Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts, 49273-49277 [2024-12728]
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49273
Federal Register / Vol. 89, No. 113 / Tuesday, June 11, 2024 / Notices
ANNUAL BURDEN CALCULATIONS
Number of
respondents
annual
Information collection
Eligibility questionnaire ............................
Informed Consent, Study 1 ......................
Informed Consent, Study 2 ......................
Informed Consent, Study 3 ......................
Pre-Drive Questionnaire ..........................
Wellness Questionnaire ...........................
Driving Behavior Assessment (Pre-Drive
PowerPoint Training, Familiarization
Drive, Study Drive with In-Drive Questionnaire) ...............................................
Post-Drive Questionnaire .........................
Balloon Analogue Risk Task ....................
Annual Burden .........................................
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Burden (hours)
annual
Opportunity
cost (dollars)
annual
$6.20
11.27
11.27
11.27
8.46
2.82
1
1
1
1
1
3
43
20
7
7
25
25
$1,445
676
225
225
846
846
100
100
100
........................
80
20
5
........................
45.09
11.27
2.82
........................
1
1
1
........................
133
33
8
301
4,509
1,127
282
10,181
[FR Doc. 2024–12735 Filed 6–10–24; 8:45 am]
BILLING CODE 4910–59–P
2 https://www.irs.gov/tax-professionals/standardmileage-rates; IR–2022–234 published December
29, 2022
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Frequency of
response
11
20
20
20
15
5
Cem Hatipoglu,
Associate Administrator, NHTSA Vehicle
Safety Research.
18:32 Jun 10, 2024
Cost per
response
233
60
20
20
100
100
Estimated Annual Burden Cost: $0
The respondents will not incur any
reporting or recordkeeping cost from the
information collection. Respondents
will incur a one-time cost for local
travel to and from DSRI, which is
estimated not to exceed approximately
$39.30 (based on the standard mileage
rate for business-related driving in 2023
and a round trip distance of 60 miles 2).
These transportation costs are offset by
participant compensation.
Public Comments Invited: You are
asked to comment on any aspects of this
information collection, including (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the proposed collection
of information, including the validity of
the methodology and assumptions used;
(c) ways to enhance the quality, utility
and clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including the use of
appropriate automated, electronic,
mechanical, or other technological
collection techniques or other forms of
information technology, e.g., permitting
electronic submission of responses.
Authority: The Paperwork Reduction
Act of 1995; 44 U.S.C. Chapter 35, as
amended; 49 CFR 1.49; and DOT Order
1351.29A.
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Time per
response
(min)
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection
Activities; Proposed Renewal;
Comment Request; Renewal Without
Change of Due Diligence Programs for
Correspondent Accounts for Foreign
Financial Institutions and for Private
Banking Accounts
Financial Crimes Enforcement
Network (FinCEN), Treasury.
ACTION: Notice and request for
comments.
AGENCY:
As part of its continuing effort
to reduce paperwork and respondent
burden, FinCEN invites comments on
the proposed renewal, without change,
of existing information collection
requirements related to Bank Secrecy
Act regulations that require certain
banks, brokers or dealers in securities,
futures commission merchants,
introducing brokers in commodities,
and mutual funds (each a ‘‘covered
financial institution’’) to establish and
maintain due diligence programs for
foreign financial institutions and for
private banking accounts. The required
due diligence programs include:
appropriate, specific, risk-based, and,
where necessary, enhanced policies,
procedures, and controls reasonably
designed to enable the covered financial
institution to detect and report, on an
on-going basis, money laundering
conducted through or involving any
correspondent accounts established,
maintained, administered or managed
by such covered financial institution in
the United States for a foreign financial
institution; and policies, procedures,
and controls that are reasonably
designed to detect and report any
known or suspected money laundering
or suspicious activity conducted
through or involving any private
SUMMARY:
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banking account that is established,
maintained, administered, or managed
in the United States by such covered
financial institution. The due diligence
programs are required to be part of
covered financial institutions’ antimoney laundering programs. This
request for comments is made pursuant
to the Paperwork Reduction Act of 1995
(PRA).
DATES: Written comments are welcome
and must be received on or before
August 12, 2024.
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–2023–
0011 and Office of Management and
Budget (OMB) control number 1506–
0046.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2023–0011 and OMB
control number 1506–0046.
Please submit comments by one
method only. Comments will be
reviewed consistent with the PRA and
applicable OMB regulations and
guidance. All 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:
FinCEN’s Regulatory Support Section at
1–800–767–2825 or electronically at
frc@fincen.gov.
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Provisions
The legislative framework generally
referred to as the Bank Secrecy Act
(BSA) consists of the Currency and
Foreign Transactions Reporting Act of
1970, as amended by the Uniting and
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Federal Register / Vol. 89, No. 113 / Tuesday, June 11, 2024 / Notices
Strengthening America by Providing
Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001
(USA PATRIOT Act) 1 and other
legislation, including the Anti-Money
Laundering Act of 2020 (AML Act).2
The BSA is codified at 12 U.S.C. 1829b
and 1951–1960 and 31 U.S.C. 5311–
5314 and 5316–5336, and notes thereto,
with implementing regulations at 31
CFR chapter X.
