legacy for Users (SAFETEA– LU) Public Law 109–59, section 1801(e)) required that the Secretary, acting through the BTS, shall establish and maintain a national ferry database containing current information regarding routes, vessels, passengers and vehicles carried, funding sources and such other information as the Secretary considers useful. In 2012, MAP–21 legislation [Moving Ahead for Progress in the 21st Century Act (Pub. L. 112–141),] continued the BTS mandate to conduct the NCFO and also required that the Federal Highway Administration (FHWA) use the NCFO data to set the specific formula for allocating federal ferry funds. The funding allocations were based on a percentage of the number of passenger boardings, vehicle boardings, and route miles served. In 2015, the FAST Act legislation [Fixing America’s Surface Transportation Act (Pub. L. 114–94, sec. 1112)] continues the BTS mandate to conduct the NCFO on a biennial basis, and extended the requirement that the Federal Highway Administration (FHWA) use the NCFO data to set the specific formula for allocating federal ferry funds as required in MAP–21. BTS conducted the first National Census of Ferry Operators in 2006. The Census was conducted again in 2008, 2010, 2014, 2016, 2018, and 2020. Preparations are already underway for the next census in 2023. The 2022 NCFO was delayed by one year since ferry operations were disrupted by the pandemic and the census data should collect typical data. The overall length of the revised questionnaire for the 2022 NCFO will remain consistent with that of previous years. These information collections were originally approved by OMB under Control Number 2139–0009. The overall length of the questionnaire for the 2022 NCFO will remain consistent with that of previous years. The census will be administered to the entire population of ferry operators (estimate 250 or less). The census will request the respondents to provide information such as: the points served; the type of ownership; the number of passengers and vehicles carried in the past 12 months; vessel descriptions (including type of fuel), federal, state and local funding sources, and intermodal connectivity. All data collected in 2020 will be added to the existing NCFO database. Data Confidentiality Provisions: The National Census of Ferry Operators may collect confidential business VerDate Sep<11>2014 18:12 Nov 03, 2022 Jkt 259001 information. The confidentiality of these data will be protected under 49 CFR 7.29. In accordance with this regulation, only statistical and non-sensitive business information will be made available through publications and public use data files. The statistical public use data are intended to provide an aggregated source of information on ferry boat operations nationwide. Business sensitive information may be shared with FHWA to support FAST Act funding allocations. Frequency: This census will be updated every other year. Estimated Average Burden per Response: The burden per respondent is estimated to be an average of 30 minutes. This average is based on an estimate of 20 minutes to answer questions that require answers specific to that year and an additional 10 minutes to review (and revise as needed) previously submitted data that will be pre-populated for each ferry operation. Estimated Total Annual Burden: The total annual burden (in the year that the census is conducted) is estimated to be 125 hours (that is 30 minutes per respondent for 250 respondents equals 7,500 minutes). Response to Comments: A 60-day notice requesting public comment was issued in the Federal Register on September 1, 2022. No comments were received. Public Comments Invited: Interested parties are invited to send comments regarding any aspect of this information collection, including, but not limited to: (1) the necessity and utility of the information collection for the proper performance of the functions of the DOT; (2) the accuracy of the estimated burden; (3) ways to enhance the quality, utility, clarity and content of the collected information; and (4) ways to minimize the collection burden without reducing the quality of the collected information. Send comments to the Office of Information and Regulatory Affairs, Office of Management and Budget, 725–17th Street NW, Washington, DC 20503, Attention: BTS Desk Officer. Issued in Washington, DC, on this 1st day of November, 2022. Cha-Chi Fan, Director, Office of Data Development and Standards, Bureau of Transportation Statistics, Office of the Assistant Secretary for Research and Technology. [FR Doc. 2022–24034 Filed 11–3–22; 8:45 am] BILLING CODE 4910–9X–P PO 00000 Frm 00138 Fmt 4703 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 North Korea 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 collection requirements finalized on November 9, 2016, imposing a special measure with respect to North Korea 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 January 3, 2023. 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–2022– 0009 and the specific Office of Management and Budget (OMB) control number 1506–0071. • Mail: Global Investigations Division, Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN–2022–0009 and OMB control number 1506–0071. Please submit comments by one method only. Comments will be reviewed consistent with the Paperwork Reduction Act of 1995 (PRA) and applicable OMB regulations and guidance. 