81 FR 14408 - Financial Crimes Enforcement Network; Withdrawal of Notice of Proposed Rulemaking Regarding JSC CredexBank
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network Federal Register Volume 81, Issue 52 (March 17, 2016)
Financial Crimes Enforcement Network
Federal Register Volume 81, Issue 52 (March 17, 2016)
| Page Range | 14408-14409 | |
| FR Document | 2016-04413 |
[Federal Register Volume 81, Number 52 (Thursday, March 17, 2016)] [Proposed Rules] [Pages 14408-14409] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-04413] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network 31 CFR Part 1010 RIN 1506-AB19 Financial Crimes Enforcement Network; Withdrawal of Notice of Proposed Rulemaking Regarding JSC CredexBank AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury. ACTION: Proposed rule; withdrawal. ----------------------------------------------------------------------- SUMMARY: This document withdraws FinCEN's proposed rulemaking to impose the first and fifth special measure regarding JSC CredexBank (``Credex''), renamed JSC InterPayBank (``InterPay''), as a financial institution of primary money laundering concern, pursuant to Section 311 of the USA PATRIOT Act (``Section 311''). Because of material subsequent developments that have mitigated the money laundering risks associated with Credex, FinCEN has determined that Credex is no longer a primary money laundering concern that warrants the implementation of a special measure under Section 311. Elsewhere in this issue of the Federal Register, FinCEN is publishing a withdrawal of the related finding regarding Credex. DATES: As of March 17, 2016 the proposed rule published May 30, 2012, at 77 FR 31794, is withdrawn. FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at (800) 767-2825. SUPPLEMENTARY INFORMATION: I. Background On October 26, 2001, the President signed into law the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the ``USA PATRIOT Act''). Title III of the USA PATRIOT Act amends the anti- money laundering provisions of the Bank Secrecy Act (``BSA''), codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5314, 5316- 5332, to promote the prevention, detection, and prosecution of money laundering, tax evasion, the financing of terrorism, and other financial crimes. Regulations implementing the BSA appear at 31 CFR Chapter X. The authority of the Secretary of the Treasury to administer the BSA and its implementing regulations has been delegated to the Director of FinCEN. Section 311 of the USA PATRIOT Act (``Section 311''), codified at 31 U.S.C. [[Page 14409]] 5318A), grants the Director of FinCEN the authority, upon finding that reasonable grounds exist for concluding that a foreign jurisdiction, foreign financial institution, class of transactions, or type of account is of ``primary money laundering concern,'' to require domestic financial institutions and financial agencies to take certain ``special measures'' to address the primary money laundering concern. The special measures enumerated under Section 311 are prophylactic safeguards that defend the U.S. financial system from money laundering and terrorist financing. FinCEN may impose one or more of these special measures in order to protect the U.S. financial system from these threats. To that end, special measures one through four, codified at 31 U.S.C. 5318A(b)(1-4), impose additional recordkeeping, information collection, and information reporting requirements on covered U.S. financial institutions. The fifth special measure, codified at 31 U.S.C. 5318A(b)(5), allows the Director to prohibit or impose conditions on the opening or maintaining of correspondent or payable-through accounts for the identified institution by U.S. financial institutions. II. The Finding and Notice of Proposed Rulemaking A. The Finding and Notice of Proposed Rulemaking Based upon review and analysis of relevant information, consultations with relevant Federal agencies and departments, and after consideration of the factors enumerated in Section 311, the Director of FinCEN found that reasonable grounds existed for concluding that JSC CredexBank (``Credex'') was a financial institution of primary money laundering concern.\1\ FinCEN published a notice of proposed rulemaking proposing to impose the first and fifth special measures on May 30, 2012, pursuant to the authority under 31 U.S.C. 5318A.\2\ --------------------------------------------------------------------------- \1\ See 77 FR 31434 (May 25, 2012). \2\ See 77 FR 31794 (May 30, 2012) (RIN 1506-AB19). --------------------------------------------------------------------------- B. Subsequent Developments Since FinCEN's notice of proposed rulemaking regarding Credex, material facts regarding the circumstances of the proposed rulemaking have changed. On May 8, 2015, the National Bank of the Republic of Belarus (``NBRB''), the Belarusian central bank and monetary authority with control over bank supervision and regulation, revoked the banking license of InterPay, the successor of Credex, and delisted InterPay from the list of banks published by the NBRB.