The BSA authorizes the Secretary of
the Treasury (Secretary) to, inter alia,
require financial institutions to keep
records and file reports that are
determined to have a high degree of
usefulness in criminal, tax, or regulatory
matters, risk assessments or
proceedings, or in the conduct of
intelligence or counter-intelligence
activities to protect against terrorism,
and to implement anti-money
laundering/countering the financing of
terrorism (AML/CFT) programs and
compliance procedures.3 The authority
of the Secretary to administer the BSA
has been delegated to the Director of
FinCEN.4
Section 312 of the USA PATRIOT Act
added subsection (i) to 31 U.S.C. 5318
of the BSA. Section 312 mandates that
each financial institution that
establishes, maintains, administers, or
manages a private banking account or a
correspondent account in the United
States for non-U.S. persons establish
appropriate, specific, and, where
necessary, enhanced, due diligence
policies, procedures, and controls that
are reasonably designed to detect and
report instances of money laundering
through those accounts. The regulations
implementing the due diligence
requirements for maintaining foreign
correspondent accounts and private
banking accounts are found at 31 CFR
1010.610 and 31 CFR 1010.620,
respectively, and apply to covered
financial institutions defined as certain
banks, brokers or dealers in securities,
futures commission merchants,
1 USA
PATRIOT Act, Public Law 107–56.
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 (NDAA).
3 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.’’
See 12 U.S.C. 1829b(a). Section 6101 of the AML
Act further expanded the purpose of the BSA to
cover such matters as preventing money laundering,
tracking illicit funds, assessing risk, and
establishing appropriate frameworks for
information sharing. See 31 U.S.C. 5311.
4 Treasury Order 180–01 (Jan. 14, 2020).
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introducing brokers in commodities,
and mutual funds.5
A. 31 CFR 1010.610—Due Diligence
Programs for Correspondent Accounts
for Foreign Financial Institutions
Under 31 CFR 1010.610(a), covered
financial institutions are required to
establish due diligence policies,
procedures, and controls that include
each of the following for any
correspondent account established,
maintained, administered, or managed
in the United States for a foreign
financial institution: (i) determining
whether any such correspondent
account is subject to enhanced due
diligence (EDD) requirements specified
in 31 CFR 1010.610(b); (ii) assessing the
money laundering risks presented by
each such correspondent account based
on a consideration of all relevant
factors; 6 and (iii) applying risk-based
procedures and controls to each such
correspondent account reasonably
designed to detect and report known or
suspected money laundering activity,
including a periodic review of the
correspondent account activity
sufficient to determine consistency with
information obtained about the type,
purpose, and anticipated activity of the
account.
Under 31 CFR 1010.610(b), covered
financial institutions are required to
establish EDD policies, procedures, and
controls when establishing,
maintaining, administering, or
managing a correspondent account in
the United States for certain foreign
banks, as described in 31 CFR
1010.610(c).7 The EDD shall include
5 31
CFR 1010.605(e).
factors include, as appropriate: (i) the
nature of the foreign financial institution’s business
and the markets it serves; (ii) the type, purpose, and
anticipated activity of such correspondent account;
(iii) the nature and duration of the covered financial
institution’s relationship with the foreign financial
institution (and any of its affiliates); (iv) the AML
and supervisory regime of the jurisdiction that
issued the charter or license to the foreign financial
institution, and, to the extent that information
regarding such jurisdiction is reasonably available,
of the jurisdiction in which any company that is an
owner of the foreign financial institution is
incorporated or chartered; and (v) information
known or reasonably available to the covered
financial institution about the foreign financial
institution’s AML record. 31 CFR 1010.610(a)(2).
7 The EDD procedures are required for any
correspondent account maintained for a foreign
bank that operates pursuant to: (i) an offshore
banking license; (ii) a banking license issued by a
foreign country that has been designated as noncooperative with international AML principles or
procedures by an intergovernmental group or
organization of which the United States is a
member and with which designation the U.S.
representative to the group or organization concurs;
or (iii) a banking license issued by a foreign country
that has been designated by the Secretary as
warranting special measures due to money
laundering concerns. 31 CFR 1010.610(c).
6 Relevant
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procedures designed to ensure that the
covered financial institution, at a
minimum, takes reasonable steps to:
(1) Conduct enhanced scrutiny of
such correspondent account to guard
against money laundering and to
identify and report any suspicious
transactions in accordance with
applicable law and regulation. This
enhanced scrutiny shall reflect the risk
assessment of the account and shall
include, as appropriate: (i) obtaining
and considering information relating to
the foreign bank’s AML program to
assess the risk of money laundering
presented by the foreign bank’s
correspondent account; (ii) monitoring
transactions to, from, or through the
correspondent account in a manner
reasonably designed to detect money
laundering and suspicious activity; (iii)
if it is a payable-through account,
obtaining information from the foreign
bank about the identity of persons with
authority to direct transactions through
the correspondent account, as well as
information about the sources and
beneficial owners of funds or other
assets in the payable-through account; 8
(2) Determine whether the foreign
bank for which the correspondent
account is established or maintained in
turn maintains correspondent accounts
for other foreign banks that use the
foreign correspondent account
established or maintained by the
covered financial institution and, if so,
take reasonable steps to obtain
information relevant to assess and
mitigate money laundering risks
associated with the foreign bank’s
correspondent accounts for other foreign
banks, including, as appropriate, the
identity of those foreign banks; and
(3) Determine, for any correspondent
account established or maintained for a
foreign bank whose shares are not
publicly traded,9 the identity of each
owner 10 of the foreign bank and the
nature and extent of each owner’s
ownership interest.
Under 31 CFR 1010.610(d), covered
financial institutions are required to
establish special procedures when due
diligence or EDD cannot be performed,
including when the covered financial
institution should refuse to open the
account, suspend transaction activity,
file a suspicious activity report, or close
the account.
8 See
31 CFR 1010.610(b)(1)(iii)(B).
term ‘‘publicly traded’’ is defined at 31 CFR
1010.610(b)(3)(ii)(B).