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: The FinCEN Resource Center at 1–800–767– 2825 or electronically at https:// www.fincen.gov/contact. SUPPLEMENTARY INFORMATION: SUMMARY: I. Statutory and Regulatory Provisions The legislative framework generally referred to as the Bank Secrecy Act (BSA) consists of the Currency and E:\FR\FM\04NON1.SGM 04NON1 Federal Register / Vol. 87, No. 213 / Friday, November 4, 2022 / Notices khammond on DSKJM1Z7X2PROD with NOTICES 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, and 31 U.S.C. 5311–5314 and 5316–5336, and it 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.2 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.3 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 one or more ‘‘special measures.’’ 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 1 The AML Act was enacted as Division F, sections 6001–6511, of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021, Public Law 116–283, 134 Stat 3388 (2021). 2 Section 358 of the USA PATRIOT Act expanded the purpose of the BSA, by including a reference to reports and records ‘‘that have a high degree of usefulness in intelligence or counterintelligence activities to protect against international terrorism.’’ Section 6101 of the AML Act added language that expanded the purpose of the BSA even further, to cover such matters as preventing money laundering, tracking illicit funds, assessing risk, and establishing appropriate frameworks for information sharing. 3 Treasury Order 180–01 (reaffirmed Jan. 14, 2020). 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 18:12 Nov 03, 2022 Jkt 259001 maintenance of certain correspondent accounts. Special measures are safeguards that protect the U.S. financial system from money laundering and terrorist financing. FinCEN issued the final rule imposing the fifth special measure to prohibit U.S. financial institutions from opening or maintaining correspondent accounts for, or on behalf of, North Korean banking institutions.4 The rule requires that U.S. financial institutions take reasonable steps to not process transactions through the correspondent account of a foreign bank in the United States, if such transactions involve a North Korean financial institution, and requires institutions to apply special due diligence to guard against the use of correspondent accounts by North Korean financial institutions. See 31 CFR 1010.659. U.S. financial institutions are required under 31 CFR 1010.659(b)(3)(i)(A) to notify holders of their foreign correspondent accounts that they may not provide North Korean financial institutions with access to such accounts. The requirement is intended to ensure cooperation from correspondent account holders in denying North Korea access to the U.S. financial system. U.S. financial institutions are required under 31 CFR 1010.659(b)(4)(i) to document compliance with the notification requirement. The information is used by federal agencies and certain selfregulatory organizations to verify compliance with 31 CFR 1010.659. II. Paperwork Reduction Act (PRA) 5 Title: Information Collection Requirements in Connection With the Imposition of a Special Measure Concerning North Korea as a Jurisdiction of Primary Money Laundering Concern. OMB Control Number: 1506–0071. Report Number: Not applicable. Abstract: FinCEN is issuing this notice to renew the OMB control number for the imposition of a special measure against North Korea as a jurisdiction of primary money laundering concern pursuant to the authority contained in 31 U.S.C. 5318A. See 31 CFR 1010.659. Type of Review: Renewal without change of a currently approved collection. Affected Public: Businesses or other for-profit institutions, and not-for-profit institutions. 4 FinCEN, Final Rule—Imposition of Special Measures Against North Korea as a Jurisdiction of Primary Money Laundering Concern, 81 FR 78715, (Nov. 9, 2016). 5 Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). PO 00000 Frm 00139 Fmt 4703 Sfmt 4703 66777 Frequency: One time notification and recordkeeping associated with the notification. See 31 CFR 1010.659(b)(3)(i)(A) and 1010.659(b)(4)(i). Estimated Number of Respondents: 16,588. Respondent Financial Institutions by Category Type of Institution Banks, savings associations, thrifts, trust companies 1 ....... Credit Unions 2 .......................... Broker-dealers 3 ........................ Mutual funds 4 ........................... Futures commission merchants and introducing brokers in commodities 5 ........................ Total ................................... Count 5,264 5,157 3,527 1,591 1,049 16,588 1 All counts are from the Financial Institution Data Retrieval System (FINDRS) (accessed Aug. 25, 2022) for Q2 2022. These counts include entities without a Federal functional regulator. 2 All counts are from the Financial Institution Data Retrieval System (FINDRS) (accessed Aug. 25, 2022) for Q2 2022. These counts include entities without a Federal functional regulator. 3 According to numbers provided by the SEC, there are 3,526 brokers or dealers in securities as of the end of fiscal year 2021 (see SEC, Fiscal Year 2023 Congressional Budget Justification, p. 33, https://www.sec.gov/files/ FY%202023%20Congressional%20 Budget%20Justification%20Annual%20 Performance%20Plan_FINAL.pdf). 4 This is consistent with estimates in the 2018 notice to renew OMB control number 1506–0033 (83 FR 46011 (Sept. 11, 2018)). 5 As of September 30, 2022, the Commodity Futures Trading Commission stated there are 60 futures commission merchants and 989 introducing brokers in commodities, totaling 1,049. Estimated Time per Respondent: 1 hour. Estimated Total Annual Burden: 16,588 hours. When the final rule was published in November 2016, the number of U.S. financial institutions affected by the rule was estimated at 5,000. FinCEN has since revised the estimated number of affected U.S. financial institutions upward to account for all domestic financial institutions that could potentially maintain correspondent accounts for foreign banks. There are approximately 16,588 such financial institutions doing business in the United States. 