81 FR 143 - Agency Information Collection Activities; Information Collection Extension With Revision; Comment Request; Bank Secrecy Act/Money Laundering Risk Assessment

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

Federal Register Volume 81, Issue 1 (January 4, 2016)

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995. In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35) (PRA), the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning its information collection entitled, ``Bank Secrecy Act/Money Laundering Risk Assessment,'' also known as the Money Laundering Risk (MLR) System.

[Federal Register Volume 81, Number 1 (Monday, January 4, 2016)]
[Notices]
[Pages 143-144]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-33023]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities; Information Collection 
Extension With Revision; Comment Request; Bank Secrecy Act/Money 
Laundering Risk Assessment

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a continuing 
information collection, as required by the Paperwork Reduction Act of 
1995.
    In accordance with the requirements of the Paperwork Reduction Act 
of 1995 (44 U.S.C. chapter 35) (PRA), the OCC may not conduct or 
sponsor, and the respondent is not required to respond to, an 
information collection unless it displays a currently valid Office of 
Management and Budget (OMB) control number.
    The OCC is soliciting comment concerning its information collection 
entitled, ``Bank Secrecy Act/Money Laundering Risk Assessment,'' also 
known as the Money Laundering Risk (MLR) System.

DATES: Comments must be submitted by March 4, 2016.

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email, if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0231, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to [email protected]. You may 
personally inspect and photocopy comments at the OCC, 400 7th Street 
SW., Washington, DC, 20219. For security reasons, the OCC requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 649-6700, or for persons who are deaf or hard of hearing, 
TTY, (202) 649-5597. Upon arrival, visitors will be required to present 
valid government-issued photo identification and submit to security 
screening in order to inspect and photocopy comments.
    All comments received, including attachments and other supporting 
materials, are part of the public record and subject to public 
disclosure. Do not include any information in your comment or 
supporting materials that you consider confidential or inappropriate 
for public disclosure.

FOR FURTHER INFORMATION CONTACT:  Shaquita Merritt, OCC Clearance 
Officer, (202) 874-5090, or for persons who are deaf or hard of 
hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities 
Division, Office of the Comptroller of the Currency, 400 7th Street 
SW., Washington, DC 20219.

SUPPLEMENTARY INFORMATION:  Under the PRA, Federal agencies must obtain 
approval from the OMB for each collection of information they conduct 
or sponsor. ``Collection of information'' is defined in 44 U.S.C. 
3502(3) and 5 CFR 1320.3(c) to include questions posed to agencies, 
instrumentalities, or employees of the United States, if the results 
are to be used for general statistical purposes, that is, if the 
results are to be used for statistical compilations of general public 
interest, including compilations showing the status or implementation 
of Federal activities and programs. Section 3506(c)(2)(A) of the PRA 
requires Federal agencies to provide a 60-day notice in the Federal 
Register concerning each proposed collection of information, including 
each proposed extension or revision of an existing collection of 
information, before submitting the collection to OMB for approval. In 
compliance with the PRA, the OCC is publishing notice of the proposed 
extension with revision of the collection of information set forth in 
this document.
    The MLR System enhances the ability of examiners and bank 
management to identify and evaluate Bank Secrecy Act/Money Laundering 
and Office of Foreign Asset Control (OFAC) sanctions risks associated 
with banks' products, services, customers, and locations. As new 
products and services are introduced, existing products and services 
change, and banks expand through mergers and acquisitions, banks' 
evaluation of money laundering and terrorist financing risks should 
evolve as well. Consequently, the MLR risk assessment is an important 
tool for the OCC's Bank Secrecy Act/Anti-Money Laundering/OFAC 
supervision activities because it allows the agency to better identify 
those institutions, and areas within institutions, that pose heightened 
risk and allocate examination resources accordingly. This risk 
assessment is critical in protecting U.S. financial institutions of all 
sizes from potential abuse from money laundering and terrorist 
financing. Absent an appropriate risk assessment, applicable controls 
cannot be effectively implemented for the lines of business, products, 
or entities that would elevate Bank Secrecy Act/Money Laundering and 
OFAC compliance risks.
    We will collect MLR information for all financial institutions 
supervised by the OCC.
    The OCC recently updated the annual Risk Summary Form (RSF). The 
2015 form has a fully automated format that makes data entry quick and 
efficient and provides an electronic record for all parties.
    The OCC estimates the burden of this collection of information as 
follows:

Burden Estimates

    Community Bank and Federal Branches and Agencies populations:
    Estimated Number of Respondents: 1,450.
    Estimated Number of Responses: 1,450.
    Frequency of Response: Annually.
    Estimated Annual Burden: 8,700 hours.

    Midsize Bank population:
    Estimated Number of Respondents: 47.
    Estimated Number of Responses: 47.
    Frequency of Response: Annually.
    Estimated Annual Burden: 1,175 hours.

    Large Bank population:
    Estimated Number of Respondents: 38.
    Estimated Number of Responses: 38.
    Frequency of Response: Annually.
    Estimated Annual Burden: 3,040 hours.

    With respect to the above collection of information, the OCC 
invites comments on these topics:

[[Page 144]]

    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information has 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 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 and costs of operation, 
maintenance, and purchase of services to provide information.
    All comments will become a matter of public record. Written 
comments should address the accuracy of the burden estimates and ways 
to minimize burden including the use of automated collection techniques 
or the use of other forms of information technology as well as other 
relevant aspects of the information collection request.

    Dated: December 28, 2015.
Mary H. Gottlieb,
Regulatory Specialist, Legislative and Regulatory Activities Division.
[FR Doc. 2015-33023 Filed 12-31-15; 8:45 am]
BILLING CODE 4810-33-P