10 The term ‘‘owner’’ is defined at 31 CFR
1010.610(b)(3)(ii)(A).
9 The
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B. 31 CFR 1010.620—Due Diligence
Programs for Private Banking Accounts
Under 31 CFR 1010.620, covered
financial institutions are required to
establish due diligence policies,
procedures, and controls that, at a
minimum, are designed to ensure that
the covered financial institutions take
reasonable steps to: (i) ascertain the
identity of all nominal and beneficial
owners of a private banking account; 11
(ii) ascertain whether any nominal or
beneficial owner is a senior foreign
political figure; (iii) ascertain the
source(s) of funds deposited into a
private banking account and the
purpose and expected use of the
account; and (iv) review the activity of
the account to ensure that it is
consistent with the information
obtained about the client’s source of
funds and with the stated purpose and
expected use of the account, as needed
to guard against money laundering, and
to report in accordance with applicable
law and regulation, any known or
suspected money laundering or
suspicious activity conducted to, from,
or through a private banking account.
Under 31 CFR 1010.620(c), in the case
of a private banking account for which
a senior foreign political figure is a
nominal or beneficial owner, covered
financial institutions are required to
conduct enhanced scrutiny of the
account that is reasonably designed to
detect and report transactions that may
involve the proceeds of foreign
corruption.12
Under 31 CFR 1010.620(d), covered
financial institutions are required to
establish special procedures when
appropriate due diligence cannot be
performed, including when the covered
financial institution should refuse to
open the account, suspend transaction
activity, file a suspicious activity report,
or close the account.
II. Paperwork Reduction Act of 1995 13
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Title: Due diligence programs for
correspondent accounts for foreign
financial institutions and private
11 Private banking account means an account (or
any combination of accounts) maintained at a
covered financial institution that: (i) requires a
minimum aggregate deposit of funds or other assets
of not less than $1,000,000; (ii) is established on
behalf of or for the benefit of one or more non-U.S.
persons who are direct or beneficial owners of the
account; and (iii) is assigned to, or is administered
or managed by, in whole or in part, an officer,
employee, or agent of a covered financial institution
acting as a liaison between the covered financial
institution and the direct or beneficial owner of the
account. 31 CFR 1010.605(m).
12 See 31 CFR 1010.620(c)(2) for the definition of
the term ‘‘proceeds of foreign corruption.’’
13 Public Law 104–13, 44 U.S.C. 3506(c)(2)(A).
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banking accounts (31 CFR 1010.610 and
31 CFR 1010.620).
OMB Control Number: 1506–0046.
Form Number: Not applicable.
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for the regulations that require
covered financial institutions to
establish and maintain due diligence
programs for correspondent accounts for
foreign financial institutions and for
private banking accounts.
Affected Public: Businesses or other
for-profit institutions, and non-profit
institutions.
Type of Review: Renewal without
change of a currently approved
information collection.
Frequency: As required.
Estimated Number of Respondents:
16,232 financial institutions.14
Estimated Recordkeeping Burden:
In Part 1 of this notice, FinCEN
describes the distribution of the
estimated number of covered financial
institutions, by type. In Part 2, FinCEN
proposes for review and comment a
renewal of the calculation of the annual
PRA burden that includes a scope and
methodology similar to that used in the
2020 notice to renew this information
collection.15
Part 1. Distribution of the Financial
Institutions Covered by This Notice
The distribution of financial
institutions, by type, covered by this
notice is reflected in table 1 below:
TABLE 1—FINANCIAL INSTITUTIONS
COVERED BY THIS NOTICE, BY TYPE
Type of institution
Count
Banks with a Federal functional regulator (FFR) a ................................
Banks lacking an FFR b ....................
Brokers or dealers in securities c ......
Mutual funds d ...................................
Futures commission merchants and
introducing brokers in commodities e ..............................................
9,800
600
3,478
1,400
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TABLE 1—FINANCIAL INSTITUTIONS
COVERED BY THIS NOTICE, BY
TYPE—Continued
Type of institution
Total ...........................................
Count
16,232
a This
estimate is based on call report data,
as publicly available for download at the end
of June 2023, from the Federal Financial Institutions Examination Council (FFIEC) for certain types of banks, savings associations,
thrifts, trust companies (https://cdr.ffiec.gov/
public/pws/downloadbulkdata.aspx) and from
the NCUA for credit unions (https://
www.ncua.gov/analysis/credit-union-corporatecall-report-data).
b This estimate of active entries as of yearend 2023 incorporates data from both public
and non-public sources, including: Call Reports; various State banking/financial institution regulators’ websites and directories; the
Federal Reserve Board of Governors’ Master
Account and Services database (https://federal
reserve.gov/paymentsystems/master-accountand services-database-exisiting-access.htm);
and data from the OCIF (Oficina del
Comisionado de Instituciones Financieras);
and was derived in consultation with staff from
the Internal Revenue Service’s Small Business/Self-Employed Division.
c Estimate based on December 2023 file
downloaded from data maintained by the U.S.
Securities and Exchange Commission’s
(SEC). SEC, Company Information About Active Broker-Dealers available at https://
www.sec.gov/help/foiadocsbdfoia
(accessed
on Feb. 28, 2024).
d This estimate of the number of active mutual funds as of year-end 2023 is based on
Form N–CEN filings received by the SEC
through January 20, 2023, as represented by
data downloaded from SEC Open Data. SEC,
Open Data, available at https://www.sec.gov/
dera/data/form-ncen-data-sets (accessed Feb.
29, 2024).
e The number of futures commissions merchants as of December 31, 2023, was obtained from data available through the Commodity Futures Trading Commission (CFTC).