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. E:\FR\FM\04NON1.SGM 04NON1 66778 Federal Register / Vol. 87, No. 213 / Friday, November 4, 2022 / Notices Request for Comments 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. Comments submitted in response to this notice will be summarized and/or included in a 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, cost of operation and maintenance, and cost involved in purchasing services. Himamauli Das, Acting Director, Financial Crimes Enforcement Network. [FR Doc. 2022–24050 Filed 11–3–22; 8:45 am] BILLING CODE 4810–02–P DEPARTMENT OF THE TREASURY Office of Foreign Assets Control Notice of OFAC Sanctions Action Office of Foreign Assets Control, Treasury. ACTION: Notice. AGENCY: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC’s Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC’s determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. DATES: See SUPPLEMENTARY INFORMATION section for effective date. FOR FURTHER INFORMATION CONTACT: OFAC: Andrea Gacki, Director, tel.: 202–622–2490; Associate Director for Global Targeting, tel.: 202–622–2420; Assistant Director for Licensing, tel.: 202–622–2480; Assistant Director for khammond on DSKJM1Z7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:12 Nov 03, 2022 Jkt 259001 Regulatory Affairs, tel.: 202–622–4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel.: 202–622– 2490. SUPPLEMENTARY INFORMATION: Electronic Availability The SDN List and additional information concerning OFAC sanctions programs are available on OFAC’s website (https://www.treasury.gov/ofac). Notice of OFAC Action(s) On November 1, 2022, OFAC determined that the property and interests in property subject to U.S. jurisdiction of the following persons are blocked under the relevant sanctions authority listed below. Individuals 1. ADEN, Mahad Isse (a.k.a. AADAN, Mahad Ciise; a.k.a. ADAN, Mahad Isse; a.k.a. MUHAMMAD, Mahad Cise; a.k.a. ‘‘LABOBALLE’’), Bosaso, Somalia; Qandala, Somalia; DOB 1949; nationality Somalia; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886 (individual) [SDGT] (Linked To: ISIS– SOMALIA). Designated pursuant to section 1(a)(iii)(C) of Executive Order 13224 of September 23, 2001, ‘‘Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism,’’ 66 FR 49079, as amended by Executive Order 13886 of September 9, 2019, ‘‘Modernizing Sanctions To Combat Terrorism,’’ 84 FR 48041 (E.O. 13224, as amended), for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, ISIS–SOMALIA, a person whose property and interests in property are blocked pursuant to E.O. 13224. 2. ISSE MOHAMUD, Abdirahman Fahiye (a.k.a. ‘ISA, Abd-al-Rahman Fahiye; a.k.a. ‘‘ADEN, Ahmed’’; a.k.a. ‘‘AL–SHARQAWI, Shaykh Abu-Mus’ab’’; a.k.a. ‘‘FAHIYE, Abdirahman’’), Somalia; DOB 1985; POB Bosaso, Somalia; nationality Somalia; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886 (individual) [SDGT] (Linked To: ISIS–SOMALIA). Designated pursuant to section 1(a)(iii)(C) of E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, ISIS–SOMALIA, a person whose property and interests in property are blocked pursuant to E.O. 13224. 3. MOHAMED, Liibaan Yousuf (a.k.a. MOHAMED, Liban Yusuf; a.k.a. ‘‘DHEERE, Liban’’), Puntland, Somalia; Yaqshid District, Mogadishu, Somalia; DOB 1978; nationality Somalia; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886 (individual) [SDGT] (Linked To: ISIS– SOMALIA). Designated pursuant to section 1(a)(iii)(C) of E.O. 13224, as amended, for having PO 00000 Frm 00140 Fmt 4703 Sfmt 4703 materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, ISIS–SOMALIA, a person whose property and interests in property are blocked pursuant to E.O. 13224. 4. OMAR, Abdirahman Mohamed (a.k.a. CUMAR, Cabdi Maxamed; a.k.a. CUMAR, Cabdiraxman Maxamed; a.k.a. DHUFAAYE, Cabdi Muhammad; a.k.a. ‘‘DHOFAYE’’; a.k.a. ‘‘DHOOFAYE’’; a.k.a. ‘‘OMAR, Abdi Mohamed’’), Bosaso, Somalia; DOB 1962; POB Bosaso, Somalia; nationality Somalia; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886 (individual) [SDGT] (Linked To: ISIS– SOMALIA). Designated pursuant to section 1(a)(iii)(C) of E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, ISIS–SOMALIA, a person whose property and interests in property are blocked pursuant to E.O. 13224. 5. OMAR, Ahmed Haji Ali Haji (a.k.a. ‘‘ALI, Ahmed Omar’’; a.k.a. ‘‘ALI, Ahmed Omer Haji’’; a.k.a. ‘‘BEERDHAGAX’’; a.k.a. ‘‘BEERDHEGHAX’’; a.k.a. ‘‘BERDAGAX’’; a.k.a. ‘‘BEER DHAGAH’’), Bosaso, Bari, Somalia; DOB Jun 1974; POB Alula District, Bari, Puntland, Somalia; nationality Somalia; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886 (individual) [SDGT] (Linked To: ISIS– SOMALIA). Designated pursuant to section 1(a)(iii)(C) of E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, ISIS–SOMALIA, a person whose property and interests in property are blocked pursuant to E.O. 13224. 6. QAHIYE, Mohamed Ahmed, Mozambique; Puntland, Somalia; DOB 1989; alt. DOB 1990; alt. DOB 1991; nationality Somalia; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886 (individual) [SDGT] (Linked To: ISIS– SOMALIA). Designated pursuant to section 1(a)(iii)(C) of E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, ISIS–SOMALIA, a person whose property and interests in property are blocked pursuant to E.O. 13224. 7. YUSUF, Isse Mohamoud (a.k.a. YUSUF, Isse Mohamed; a.k.a. ‘‘YULLUX’’; a.k.a. ‘‘YULUH, Issa’’; a.k.a. ‘‘YULUH, Isse’’; a.k.a. ‘‘YULUX, Isse’’), Timirshe, Bari, Puntland, Somalia; Qandala, Somalia; DOB 1966; POB Timirshe, Bari, Puntland, Somalia; nationality Somalia; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886 (individual) [SDGT] (Linked To: ISIS– SOMALIA). Designated pursuant to section 1(a)(iii)(C) of E.O. 13224, as amended, for having materially assisted, sponsored, or provided E:\FR\FM\04NON1.SGM 04NON1