\3\ In late January 2016, InterPay was also listed by the NBRB as being in the process of bankruptcy and liquidation.\4\ Because of the actions taken by the Belarusian banking authorities and the ongoing liquidation of InterPay's assets, InterPay no longer operates as a foreign financial institution. --------------------------------------------------------------------------- \3\ See Press Release, National Bank of the Republic of Belarus. About Revocation of the Banking License from `InterPayBank' Joint Stock Company. (May 8, 2015). http://www.nbrb.by/Press/?nId=101&l=en (accessed January 27, 2016); see also Press Release, National Bank of the Republic of Belarus. Register of Banking Licenses as at 27 January 2016. (January 27, 2016). http://www.nbrb.by/engl/system/register.asp (accessed January 27, 2016). \4\ See Press Release, National Bank of the Republic of Belarus. Information on Banks Under Bankruptcy or Liquidation in the Republic of Belarus as of 27.01.2016. (accessed January 27, 2016). http://www.nbrb.by/engl/system/ex-banks.asp (accessed January 27, 2016). --------------------------------------------------------------------------- III. Withdrawal of the Proposed Rule For the reasons set forth above, FinCEN hereby withdraws the May 30, 2012 proposed rule proposing to impose the first and fifth special measure authorized by 31 U.S.C. 5318A(b)(5) regarding Credex/InterPay. FinCEN's withdrawal of the proposed rule does not acknowledge any remedial measure taken by Credex/InterPay, but results from the fact that Credex/InterPay no longer operates as a foreign financial institution. Jamal El-Hindi, Deputy Director, Financial Crimes Enforcement Network. [FR Doc. 2016-04413 Filed 3-16-16; 8:45 am] BILLING CODE 4810-02-P
![14408 Federal Register / Vol. 81, No. 52 / Thursday, March 17, 2016 / Proposed Rules
(l) Later-Approved Parts (i) Before using any approved AMOC, DEPARTMENT OF THE TREASURY
Installation of an ELAC version (part notify your appropriate principal inspector,
number) approved after the effective date of or lacking a principal inspector, the manager Financial Crimes Enforcement Network
this AD is an approved method of of the local flight standards district office/
compliance with the requirements of certificate holding district office. The AMOC 31 CFR Part 1010
paragraphs (i) and (j) of this AD, provided the approval letter must specifically reference
requirements specified in paragraphs (l)(1) this AD. RIN 1506–AB19
and (l)(2) of this AD are met. (ii) AMOCs approved previously for AD
(1) The version (part number) must be 2003–25–07, Amendment 39–13390 (68 FR Financial Crimes Enforcement
approved by the Manager, International 70431, December 18, 2003), are approved as Network; Withdrawal of Notice of
Branch, ANM–116, Transport Airplane AMOCs for the corresponding provisions of Proposed Rulemaking Regarding JSC
Directorate, FAA; or the European Aviation paragraph (g) of this AD. CredexBank
Safety Agency (EASA); or Airbus’s EASA (iii) AMOCs approved previously for AD
Design Organization Approval (DOA). 2005–13–39, Amendment 39–14176 (70 FR
AGENCY: Financial Crimes Enforcement
(2) The installation must be done using a 38580, July 5, 2005), are approved as AMOCs Network (‘‘FinCEN’’), Treasury.
method approved by the Manager, ACTION: Proposed rule; withdrawal.
for the corresponding provisions of
International Branch, ANM–116, Transport
Airplane Directorate, FAA; or the EASA; or paragraph (h) of this AD.
(2) Contacting the Manufacturer: As of the SUMMARY: This document withdraws
Airbus’s EASA DOA. FinCEN’s proposed rulemaking to
effective date of this AD, for any requirement
(m) Parts Installation Limitation in this AD to obtain corrective actions from impose the first and fifth special
As of the applicable time specified in a manufacturer, the action must be measure regarding JSC CredexBank
paragraph (m)(1) or (m)(2) of this AD, do not accomplished using a method approved by (‘‘Credex’’), renamed JSC InterPayBank
install on any airplane an ELAC unit having the Manager, International Branch, ANM– (‘‘InterPay’’), as a financial institution of
a part number identified in table 2 to 116, Transport Airplane Directorate, FAA; or primary money laundering concern,
paragraph (k) of this AD, except as specified the EASA; or Airbus’s EASA DOA. If pursuant to Section 311 of the USA
in paragraph (m)(3) of this AD. approved by the DOA, the approval must PATRIOT Act (‘‘Section 311’’).