CFTC, Financial Data for Futures Commission
Merchants, available at https://www.cftc.gov/
MarketReports/financialfcmdata/index.htm
(accessed Mar. 1, 2024). To prevent double
counting in burden estimates, 35 covered financial institutions that are also affected entities as broker-dealers were removed from the
count; the count of introducing brokers in commodities as of year-end 2023 was provided by
the CFTC.
In connection with a variety of
initiatives FinCEN is undertaking to
implement the AML Act, FinCEN
intends to conduct, in the future,
additional assessments of the PRA
954
burden associated with BSA
requirements.
14 Table 1 below breaks down the types of
financial institutions covered by this notice.
15 See FinCEN, Agency Information Collection
Activities; Proposed Renewal; Comment Request;
Renewal Without Change of Anti-Money Laundering
Programs; Due Diligence Programs for
Correspondent Accounts for Foreign Financial
Institutions and for Private Banking Accounts, 85
FR 61104 (Sept. 29, 2020).
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49275
Part 2. Annual PRA Burden and Cost
The scope of the annual PRA burden
and cost estimates in this renewal is
limited to maintaining and updating the
due diligence programs as part of
current AML program requirements for
covered financial institutions. Due to
the practical challenges of obtaining the
total number of correspondent accounts
maintained by covered financial
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Federal Register / Vol. 89, No. 113 / Tuesday, June 11, 2024 / Notices
institutions for foreign financial
institutions subject to general due
diligence requirements, the number of
correspondent accounts maintained for
foreign banks subject to EDD
requirements, and the number of private
banking accounts, the scope of the
annual PRA burden is limited to the
annual burden of (i) maintaining and
updating a due diligence program as
part of the AML program for foreign
correspondent accounts and private
banking accounts, and (ii) securing
approval of the program by an
appropriate level of senior management.
FinCEN continues estimating the
annual hourly burden of maintaining
and updating the due diligence program
for foreign correspondent accounts and
private banking accounts at two hours
per covered financial institution. This
estimate covers the burden of (i)
maintaining and updating the due
diligence program to take into
consideration any regulatory changes
and any potential modifications
required by changes in the types of
foreign correspondent accounts or
private banking accounts maintained, or
by changes in the operations or
organizational structure of the foreign
financial institutions for which a
covered financial institution maintains
accounts, as well as changes to the
organizational structure of private
banking accounts (one hour), and (ii)
presenting the updated due diligence
program to the appropriate level of
senior management of the financial
institution for approval (one hour).
FinCEN’s estimate of the annual PRA
burden, therefore, is 32,464 hours, as
detailed in table 2 below:
TABLE 2—BURDEN ASSOCIATED WITH UPDATING AND MAINTAINING THE DUE DILIGENCE PROGRAM AND OBTAINING
SENIOR MANAGEMENT APPROVAL OF THE PROGRAM
Number of
financial
institutions
(see table 1)
Type of financial institution
Time per
financial institution
(hours)
Maintenance
Aggregate burden hours per
step
Maintenance
Approval
Approval
Total
burden
hours
Banks with an FFR ....................................................
Banks without an FFR ...............................................
Brokers or dealers in securities .................................
Mutual funds ..............................................................
Futures commission merchants and introducing brokers in commodities ...............................................
9,800
600
3,478
1,400
1
1
1
1
1
1
1
1
9,800
600
3,478
1,400
9,800
600
3,478
1,400
19,600
1,200
6,956
2,800
954
1
1
954
954
1,908
Total Burden Hours ............................................
........................
........................
....................
16,232
16,232
32,464
FinCEN is utilizing the same fullyloaded composite hourly wage rate of
$106.30 utilized in the notice of
proposed rulemaking (NPRM) entitled
Customer Identification Programs for
Registered Investment Advisers and
Exempt Reporting Companies, which
was published on May 21, 2024.16
The total estimated cost of the annual
PRA burden is $3,450,923.20, as
reflected in table 3 below:
TABLE 3—TOTAL COST OF THE ANNUAL PRA BURDEN
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Steps
Hourly burden
Hourly cost
Total cost
Maintaining and updating the program ..................................................................................
Board of directors/senior management approval of the program .........................................
16,232
16,232
$106.30
106.30
$1,725,461.60
1,725,461.60
Total Cost .......................................................................................................................
........................
........................
3,450,923.20
Estimated Recordkeeping Burden: The
average estimated annual PRA burden,
measured in hours per respondent, is
two hours (one burden hour to annually
maintain and update the due diligence
program, and one hour to annually
obtain senior management approval of
the due diligence program).
Estimated Number of Respondents:
16,232, as set out in table 1.
Estimated Total Annual Responses:
16,232 revised due diligence programs
for foreign correspondent accounts and
private banking accounts annually; and
16,232 due diligences programs for
foreign correspondent accounts and
private banking accounts approved by
senior management each year, as set out
in table 2.
Estimated Total Annual
Recordkeeping Burden: The estimated
total annual PRA burden is 32,464
hours, as set out in table 2.
Estimated Total Annual
Recordkeeping Cost: The estimated total
annual PRA cost is $3,450,923.20, as set
out in table 3.
An Agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Records required to be retained under
the BSA must be retained for five years.