Agencies

[Federal Register Volume 87, Number 213 (Friday, November 4, 2022)]
[Notices]
[Pages 66776-66778]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24050]


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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 North Korea 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 collection requirements finalized on November 9, 2016, 
imposing a special measure with respect to North Korea 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 
January 3, 2023.

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-2022-0009 and the specific Office of Management and Budget (OMB) 
control number 1506-0071.
     Mail: Global Investigations Division, Financial Crimes 
Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket 
Number FINCEN-2022-0009 and OMB control number 1506-0071.
    Please submit comments by one method only. Comments will be 
reviewed consistent with the Paperwork Reduction Act of 1995 (PRA) and 
applicable OMB regulations and guidance. 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: The FinCEN Resource Center at 1-800-
767-2825 or electronically at https://www.fincen.gov/contact.

SUPPLEMENTARY INFORMATION:

I. Statutory and Regulatory Provisions

    The legislative framework generally referred to as the Bank Secrecy 
Act (BSA) consists of the Currency and

[[Page 66777]]

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, and 31 U.S.C. 5311-
5314 and 5316-5336, and it includes notes thereto, with implementing 
regulations at 31 CFR chapter X.
---------------------------------------------------------------------------

    \1\ The AML Act was enacted as Division F, sections 6001-6511, 
of the William M. (Mac) Thornberry National Defense Authorization 
Act for Fiscal Year 2021, Public Law 116-283, 134 Stat 3388 (2021).
---------------------------------------------------------------------------

    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.\2\ 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.\3\
---------------------------------------------------------------------------

    \2\ Section 358 of the USA PATRIOT Act expanded the purpose of 
the BSA, by including a reference to reports and records ``that have 
a high degree of usefulness in intelligence or counterintelligence 
activities to protect against international terrorism.'' Section 
6101 of the AML Act added language that expanded the purpose of the 
BSA even further, to cover such matters as preventing money 
laundering, tracking illicit funds, assessing risk, and establishing 
appropriate frameworks for information sharing.
    \3\ Treasury Order 180-01 (reaffirmed Jan. 14, 2020). 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 one or more ``special measures.''
    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. Special 
measures are safeguards that protect the U.S. financial system from 
money laundering and terrorist financing.
    FinCEN issued the final rule imposing the fifth special measure to 
prohibit U.S. financial institutions from opening or maintaining 
correspondent accounts for, or on behalf of, North Korean banking 
institutions.\4\ The rule requires that U.S. financial institutions 
take reasonable steps to not process transactions through the 
correspondent account of a foreign bank in the United States, if such 
transactions involve a North Korean financial institution, and requires 
institutions to apply special due diligence to guard against the use of 
correspondent accounts by North Korean financial institutions. See 31 
CFR 1010.659.
---------------------------------------------------------------------------

