Agency Information Collection Activities; Submission for OMB Review; Comment Request; Reports of Foreign Financial Accounts Regulations and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), 22241 [2024-06697]

Download as PDF Federal Register / Vol. 89, No. 62 / Friday, March 29, 2024 / Notices materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, HIZBALLAH, a person whose property and interests in property are blocked pursuant to E.O. 13224. Vessels 1. DAWN II (f.k.a. AKIN I; a.k.a. SPAR) (3FHW2) Crude Oil Tanker Panama flag; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Vessel Registration Identification IMO 9185530; MMSI 374100000 (vessel) [SDGT] (Linked To: HASSALEH INTERNATIONAL COMPANY). Identified pursuant to E.O. 13224, as amended, as property in which HASSALEH INTERNATIONAL COMPANY, a person whose property and interests in property are blocked pursuant to E.O. 13224, as amended, has an interest. 2. ABYSS (T8A4595) Palau flag; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Vessel Registration Identification IMO 9157765; MMSI 511101287 (vessel) [SDGT] (Linked To: QUOC VIET MARINE TRANSPORT JSC). Identified pursuant to E.O. 13224, as amended, as property in which QUOC VIET MARINE TRANSPORT JSC, a person whose property and interests in property are blocked pursuant to E.O. 13224, as amended, has an interest. Dated: March 26, 2024. Bradley T. Smith, Director, Office of Foreign Assets Control, U.S. Department of the Treasury. [FR Doc. 2024–06732 Filed 3–28–24; 8:45 am] BILLING CODE 4810–AL–C DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Submission for OMB Review; Comment Request; Reports of Foreign Financial Accounts Regulations and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) Departmental Offices, U.S. Department of the Treasury. ACTION: Notice of information collection; request for comment. AGENCY: 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 April 29, 2024 to be assured of consideration. khammond on DSKJM1Z7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 16:49 Mar 28, 2024 Jkt 262001 22241 reporting form prescribed under 31 U.S.C. 5314. The FinCEN Report 114, Report of Foreign Bank and Financial Accounts (FBAR) is used to file the information required by this section. The FBAR must be filed electronically with FinCEN. 31 CFR 1010.306(c) requires the FBAR to be filed for foreign financial accounts exceeding $10,000 maintained during the previous calendar year. No FBAR is required to be filed if the aggregate account value of foreign financial accounts maintained during the previous calendar year is below $10,000. 31 CFR 1010.420 outlines the recordkeeping requirements associated with foreign financial accounts required SUPPLEMENTARY INFORMATION: to be reported under section 1010.350. Financial Crimes Enforcement Network Specifically, filers must retain records of such accounts for a period of five years (FinCEN) and make the records available for Title: Reports of Foreign Financial Accounts Regulations and FinCEN Form inspection as authorized by law. Form: FinCEN Report 114. 114, Report of Foreign Bank and Affected Public: Individuals and Financial Accounts (FBAR). households. OMB Control Number: 1506–0009. Estimated Number of Respondents: Type of Review: Extension without 1,503,807. change of a currently approved Frequency of Response: Annually. collection. Estimated Total Number of Annual Description: 31 U.S.C. 5314 authorizes the Secretary to require any ‘‘resident or Responses: 1,503,807. Estimated Time per Response: 1 hour. citizen of the United States or a person Estimated Total Annual Burden in, and doing business in, the United Hours: 1,503,807. States, to . . . keep records and file Authority: 44 U.S.C. 3501 et seq. reports, when the resident, citizen, or person makes a transaction or maintains Spencer W. Clark, a relation for any person with a foreign Treasury PRA Clearance Officer. financial agency.’’ The term ‘‘foreign [FR Doc. 2024–06697 Filed 3–28–24; 8:45 am] financial agency’’ encompasses the BILLING CODE 4810–02–P activities outside the United States of an entity that meets the statutory definition of ‘‘financial agency,’’ notably, ‘‘a DEPARTMENT OF THE TREASURY person acting for a person as a financial institution, bailee, depository trustee, or Agency Information Collection agent, or acting in a similar way related Activities; Submission for OMB to money, credit, securities, gold, or a Review; Comment Request; Multiple transaction in money, credit, securities Internal Revenue Service (IRS) or gold, or a service provided with Information Collection Requests respect to money, securities, futures, AGENCY: Departmental Offices, precious metals, stone and jewels, or value that substitutes for currency.’’ The Department of the Treasury. Secretary is also authorized to prescribe ACTION: Notice. exemptions to the reporting requirement SUMMARY: The Department of the and to prescribe other matters the Treasury will submit the following Secretary considers necessary to carry information collection requests to the out 31 U.S.C. 5314. Office of Management and Budget The regulations implementing 31 U.S.C. 5314 appear at 31 CFR 1010.350, (OMB) for review and clearance in accordance with the Paperwork 1010.360, and 1010.420. 31 CFR Reduction Act of 1995, on or after the 1010.350 generally requires each U.S. date of publication of this notice. The person having a financial interest in, or public is invited to submit comments on signature or other authority over, a these requests. bank, securities, or other financial DATES: Comments should be received on account in a foreign country to report or before April 29, 2024 to be assured such relationship to the Commissioner of consideration. of Internal Revenue for each year such relationship exists, and to provide and ADDRESSES: Written comments and report such information specified in a recommendations for the proposed 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. ADDRESSES: PO 00000 Frm 00126 Fmt 4703 Sfmt 4703 E:\FR\FM\29MRN1.SGM 29MRN1