16 See FinCEN and SEC, NPRM Customer
Identification Programs for Registered Investment
Advisers and Exempt Reporting Advisers, 89 FR
44571 (May 21, 2024). Specifically, as set out on 89
FR 44590, table 1, footnote 1, the wage rate applied
here is a general composite hourly wage ($74.86),
scaled by a private-sector benefits factor of 1.42
($106.30 = $74.86 × 1.42), that incorporates the
mean wage data (available for download at https://
www.bls.gov/oes/tables.htm, ‘‘May 2022—National
industry-specific and by ownership’’) associated
with the six occupational codes (11–1010: Chief
Executives; 11–3021: Computer and Information
Systems Managers; 11–3031: Financial Managers;
13–1041: Compliance Officers; 23–1010: Lawyers
and Judicial Law Clerks; 43–3099: Financial Clerks,
All Other) for each of the nine groupings of NAICS
industry codes that FinCEN determined are most
directly comparable to its eleven categories of
covered financial institutions as delineated in 31
CFR parts 1020 to 1030. The benefit factor is 1 plus
the benefit/wages ratio, where as of Dec. 2023, Total
Benefits = 29.6 and Wages and salaries = 70.4 (29.6/
70.4 = 0.42) based on the private industry workers
series data downloaded from https://www.bls.gov/
web/ecec/ecec-private-dataset.xlsx, accessed Mar.
22, 2024.
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Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. All
comments will become a matter of
public record. Comments are invited on:
(i) whether the collection of information
is necessary for the proper performance
of the functions of the agency, including
whether the information shall have
VerDate Sep<11>2014
17:09 Jun 10, 2024
Jkt 262001
practical utility; (ii) the accuracy of the
agency’s estimate of the burden of the
collection of information; (iii) ways to
enhance the quality, utility, and clarity
of the information to be collected; (iv)
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;
PO 00000
Frm 00133
Fmt 4703
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49277
and (v) estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Andrea M. Gacki,
Director, Financial Crimes Enforcement
Network.
[FR Doc. 2024–12728 Filed 6–10–24; 8:45 am]
BILLING CODE 4810–02–P
E:\FR\FM\11JNN1.SGM
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]]>Agencies
[Federal Register Volume 89, Number 113 (Tuesday, June 11, 2024)]
[Notices]
[Pages 49273-49277]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-12728]
=======================================================================
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Proposed Renewal;
Comment Request; Renewal Without Change of Due Diligence Programs for
Correspondent Accounts for Foreign Financial Institutions and for
Private Banking Accounts
AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: As part of its continuing effort to reduce paperwork and
respondent burden, FinCEN invites comments on the proposed renewal,
without change, of existing information collection requirements related
to Bank Secrecy Act regulations that require certain banks, brokers or
dealers in securities, futures commission merchants, introducing
brokers in commodities, and mutual funds (each a ``covered financial
institution'') to establish and maintain due diligence programs for
foreign financial institutions and for private banking accounts. The
required due diligence programs include: appropriate, specific, risk-
based, and, where necessary, enhanced policies, procedures, and
controls reasonably designed to enable the covered financial
institution to detect and report, on an on-going basis, money
laundering conducted through or involving any correspondent accounts
established, maintained, administered or managed by such covered
financial institution in the United States for a foreign financial
institution; and policies, procedures, and controls that are reasonably
designed to detect and report any known or suspected money laundering
or suspicious activity conducted through or involving any private
banking account that is established, maintained, administered, or
managed in the United States by such covered financial institution. The
due diligence programs are required to be part of covered financial
institutions' anti-money laundering programs. This request for comments
is made pursuant to the Paperwork Reduction Act of 1995 (PRA).
DATES: Written comments are welcome and must be received on or before
August 12, 2024.
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-2023-0011 and Office of Management and Budget (OMB) control
number 1506-0046.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2023-0011 and OMB control number 1506-0046.
Please submit comments by one method only. Comments will be
reviewed consistent with the PRA and applicable OMB regulations and
guidance. All 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: FinCEN's Regulatory Support Section at
1-800-767-2825 or electronically at [email protected].
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Provisions
The legislative framework generally referred to as the Bank Secrecy
Act (BSA) consists of the Currency and Foreign Transactions Reporting
Act of 1970, as amended by the Uniting and
[[Page 49274]]
Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) \1\ and
other legislation, including the Anti-Money Laundering Act of 2020 (AML
Act).\2\ The BSA is codified at 12 U.S.C. 1829b and 1951-1960 and 31
U.S.C. 5311-5314 and 5316-5336, and notes thereto, with implementing
regulations at 31 CFR chapter X.
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\1\ USA PATRIOT Act, Public Law 107-56.
\2\ 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 (NDAA).
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The BSA authorizes the Secretary of the Treasury (Secretary) to,
inter alia, require financial institutions to keep records and file
reports that are determined to have a high degree of usefulness in
criminal, tax, or regulatory matters, risk assessments or proceedings,
or in the conduct of intelligence or counter-intelligence activities to
protect against terrorism, and to implement anti-money laundering/
countering the financing of terrorism (AML/CFT) programs and compliance
procedures.\3\ The authority of the Secretary to administer the BSA has
been delegated to the Director of FinCEN.\4\
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\3\ 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.'' See 12
U.S.C. 1829b(a). Section 6101 of the AML Act further expanded the
purpose of the BSA to cover such matters as preventing money
laundering, tracking illicit funds, assessing risk, and establishing
appropriate frameworks for information sharing. See 31 U.S.C. 5311.
\4\ Treasury Order 180-01 (Jan. 14, 2020).
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Section 312 of the USA PATRIOT Act added subsection (i) to 31
U.S.C. 5318 of the BSA. Section 312 mandates that each financial
institution that establishes, maintains, administers, or manages a
private banking account or a correspondent account in the United States
for non-U.S. persons establish appropriate, specific, and, where
necessary, enhanced, due diligence policies, procedures, and controls
that are reasonably designed to detect and report instances of money
laundering through those accounts. The regulations implementing the due
diligence requirements for maintaining foreign correspondent accounts
and private banking accounts are found at 31 CFR 1010.610 and 31 CFR
1010.620, respectively, and apply to covered financial institutions
defined as certain banks, brokers or dealers in securities, futures
commission merchants, introducing brokers in commodities, and mutual
funds.\5\
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\5\ 31 CFR 1010.605(e).