    \4\ FinCEN, Final Rule--Imposition of Special Measures Against 
North Korea as a Jurisdiction of Primary Money Laundering Concern, 
81 FR 78715, (Nov. 9, 2016).
---------------------------------------------------------------------------

    U.S. financial institutions are required under 31 CFR 
1010.659(b)(3)(i)(A) to notify holders of their foreign correspondent 
accounts that they may not provide North Korean financial institutions 
with access to such accounts. The requirement is intended to ensure 
cooperation from correspondent account holders in denying North Korea 
access to the U.S. financial system. U.S. financial institutions are 
required under 31 CFR 1010.659(b)(4)(i) to document compliance with the 
notification requirement. The information is used by federal agencies 
and certain self-regulatory organizations to verify compliance with 31 
CFR 1010.659.

II. Paperwork Reduction Act (PRA) 5
---------------------------------------------------------------------------

    \5\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
---------------------------------------------------------------------------

    Title: Information Collection Requirements in Connection With the 
Imposition of a Special Measure Concerning North Korea as a 
Jurisdiction of Primary Money Laundering Concern.
    OMB Control Number: 1506-0071.
    Report Number: Not applicable.
    Abstract: FinCEN is issuing this notice to renew the OMB control 
number for the imposition of a special measure against North Korea as a 
jurisdiction of primary money laundering concern pursuant to the 
authority contained in 31 U.S.C. 5318A. See 31 CFR 1010.659.
    Type of Review: Renewal without change of a currently approved 
collection.
    Affected Public: Businesses or other for-profit institutions, and 
not-for-profit institutions.
    Frequency: One time notification and recordkeeping associated with 
the notification. See 31 CFR 1010.659(b)(3)(i)(A) and 
1010.659(b)(4)(i).
    Estimated Number of Respondents: 16,588.

Respondent Financial Institutions by Category

------------------------------------------------------------------------
                    Type of Institution                         Count
------------------------------------------------------------------------
Banks, savings associations, thrifts, trust companies \1\..        5,264
Credit Unions \2\..........................................        5,157
Broker-dealers \3\.........................................        3,527
Mutual funds \4\...........................................        1,591
Futures commission merchants and introducing brokers in            1,049
 commodities \5\...........................................
                                                            ------------
    Total..................................................       16,588
------------------------------------------------------------------------
\1\ All counts are from the Financial Institution Data Retrieval System
  (FINDRS) (accessed Aug. 25, 2022) for Q2 2022. These counts include
  entities without a Federal functional regulator.
\2\ All counts are from the Financial Institution Data Retrieval System
  (FINDRS) (accessed Aug. 25, 2022) for Q2 2022. These counts include
  entities without a Federal functional regulator.
\3\ According to numbers provided by the SEC, there are 3,526 brokers or
  dealers in securities as of the end of fiscal year 2021 (see SEC,
  Fiscal Year 2023 Congressional Budget Justification, p. 33, https://www.sec.gov/files/FY%202023%20Congressional%20Budget%20Justification%20Annual%20Performance%20Plan_FINAL.pdf).
\4\ This is consistent with estimates in the 2018 notice to renew OMB
  control number 1506-0033 (83 FR 46011 (Sept. 11, 2018)).
\5\ As of September 30, 2022, the Commodity Futures Trading Commission
  stated there are 60 futures commission merchants and 989 introducing
  brokers in commodities, totaling 1,049.

    Estimated Time per Respondent: 1 hour.
    Estimated Total Annual Burden: 16,588 hours.
    When the final rule was published in November 2016, the number of 
U.S. financial institutions affected by the rule was estimated at 
5,000. FinCEN has since revised the estimated number of affected U.S. 
financial institutions upward to account for all domestic financial 
institutions that could potentially maintain correspondent accounts for 
foreign banks. There are approximately 16,588 such financial 
institutions doing business in the United States.
    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.

[[Page 66778]]

Request for Comments

    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. Comments submitted in response to this notice will 
be summarized and/or included in a 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, cost of operation and 
maintenance, and cost involved in purchasing services.

Himamauli Das,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. 2022-24050 Filed 11-3-22; 8:45 am]
BILLING CODE 4810-02-P
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