Agencies

DEPARTMENT OF THE TREASURY

[Federal Register Volume 89, Number 62 (Friday, March 29, 2024)]
[Notices]
[Page 22241]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06697]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Reports of Foreign Financial Accounts 
Regulations and FinCEN Form 114, Report of Foreign Bank and Financial 
Accounts (FBAR)

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

ACTION: Notice of information collection; request for comment.

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

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 April 29, 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: Reports of Foreign Financial Accounts Regulations and FinCEN 
Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
    OMB Control Number: 1506-0009.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: 31 U.S.C. 5314 authorizes the Secretary to require any 
``resident or citizen of the United States or a person in, and doing 
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'' encompasses the activities outside the 
United States of an entity that meets the statutory definition of 
``financial agency,'' notably, ``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, stone 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 31 U.S.C. 5314 appear at 31 CFR 
1010.350, 1010.360, and 1010.420. 31 CFR 1010.350 generally requires 
each U.S. person having a financial interest in, or signature or other 
authority over, a bank, securities, or other financial account in a 
foreign country to report such relationship to the Commissioner of 
Internal Revenue for each year such relationship exists, and to provide 
and report such information specified in a reporting form prescribed 
under 31 U.S.C. 5314. The FinCEN Report 114, Report of Foreign Bank and 
Financial Accounts (FBAR) is used to file the information required by 
this section. The FBAR must be filed electronically with FinCEN. 31 CFR 
1010.306(c) requires the FBAR to be filed for foreign financial 
accounts exceeding $10,000 maintained during the previous calendar 
year. No FBAR is required to be filed if the aggregate account value of 
foreign financial accounts maintained during the previous calendar year 
is below $10,000.
    31 CFR 1010.420 outlines the recordkeeping requirements associated 
with foreign financial accounts required to be reported under section 
1010.350. Specifically, filers must retain records of such accounts for 
a period of five years and make the records available for inspection as 
authorized by law.
    Form: FinCEN Report 114.
    Affected Public: Individuals and households.
    Estimated Number of Respondents: 1,503,807.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 1,503,807.
    Estimated Time per Response: 1 hour.
    Estimated Total Annual Burden Hours: 1,503,807.
    Authority: 44 U.S.C. 3501 et seq.

Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2024-06697 Filed 3-28-24; 8:45 am]
BILLING CODE 4810-02-P

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