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A. 31 CFR 1010.610--Due Diligence Programs for Correspondent Accounts
for Foreign Financial Institutions
Under 31 CFR 1010.610(a), covered financial institutions are
required to establish due diligence policies, procedures, and controls
that include each of the following for any correspondent account
established, maintained, administered, or managed in the United States
for a foreign financial institution: (i) determining whether any such
correspondent account is subject to enhanced due diligence (EDD)
requirements specified in 31 CFR 1010.610(b); (ii) assessing the money
laundering risks presented by each such correspondent account based on
a consideration of all relevant factors; \6\ and (iii) applying risk-
based procedures and controls to each such correspondent account
reasonably designed to detect and report known or suspected money
laundering activity, including a periodic review of the correspondent
account activity sufficient to determine consistency with information
obtained about the type, purpose, and anticipated activity of the
account.
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\6\ Relevant factors include, as appropriate: (i) the nature of
the foreign financial institution's business and the markets it
serves; (ii) the type, purpose, and anticipated activity of such
correspondent account; (iii) the nature and duration of the covered
financial institution's relationship with the foreign financial
institution (and any of its affiliates); (iv) the AML and
supervisory regime of the jurisdiction that issued the charter or
license to the foreign financial institution, and, to the extent
that information regarding such jurisdiction is reasonably
available, of the jurisdiction in which any company that is an owner
of the foreign financial institution is incorporated or chartered;
and (v) information known or reasonably available to the covered
financial institution about the foreign financial institution's AML
record. 31 CFR 1010.610(a)(2).
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Under 31 CFR 1010.610(b), covered financial institutions are
required to establish EDD policies, procedures, and controls when
establishing, maintaining, administering, or managing a correspondent
account in the United States for certain foreign banks, as described in
31 CFR 1010.610(c).\7\ The EDD shall include procedures designed to
ensure that the covered financial institution, at a minimum, takes
reasonable steps to:
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\7\ The EDD procedures are required for any correspondent
account maintained for a foreign bank that operates pursuant to: (i)
an offshore banking license; (ii) a banking license issued by a
foreign country that has been designated as non-cooperative with
international AML principles or procedures by an intergovernmental
group or organization of which the United States is a member and
with which designation the U.S. representative to the group or
organization concurs; or (iii) a banking license issued by a foreign
country that has been designated by the Secretary as warranting
special measures due to money laundering concerns. 31 CFR
1010.610(c).
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(1) Conduct enhanced scrutiny of such correspondent account to
guard against money laundering and to identify and report any
suspicious transactions in accordance with applicable law and
regulation. This enhanced scrutiny shall reflect the risk assessment of
the account and shall include, as appropriate: (i) obtaining and
considering information relating to the foreign bank's AML program to
assess the risk of money laundering presented by the foreign bank's
correspondent account; (ii) monitoring transactions to, from, or
through the correspondent account in a manner reasonably designed to
detect money laundering and suspicious activity; (iii) if it is a
payable-through account, obtaining information from the foreign bank
about the identity of persons with authority to direct transactions
through the correspondent account, as well as information about the
sources and beneficial owners of funds or other assets in the payable-
through account; \8\
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\8\ See 31 CFR 1010.610(b)(1)(iii)(B).
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(2) Determine whether the foreign bank for which the correspondent
account is established or maintained in turn maintains correspondent
accounts for other foreign banks that use the foreign correspondent
account established or maintained by the covered financial institution
and, if so, take reasonable steps to obtain information relevant to
assess and mitigate money laundering risks associated with the foreign
bank's correspondent accounts for other foreign banks, including, as
appropriate, the identity of those foreign banks; and
(3) Determine, for any correspondent account established or
maintained for a foreign bank whose shares are not publicly traded,\9\
the identity of each owner \10\ of the foreign bank and the nature and
extent of each owner's ownership interest.
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\9\ The term ``publicly traded'' is defined at 31 CFR
1010.610(b)(3)(ii)(B).
\10\ The term ``owner'' is defined at 31 CFR
1010.610(b)(3)(ii)(A).
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Under 31 CFR 1010.610(d), covered financial institutions are
required to establish special procedures when due diligence or EDD
cannot be performed, including when the covered financial institution
should refuse to open the account, suspend transaction activity, file a
suspicious activity report, or close the account.
[[Page 49275]]
B. 31 CFR 1010.620--Due Diligence Programs for Private Banking Accounts
Under 31 CFR 1010.620, covered financial institutions are required
to establish due diligence policies, procedures, and controls that, at
a minimum, are designed to ensure that the covered financial
institutions take reasonable steps to: (i) ascertain the identity of
all nominal and beneficial owners of a private banking account; \11\
(ii) ascertain whether any nominal or beneficial owner is a senior
foreign political figure; (iii) ascertain the source(s) of funds
deposited into a private banking account and the purpose and expected
use of the account; and (iv) review the activity of the account to
ensure that it is consistent with the information obtained about the
client's source of funds and with the stated purpose and expected use
of the account, as needed to guard against money laundering, and to
report in accordance with applicable law and regulation, any known or
suspected money laundering or suspicious activity conducted to, from,
or through a private banking account.