(1) For an airplane that, as of the effective include the DOA-authorized signature. Because of material subsequent
date of this AD, has any ELAC unit installed (3) Required for Compliance (RC): If any developments that have mitigated the
having a part number identified in table 2 to service information contains procedures or
paragraph (k) of this AD: After modification money laundering risks associated with
tests that are identified as RC, those Credex, FinCEN has determined that
of that airplane as required by paragraph (i)
procedures and tests must be done to comply Credex is no longer a primary money
of this AD, or as specified in paragraph (j) of
with this AD; any procedures or tests that are laundering concern that warrants the
this AD.
not identified as RC are recommended. Those
(2) For an airplane that, as of the effective implementation of a special measure
date of this AD, does not have any ELAC unit procedures and tests that are not identified
as RC may be deviated from using accepted
under Section 311. Elsewhere in this
installed having a part number identified in issue of the Federal Register, FinCEN is
table 2 to paragraph (k) of this AD: As of the methods in accordance with the operator’s
maintenance or inspection program without publishing a withdrawal of the related
effective date of this AD.
(3) As of the effective date of this AD, a obtaining approval of an AMOC, provided finding regarding Credex.
data-loadable ELAC B unit having a part the procedures and tests identified as RC can DATES: As of March 17, 2016 the
number identified in table 2 to paragraph (k) be done and the airplane can be put back in proposed rule published May 30, 2012,
of this AD can be installed on an airplane an airworthy condition. Any substitutions or at 77 FR 31794, is withdrawn.
provided that L97+ software P/N 3945129109 changes to procedures or tests identified as FOR FURTHER INFORMATION CONTACT: The
is uploaded at the applicable time specified RC require approval of an AMOC. FinCEN Resource Center at (800) 767–
in paragraph (m)(3)(i) or (m)(3)(ii) of this AD.
(i) For all airplanes except those identified (o) Related Information 2825.
in paragraph (m)(3)(ii) of this AD: Before (1) Refer to Mandatory Continuing SUPPLEMENTARY INFORMATION:
further flight after the ELAC B unit Airworthiness Information (MCAI) EASA
installation. Airworthiness Directive 2015–0088R1, dated
I. Background
(ii) For airplanes that have not been June 2, 2015, for related information. This On October 26, 2001, the President
modified as required by paragraph (i) of this MCAI may be found in the AD docket on the signed into law the Uniting and
AD: Within the applicable compliance time Internet at http://www.regulations.gov by Strengthening America by Providing
specified in table 1 to paragraph (i) of this searching for and locating Docket No. FAA–
AD. Appropriate Tools Required to Intercept
2016–4226. and Obstruct Terrorism Act of 2001,
(n) Other FAA AD Provisions (2) For service information identified in Public Law 107–56 (the ‘‘USA PATRIOT
The following provisions also apply to this this AD, contact Airbus, Airworthiness Act’’). Title III of the USA PATRIOT Act
AD: Office—EIAS, 1 Rond Point Maurice amends the anti-money laundering
(1) Alternative Methods of Compliance Bellonte, 31707 Blagnac Cedex, France;
provisions of the Bank Secrecy Act
(AMOCs): The Manager, International telephone +33 5 61 93 36 96; fax +33 5 61
93 44 51; email account.airworth-eas@
(‘‘BSA’’), codified at 12 U.S.C. 1829b, 12
Branch, ANM–116, Transport Airplane
airbus.com; Internet http://www.airbus.com. U.S.C. 1951–1959, and 31 U.S.C. 5311–
Directorate FAA, has the authority to approve
AMOCs for this AD, if requested using the You may view this service information at the 5314, 5316–5332, to promote the
procedures found in 14 CFR 39.19. In FAA, Transport Airplane Directorate, 1601 prevention, detection, and prosecution
accordance with 14 CFR 39.19, send your Lind Avenue SW., Renton, WA. For of money laundering, tax evasion, the
request to your principal inspector or local information on the availability of this financing of terrorism, and other
asabaliauskas on DSK3SPTVN1PROD with PROPOSALS
Flight Standards District Office, as material at the FAA, call 425–227–1221. financial crimes. Regulations
appropriate. If sending information directly implementing the BSA appear at 31 CFR
to the International Branch send it to ATTN: Issued in Renton, Washington, on March 9,
2016. Chapter X. The authority of the
Sanjay Ralhan, Aerospace Engineer,
Secretary of the Treasury to administer
International Branch, ANM–116, Transport Michael Kaszycki,
Airplane Directorate, FAA, 1601 Lind the BSA and its implementing
Acting Manager, Transport Airplane regulations has been delegated to the
Avenue SW., Renton, WA 98057–3356; Directorate, Aircraft Certification Service.
