Agency Information Collection Activities; Submission for OMB Review; Comment Request; Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts, 71791-71792 [2024-19635]

Download as PDF Federal Register / Vol. 89, No. 170 / Tuesday, September 3, 2024 / Notices DEPARTMENT OF THE TREASURY Internal Revenue Service Superfund Tax on Chemical Substances; Request to Modify List of Taxable Substances; Notice of Filing for Propylene Glycol n-Propyl Ether Internal Revenue Service (IRS), Treasury. ACTION: Notice of filing and request for comments. AGENCY: This notice of filing announces that a petition has been filed requesting that propylene glycol npropyl ether be added to the list of taxable substances. This notice of filing also requests comments on the petition. This notice of filing is not a determination that the list of taxable substances is modified. DATES: Written comments and requests for a public hearing must be received on or before November 4, 2024. ADDRESSES: Commenters are encouraged to submit public comments or requests for a public hearing relating to this petition electronically via the Federal eRulemaking Portal at https:// www.regulations.gov (indicate public docket number IRS–2024–0043 or propylene glycol n-propyl ether) by following the online instructions for submitting comments. Comments cannot be edited or withdrawn once submitted to the Federal eRulemaking Portal. Alternatively, comments and requests for a public hearing may be mailed to: Internal Revenue Service, Attn: CC:PA:01:PR (Notice of Filing for Propylene Glycol n-Propyl Ether), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. All comments received are part of the public record and subject to public disclosure. All comments received will be posted without change to www.regulations.gov, including any personal information provided. You should submit only information that you wish to make publicly available. If a public hearing is scheduled, notice of the time and place for the hearing will be published in the Federal Register. FOR FURTHER INFORMATION CONTACT: Camille Edwards Bennehoff at (202) 317–6855 (not a toll-free number). SUPPLEMENTARY INFORMATION: tkelley on LAP7H3WLY3PROD with NOTICES2 SUMMARY: Request to Add Substance to the List (a) Overview. A petition was filed pursuant to Rev. Proc. 2022–26 (2022– 29 I.R.B. 90), as modified by Rev. Proc. 2023–20 (2023–15 I.R.B. 636), requesting that propylene glycol npropyl ether be added to the list of taxable substances under section VerDate Sep<11>2014 22:46 Aug 30, 2024 Jkt 262001 4672(a) of the Internal Revenue Code (List). The petition requesting the addition of propylene glycol n-propyl ether to the List is based on weight and contains the information detailed in paragraph (b) of this document. The information is provided for public notice and comment pursuant to section 9 of Rev. Proc. 2022–26. The publication of petition information in this notice of filing is not a determination and does not constitute Treasury Department or IRS confirmation of the accuracy of the information published. (b) Petition Content. (1) Substance name: Propylene glycol n-propyl ether. (2) Petitioner: The Dow Chemical Company, an importer and exporter of propylene glycol n-propyl ether. (3) Proposed classification numbers: (i) HTSUS number: 2909.49.60.00. (ii) Schedule B number: 2909.49.0000. (iii) CAS number: 1569–01–3. (4) Petition filing dates: (i) Petition filing date for purposes of making a determination: June 13, 2024. (ii) Petition filing date for purposes of section 11.02 of Rev. Proc. 2022–26, as modified by section 3 of Rev. Proc. 2023–20: July 1, 2022. (5) Description from petition: According to the petition, propylene glycol n-propyl ether is a propylene glycol and propanol based ether-alcohol solvent. Propylene glycol n-propyl ether, a liquid, is used in a variety of applications including coatings and cleaning. Propylene glycol n-propyl ether is made from propylene, chlorine, sodium hydroxide, ethylene, and methane. Taxable chemicals constitute 100.00 percent by weight of the materials used to produce this substance. (6) Process identified in petition as predominant method of