Agency Information Collection Activities; Submission for OMB Review; Comment Request; Imposition of Special Measure Against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern, 6178-6179 [2024-01921]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 89, Number 21 (Wednesday, January 31, 2024)]
[Notices]
[Pages 6178-6179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01921]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Imposition of Special Measure Against Bank of 
Dandong as a Financial Institution of Primary Money Laundering Concern

AGENCY: Departmental Offices, Department of the Treasury.

[[Page 6179]]


ACTION: Notice of information collection; request for comment.

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SUMMARY: The Department of the Treasury will submit the following 
information collection request 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 this request.

DATES: Comments should be received on or before March 1, 2024 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:

Financial Crimes Enforcement Network (FinCEN)

    Title: Imposition of Special Measure against Bank of Dandong as 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: FinCEN issued a final rule on November 8, 2017, 
imposing the fifth special measure to prohibit U.S. financial 
institutions from opening or maintaining a correspondent account for, 
or on behalf of, Bank of Dandong. The rule requires that covered U.S. 
financial institutions apply due diligence to correspondent accounts 
they maintain on behalf of foreign financial institutions that is 
reasonably designed to guard against the indirect use of those accounts 
by Bank of Dandong. Covered U.S. financial institutions are required 
under 31 CFR 1010.660(b)(3)(i)(A) to notify holders of foreign 
correspondent accounts that they may not provide Bank of Dandong with 
access to such accounts. The requirement is intended to ensure 
cooperation from correspondent account holders in denying Bank of 
Dandong access to the U.S. financial system. Covered U.S. financial 
institutions are required under 31 CFR 1010.660(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 1010.660.
    Form: None.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 15,876.
    Frequency of Response: Once.
    Estimated Total Number of Annual Responses: 15,876.
    Estimated Time per Response: 1 hour.
    Estimated Total Annual Burden Hours: 15,876.
    Authority: 44 U.S.C. 3501 et seq.

Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2024-01921 Filed 1-30-24; 8:45 am]
BILLING CODE 4810-02-P