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\11\ Private banking account means an account (or any
combination of accounts) maintained at a covered financial
institution that: (i) requires a minimum aggregate deposit of funds
or other assets of not less than $1,000,000; (ii) is established on
behalf of or for the benefit of one or more non-U.S. persons who are
direct or beneficial owners of the account; and (iii) is assigned
to, or is administered or managed by, in whole or in part, an
officer, employee, or agent of a covered financial institution
acting as a liaison between the covered financial institution and
the direct or beneficial owner of the account. 31 CFR 1010.605(m).
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Under 31 CFR 1010.620(c), in the case of a private banking account
for which a senior foreign political figure is a nominal or beneficial
owner, covered financial institutions are required to conduct enhanced
scrutiny of the account that is reasonably designed to detect and
report transactions that may involve the proceeds of foreign
corruption.\12\
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\12\ See 31 CFR 1010.620(c)(2) for the definition of the term
``proceeds of foreign corruption.''
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Under 31 CFR 1010.620(d), covered financial institutions are
required to establish special procedures when appropriate due diligence
cannot be performed, including when the covered financial institution
should refuse to open the account, suspend transaction activity, file a
suspicious activity report, or close the account.
II. Paperwork Reduction Act of 1995 13
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\13\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
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Title: Due diligence programs for correspondent accounts for
foreign financial institutions and private banking accounts (31 CFR
1010.610 and 31 CFR 1010.620).
OMB Control Number: 1506-0046.
Form Number: Not applicable.
Abstract: FinCEN is issuing this notice to renew the OMB control
number for the regulations that require covered financial institutions
to establish and maintain due diligence programs for correspondent
accounts for foreign financial institutions and for private banking
accounts.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Type of Review: Renewal without change of a currently approved
information collection.
Frequency: As required.
Estimated Number of Respondents: 16,232 financial institutions.\14\
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\14\ Table 1 below breaks down the types of financial
institutions covered by this notice.
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Estimated Recordkeeping Burden:
In Part 1 of this notice, FinCEN describes the distribution of the
estimated number of covered financial institutions, by type. In Part 2,
FinCEN proposes for review and comment a renewal of the calculation of
the annual PRA burden that includes a scope and methodology similar to
that used in the 2020 notice to renew this information collection.\15\
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\15\ See FinCEN, Agency Information Collection Activities;
Proposed Renewal; Comment Request; Renewal Without Change of Anti-
Money Laundering Programs; Due Diligence Programs for Correspondent
Accounts for Foreign Financial Institutions and for Private Banking
Accounts, 85 FR 61104 (Sept. 29, 2020).
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Part 1. Distribution of the Financial Institutions Covered by This
Notice
The distribution of financial institutions, by type, covered by
this notice is reflected in table 1 below:
Table 1--Financial Institutions Covered by This Notice, by Type
------------------------------------------------------------------------
Type of institution Count
------------------------------------------------------------------------
Banks with a Federal functional regulator (FFR) \a\............ 9,800
Banks lacking an FFR \b\....................................... 600
Brokers or dealers in securities \c\........................... 3,478
Mutual funds \d\............................................... 1,400
Futures commission merchants and introducing brokers in 954
commodities \e\...............................................
--------
Total...................................................... 16,232
------------------------------------------------------------------------
\a\ This estimate is based on call report data, as publicly available
for download at the end of June 2023, from the Federal Financial
Institutions Examination Council (FFIEC) for certain types of banks,
savings associations, thrifts, trust companies (https://cdr.ffiec.gov/public/pws/downloadbulkdata.aspx) and from the NCUA for credit unions
(https://www.ncua.gov/analysis/credit-union-corporate-call-report-data data).
\b\ This estimate of active entries as of year-end 2023 incorporates
data from both public and non-public sources, including: Call Reports;
various State banking/financial institution regulators' websites and
directories; the Federal Reserve Board of Governors' Master Account
and Services database (https://federalreserve.gov/paymentsystems/master-account-and services-database-exisiting-access.htm); and data
from the OCIF (Oficina del Comisionado de Instituciones Financieras);
and was derived in consultation with staff from the Internal Revenue
Service's Small Business/Self-Employed Division.
\c\ Estimate based on December 2023 file downloaded from data maintained
by the U.S. Securities and Exchange Commission's (SEC). SEC, Company
Information About Active Broker-Dealers available at https://www.sec.gov/help/foiadocsbdfoia (accessed on Feb. 28, 2024).
\d\ This estimate of the number of active mutual funds as of year-end
2023 is based on Form N-CEN filings received by the SEC through
January 20, 2023, as represented by data downloaded from SEC Open
Data. SEC, Open Data, available at https://www.sec.gov/dera/data/form-ncen-data-sets (accessed Feb. 29, 2024).
\e\ The number of futures commissions merchants as of December 31, 2023,
was obtained from data available through the Commodity Futures Trading
Commission (CFTC). CFTC, Financial Data for Futures Commission
Merchants, available at https://www.cftc.gov/MarketReports/financialfcmdata/index.htm (accessed Mar. 1, 2024). To prevent double
counting in burden estimates, 35 covered financial institutions that
are also affected entities as broker-dealers were removed from the
count; the count of introducing brokers in commodities as of year-end
2023 was provided by the CFTC.
In connection with a variety of initiatives FinCEN is undertaking
to implement the AML Act, FinCEN intends to conduct, in the future,
additional assessments of the PRA burden associated with BSA
requirements.