production of substance: Glycol ethers are predominantly produced by reacting an epoxide (typically ethylene oxide or propylene oxide) with an alcohol; this reaction process is referred to as alkoxylation. Propylene glycol n-propyl ether is produced via the alkoxylation process (also known as ring opening of an epoxide) using n-propylene and propylene oxide. Propylene oxide is made by hydrochlorination (chlorine, propylene, NaOH). The n-propanol is manufactured by catalytic hydrogenation of propionaldehyde (hydrogen (H2) + propionaldehyde (CH3CH2CHO)). Propionaldehyde is produced by hydroformulation of ethylene (C2H4) using carbon monoxide (CO). The n-propanol is made by hydrogenating propionaldehyde in the presence of a catalyst. PO 00000 Frm 00542 Fmt 4703 Sfmt 4703 71791 Additional information on the production process: • The propylene glycol n-propyl ether alkoxylation reaction (n-propanol + propylene oxide) is base catalyzed, using a small amount of metal hydroxide to produce methoxide. Once propoxide is made, it is regenerated following conversion to the product in the presence of propylene oxide. Regenerated propoxide in the presence of propylene oxide will perpetually react until all propylene oxide is consumed or the reaction is halted through the use of controls. • Since the amount of metal hydroxide used to produce propylene glycol n-propyl ether is very small, the metal hydroxide has been excluded from the stoichiometric material consumption equation; including the metal hydroxide would lead to a distorted conversion factor. (7) Stoichiometric material consumption equation, based on process identified as predominant method of production: C3H6 (propylene) + Cl2 (chlorine) + 2 NaOH (sodium hydroxide) + C2H4 (ethylene) + CH4 (methane) → 2 NaCl (sodium chloride) + H2 (hydrogen) + C6H14O2 (propylene glycol n-propyl ether) (8) Tax rate calculated by Petitioner, based on Petitioner’s conversion factors for taxable chemicals used in production of substance: (i) Tax rate: $10.43 per ton. (ii) Conversion factors: 0.36 for propylene, 0.60 for chlorine, 0.68 for sodium hydroxide, 0.24 for ethylene, and 0.14 for methane. (9) Public docket number: IRS–2024– 0043. Michael Beker, Senior Counsel (Passthroughs and Special Industries), IRS Office of Chief Counsel. [FR Doc. 2024–19606 Filed 8–30–24; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Submission for OMB Review; Comment Request; Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts Departmental Offices, Department of the Treasury. ACTION: Notice of information collection; request for comment. AGENCY: The Department of the Treasury will submit the following SUMMARY: U:\REGISTER\03SEN1.SGM 03SEN1 71792 Federal Register / Vol. 89, No. 170 / Tuesday, September 3, 2024 / Notices 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 October 3, 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 PRA@treasury.gov, calling (202) 927–5331, or viewing the entire information collection request at www.reginfo.gov. SUPPLEMENTARY INFORMATION: tkelley on LAP7H3WLY3PROD with NOTICES2 Financial Crimes Enforcement Network (FinCEN) Title: Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts. OMB Control Number: 1506–0046. Type of Review: Extension without change of a currently approved collection. Description: 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. Form: None. Affected Public: Businesses or other for-profits. Estimated Number of Respondents: Financial Institutions. Frequency of Response: On occasion. Estimated Total Number of Annual Responses: 16,232. Estimated Time per Response: 2 hours. Estimated Total Annual Burden Hours: 32,464. Authority: 44 U.S.C. 3501 et seq. Spencer W. Clark, Treasury PRA Clearance Officer. [FR Doc. 2024–19635 Filed 8–30–24; 8:45 am] BILLING CODE 4810–02–P DEPARTMENT OF VETERANS AFFAIRS Veterans’ Advisory Committee on Rehabilitation, AMENDED, Notice of Meeting Department of Veterans Affairs (VA) gives notice under the Federal Advisory Committee Act (5 U.S.C. ch. 10), that the Veterans’ Advisory Committee on Rehabilitation (hereinafter the Committee) will meet on Monday, September 16, 2024, and Tuesday, September 17, 2024. The meeting sessions will begin and end as follows: Open session Date Time Location September 16, 2024 ..... September 16, 2024 ..... 