telephone 425–227–1405; fax 425–227–1149. Director of FinCEN.
Information may be emailed to: 9-ANM-116- [FR Doc. 2016–05830 Filed 3–16–16; 8:45 am] Section 311 of the USA PATRIOT Act
AMOC-REQUESTS@faa.gov. BILLING CODE 4910–13–P (‘‘Section 311’’), codified at 31 U.S.C.
VerDate Sep<11>2014 16:06 Mar 16, 2016 Jkt 238001 PO 00000 Frm 00007 Fmt 4702 Sfmt 4702 E:\FR\FM\17MRP1.SGM 17MRP1](https://thefederalregister.org/doc/81_FR_14460/page/1.svg)
![Federal Register / Vol. 81, No. 52 / Thursday, March 17, 2016 / Proposed Rules 14409
5318A), grants the Director of FinCEN Republic of Belarus (‘‘NBRB’’), the Atmospheric Administration (NOAA),
the authority, upon finding that Belarusian central bank and monetary Commerce.
reasonable grounds exist for concluding authority with control over bank
that a foreign jurisdiction, foreign supervision and regulation, revoked the ACTION: Notice of a public meeting.
financial institution, class of banking license of InterPay, the
transactions, or type of account is of successor of Credex, and delisted SUMMARY: The New England Fishery
‘‘primary money laundering concern,’’ InterPay from the list of banks Management Council (Council) is
to require domestic financial published by the NBRB.3 In late January scheduling a public meeting of its
institutions and financial agencies to 2016, InterPay was also listed by the Whiting Committee on April 5, 2016, to
take certain ‘‘special measures’’ to NBRB as being in the process of consider actions affecting New England
address the primary money laundering bankruptcy and liquidation.4 Because of fisheries in the exclusive economic zone
concern. The special measures the actions taken by the Belarusian (EEZ). Recommendations from this
enumerated under Section 311 are banking authorities and the ongoing group will be brought to the full Council
prophylactic safeguards that defend the liquidation of InterPay’s assets, InterPay for formal consideration and action, if
U.S. financial system from money no longer operates as a foreign financial appropriate.
laundering and terrorist financing. institution.
FinCEN may impose one or more of DATES:This meeting will be held on
III. Withdrawal of the Proposed Rule
these special measures in order to Tuesday, April 5, 2016, at 10 a.m.
protect the U.S. financial system from For the reasons set forth above,
FinCEN hereby withdraws the May 30, ADDRESSES: The meeting will be held at
these threats. To that end, special
measures one through four, codified at 2012 proposed rule proposing to impose the Hilton Garden, 1 Thurber Street,
31 U.S.C. 5318A(b)(1–4), impose the first and fifth special measure Warwick, RI 02886; telephone: (401)
additional recordkeeping, information authorized by 31 U.S.C. 5318A(b)(5) 734–9600; fax: (401) 734–9700.
collection, and information reporting regarding Credex/InterPay. FinCEN’s Council address: New England
requirements on covered U.S. financial withdrawal of the proposed rule does Fishery Management Council, 50 Water
institutions. The fifth special measure, not acknowledge any remedial measure Street, Mill 2, Newburyport, MA 01950.
codified at 31 U.S.C. 5318A(b)(5), taken by Credex/InterPay, but results
allows the Director to prohibit or from the fact that Credex/InterPay no FOR FURTHER INFORMATION CONTACT:
impose conditions on the opening or longer operates as a foreign financial Thomas A. Nies, Executive Director,
maintaining of correspondent or institution. New England Fishery Management
payable-through accounts for the Council; telephone: (978) 465–0492.