Part 2. Annual PRA Burden and Cost
The scope of the annual PRA burden and cost estimates in this
renewal is limited to maintaining and updating the due diligence
programs as part of current AML program requirements for covered
financial institutions. Due to the practical challenges of obtaining
the total number of correspondent accounts maintained by covered
financial
[[Page 49276]]
institutions for foreign financial institutions subject to general due
diligence requirements, the number of correspondent accounts maintained
for foreign banks subject to EDD requirements, and the number of
private banking accounts, the scope of the annual PRA burden is limited
to the annual burden of (i) maintaining and updating a due diligence
program as part of the AML program for foreign correspondent accounts
and private banking accounts, and (ii) securing approval of the program
by an appropriate level of senior management.
FinCEN continues estimating the annual hourly burden of maintaining
and updating the due diligence program for foreign correspondent
accounts and private banking accounts at two hours per covered
financial institution. This estimate covers the burden of (i)
maintaining and updating the due diligence program to take into
consideration any regulatory changes and any potential modifications
required by changes in the types of foreign correspondent accounts or
private banking accounts maintained, or by changes in the operations or
organizational structure of the foreign financial institutions for
which a covered financial institution maintains accounts, as well as
changes to the organizational structure of private banking accounts
(one hour), and (ii) presenting the updated due diligence program to
the appropriate level of senior management of the financial institution
for approval (one hour).
FinCEN's estimate of the annual PRA burden, therefore, is 32,464
hours, as detailed in table 2 below:
Table 2--Burden Associated With Updating and Maintaining the Due Diligence Program and Obtaining Senior
Management Approval of the Program
----------------------------------------------------------------------------------------------------------------
Number of Time per financial Aggregate burden hours per
Type of financial financial institution (hours) step Total
institution institutions ---------------------------------------------------------- burden
(see table 1) Maintenance Approval Maintenance Approval hours
----------------------------------------------------------------------------------------------------------------
Banks with an FFR........... 9,800 1 1 9,800 9,800 19,600
Banks without an FFR........ 600 1 1 600 600 1,200
Brokers or dealers in 3,478 1 1 3,478 3,478 6,956
securities.................
Mutual funds................ 1,400 1 1 1,400 1,400 2,800
Futures commission merchants 954 1 1 954 954 1,908
and introducing brokers in
commodities................
-----------------------------------------------------------------------------------
Total Burden Hours...... .............. .............. ........... 16,232 16,232 32,464
----------------------------------------------------------------------------------------------------------------
FinCEN is utilizing the same fully-loaded composite hourly wage
rate of $106.30 utilized in the notice of proposed rulemaking (NPRM)
entitled Customer Identification Programs for Registered Investment
Advisers and Exempt Reporting Companies, which was published on May 21,
2024.\16\
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\16\ See FinCEN and SEC, NPRM Customer Identification Programs
for Registered Investment Advisers and Exempt Reporting Advisers, 89
FR 44571 (May 21, 2024). Specifically, as set out on 89 FR 44590,
table 1, footnote 1, the wage rate applied here is a general
composite hourly wage ($74.86), scaled by a private-sector benefits
factor of 1.42 ($106.30 = $74.86 x 1.42), that incorporates the mean
wage data (available for download at https://www.bls.gov/oes/tables.htm, ``May 2022--National industry-specific and by
ownership'') associated with the six occupational codes (11-1010:
Chief Executives; 11-3021: Computer and Information Systems
Managers; 11-3031: Financial Managers; 13-1041: Compliance Officers;
23-1010: Lawyers and Judicial Law Clerks; 43-3099: Financial Clerks,
All Other) for each of the nine groupings of NAICS industry codes
that FinCEN determined are most directly comparable to its eleven
categories of covered financial institutions as delineated in 31 CFR
parts 1020 to 1030. The benefit factor is 1 plus the benefit/wages
ratio, where as of Dec. 2023, Total Benefits = 29.6 and Wages and
salaries = 70.4 (29.6/70.4 = 0.42) based on the private industry
workers series data downloaded from https://www.bls.gov/web/ecec/ecec-private-dataset.xlsx, accessed Mar. 22, 2024.
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The total estimated cost of the annual PRA burden is $3,450,923.20,
as reflected in table 3 below:
Table 3--Total Cost of the Annual PRA Burden
----------------------------------------------------------------------------------------------------------------
Steps Hourly burden Hourly cost Total cost
----------------------------------------------------------------------------------------------------------------
Maintaining and updating the program......................... 16,232 $106.30 $1,725,461.60
Board of directors/senior management approval of the program. 16,232 106.30 1,725,461.60
--------------------------------------------------
Total Cost............................................... .............. .............. 3,450,923.20
----------------------------------------------------------------------------------------------------------------
Estimated Recordkeeping Burden: The average estimated annual PRA
burden, measured in hours per respondent, is two hours (one burden hour
to annually maintain and update the due diligence program, and one hour
to annually obtain senior management approval of the due diligence
program).
Estimated Number of Respondents: 16,232, as set out in table 1.
Estimated Total Annual Responses: 16,232 revised due diligence
programs for foreign correspondent accounts and private banking
accounts annually; and 16,232 due diligences programs for foreign
correspondent accounts and private banking accounts approved by senior
management each year, as set out in table 2.
Estimated Total Annual Recordkeeping Burden: The estimated total
annual PRA burden is 32,464 hours, as set out in table 2.
Estimated Total Annual Recordkeeping Cost: The estimated total
annual PRA cost is $3,450,923.20, as set out in table 3.
An Agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Records required to be
retained under the BSA must be retained for five years.
[[Page 49277]]
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (i) 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; (ii) the accuracy of the
agency's estimate of the burden of the collection of information; (iii)
ways to enhance the quality, utility, and clarity of the information to
be collected; (iv) 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 (v)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Andrea M. Gacki,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2024-12728 Filed 6-10-24; 8:45 am]
BILLING CODE 4810-02-P