8:15 a.m.–1:45 p.m. Pacific Standard Time (PST). 1:45 p.m.–3:00 p.m. PST ..................................... September 17, 2024 ..... 8:30 a.m.–12:30 p.m. PST ................................... Seattle VA Medical Center, 1660 S Columbian Way, Seattle, WA 98108. Seattle VA Medical Center, 1660 S Columbian Way, Seattle, WA 98108. Seattle Regional Office, Jackson Federal Building, 915 2nd Avenue, Seattle, WA 98174. Sessions are open to the public, except when the Committee is conducting a tour of VA facilities. Tours of VA facilities are closed to protect Veterans’ privacy and personal information, by 5 U.S.C. 552b(c)(6). The purpose of the Committee is to advise the Secretary of VA on the rehabilitation needs of Veterans with disabilities and the administration of VA’s rehabilitation programs. During the open sessions, the Committee will receive briefings on various Veterans Health Administration and Veterans Benefits Administration (VBA) programs designed to enhance the rehabilitative potential of Veterans with disabilities. In the closed session, the Committee will tour the Seattle VA Medical Center located at 1660 S. Columbian Way, Seattle, WA 98108. Members of the public may submit written statements until Wednesday, VerDate Sep<11>2014 22:46 Aug 30, 2024 Jkt 262001 September 11, 2024, for the Committee’s review to Ms. Latrese Thompson, Designated Federal Officer, Veterans Benefits Administration (28), 1800 G Street NW, Washington, DC 20006, or at VACOR.VBACO@va.gov. In the communication, writers must identify themselves and state the organization, association, or person(s) they represent. Members of the public may attend in person or virtually using the following Microsoft Teams link by computer or mobile app: https:// teams.microsoft.com/l/meetupjoin/ 19%3ameeting_Yzc0NDVjZWItNWIx Yy00MTk4LWJhMWUt MDAyNmEwMWI0ZmRm%40thread.v2/ 0?context=%7b%22Tid%22%3a %22e95f1b23-abaf-45ee-821db7ab251ab3bf%22%2c%22Oid%22%3a %22c392d3a0-a06e-41a2-bbcd-b0d7 bfd785dd%22%7d. PO 00000 Frm 00543 Fmt 4703 Sfmt 4703 Yes. No. Yes. Meeting ID: 287 084 852 938, Passcode: fVKULR, Join by phone: 1– 205–235–3524, Phone Conference ID: 297032590#. Dated: August 28, 2024. LaTonya L. Small, Federal Advisory Committee Management Officer. [FR Doc. 2024–19707 Filed 8–30–24; 8:45 am] BILLING CODE 8320–01–P DEPARTMENT OF VETERANS AFFAIRS Advisory Committee: National Academic Affiliations Council, Notice of Meeting The Department of Veterans Affairs (VA) gives notice under the Federal Advisory Committee Act, 5 U.S.C. ch. 10, that a meeting of the VA National U:\REGISTER\03SEN1.SGM 03SEN1

Agencies

[Federal Register Volume 89, Number 170 (Tuesday, September 3, 2024)]
[Notices]
[Pages 71791-71792]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-19635]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Due Diligence Programs for Correspondent 
Accounts for Foreign Financial Institutions and for Private Banking 
Accounts

AGENCY: Departmental Offices, Department of the Treasury.

ACTION: Notice of information collection; request for comment.

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

SUMMARY: The Department of the Treasury will submit the following

[[Page 71792]]

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 October 3, 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: Due Diligence Programs for Correspondent Accounts for 
Foreign Financial Institutions and for Private Banking Accounts.
    OMB Control Number: 1506-0046.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: 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.
    Form: None.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: Financial Institutions.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 16,232.
    Estimated Time per Response: 2 hours.
    Estimated Total Annual Burden Hours: 32,464.
    Authority: 44 U.S.C. 3501 et seq.

Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2024-19635 Filed 8-30-24; 8:45 am]
BILLING CODE 4810-02-P
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