Jamal El-Hindi,
identified institution by U.S. financial Deputy Director, Financial Crimes SUPPLEMENTARY INFORMATION:
institutions. Enforcement Network.
Agenda
II. The Finding and Notice of Proposed [FR Doc. 2016–04413 Filed 3–16–16; 8:45 am]
Rulemaking BILLING CODE 4810–02–P The Committee will evaluate options
A. The Finding and Notice of Proposed for limited access qualification criteria
Rulemaking for Amendment 22. They will discuss
DEPARTMENT OF COMMERCE other potential measures that could
Based upon review and analysis of
reduce the risk that catches exceed
relevant information, consultations with National Oceanic and Atmospheric
relevant Federal agencies and Annual Catch Limits for ‘choke’ species,
Administration
departments, and after consideration of including but not limited to Georges
the factors enumerated in Section 311, 50 CFR Part 648 Bank yellowtail flounder and northern
the Director of FinCEN found that red hake. The Committee will also
RIN 0648–XE502 discuss other business as necessary.
reasonable grounds existed for
concluding that JSC CredexBank New England Fishery Management Special Accommodations
(‘‘Credex’’) was a financial institution of Council; Public Meeting
primary money laundering concern.1 This meeting is physically accessible
FinCEN published a notice of proposed AGENCY: National Marine Fisheries to people with disabilities. Requests for
rulemaking proposing to impose the Service (NMFS), National Oceanic and sign language interpretation or other
first and fifth special measures on May auxiliary aids should be directed to
3 See Press Release, National Bank of the Republic
30, 2012, pursuant to the authority of Belarus. About Revocation of the Banking Thomas A. Nies, Executive Director, at
under 31 U.S.C. 5318A.2 License from ‘InterPayBank’ Joint Stock Company. (978) 465–0492, at least 5 days prior to
(May 8, 2015). http://www.nbrb.by/Press/ the meeting date.
B. Subsequent Developments ?nId=101&l=en (accessed January 27, 2016); see
Since FinCEN’s notice of proposed also Press Release, National Bank of the Republic Authority: 16 U.S.C. 1801 et seq.
of Belarus. Register of Banking Licenses as at 27
rulemaking regarding Credex, material January 2016. (January 27, 2016). http:// Dated: March 14, 2016.
facts regarding the circumstances of the www.nbrb.by/engl/system/register.asp (accessed
Tracey L. Thompson,
proposed rulemaking have changed. On January 27, 2016).
Acting Director, Office of Sustainable
asabaliauskas on DSK3SPTVN1PROD with PROPOSALS
4 See Press Release, National Bank of the Republic
May 8, 2015, the National Bank of the
of Belarus. Information on Banks Under Bankruptcy Fisheries, National Marine Fisheries Service.
or Liquidation in the Republic of Belarus as of
1 See 77 FR 31434 (May 25, 2012). [FR Doc. 2016–06048 Filed 3–16–16; 8:45 am]
27.01.2016. (accessed January 27, 2016). http://
2 See 77 FR 31794 (May 30, 2012) (RIN 1506– www.nbrb.by/engl/system/ex-banks.asp (accessed BILLING CODE 3510–22–P
AB19). January 27, 2016).
VerDate Sep<11>2014 16:06 Mar 16, 2016 Jkt 238001 PO 00000 Frm 00008 Fmt 4702 Sfmt 9990 E:\FR\FM\17MRP1.SGM 17MRP1](https://thefederalregister.org/doc/81_FR_14460/page/2.svg)
Document Created: 2016-03-17 00:58:24
Document Modified: 2016-03-17 00:58:24
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Proposed Rules | |
| Action | Proposed rule; withdrawal. | |
| Dates | As of March 17, 2016 the proposed rule published May 30, 2012, at 77 FR 31794, is withdrawn. | |
| Contact | The FinCEN Resource Center at (800) 767-2825. | |
| FR Citation | 81 FR 14408 | |
| RIN Number | 1506-AB19 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR