81 FR 58002 - Proposed Renewal Without Change; Comment Request; Imposition of Special Measure Against Commercial Bank of Syria, Including Its Subsidiary Syrian Lebanese Commercial Bank, as a Financial Institution of Primary Money Laundering Concern

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network

Federal Register Volume 81, Issue 164 (August 24, 2016)

As part of our continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a renewal, without change, to information collection requirements finalized on March 15, 2006 (71 FR 13260, RIN 1506-AA64), imposing a special measure against the Commercial Bank of Syria, including its subsidiary Syrian Lebanese Commercial Bank, as a financial institution of primary money laundering concern. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995 (``PRA''), Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).

[Federal Register Volume 81, Number 164 (Wednesday, August 24, 2016)]
[Notices]
[Pages 58002-58003]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-20240]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Renewal Without Change; Comment Request; Imposition of 
Special Measure Against Commercial Bank of Syria, Including Its 
Subsidiary Syrian Lebanese Commercial Bank, as a Financial Institution 
of Primary Money Laundering Concern

AGENCY: Financial Crimes Enforcement Network, Department of the 
Treasury.

ACTION: Notice and request for comments.

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

SUMMARY: As part of our continuing effort to reduce paperwork and 
respondent burden, FinCEN invites comment on a renewal, without change, 
to information collection requirements finalized on March 15, 2006 (71 
FR 13260, RIN 1506-AA64), imposing a special measure against the 
Commercial Bank of Syria, including its subsidiary Syrian Lebanese 
Commercial Bank, as a financial institution of primary money laundering 
concern. This request for comments is being made pursuant to the 
Paperwork Reduction Act of 1995 (``PRA''), Public Law 104-13, 44 U.S.C. 
3506(c)(2)(A).

DATES: Written comments are welcome and must be received on or before 
October 24, 2016.

ADDRESSES: You may submit comments identified by OMB Control Number 
1506-0036, by any of the following methods:
     Federal E-Rulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Mail: Written comments should be submitted to: Financial 
Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183, Attention: 
Comment Request; Imposition of Special Measure against Commercial Bank 
of Syria.
     Please submit by one method only.
     All comments submitted by either method 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.
    Inspection of comments: Comments, when received, are viewable on 
the Regulations.gov public Web site. Persons wishing to review the 
comments submitted may access the posted comments by going to https://www.regulations.gov and search on OMB Control Number 1506-0036.

FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at 1-800-
767-2825 or 1-703-905-3591 (not a toll free number) and select option 3 
for regulatory questions. Email inquiries can be sent to 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Abstract: The Director of the Financial Crimes Enforcement Network 
(``FinCEN'') is the delegated administrator of the Bank Secrecy Act 
(``BSA''). The Act authorizes the Director to issue regulations to 
require all financial institutions defined as such pursuant to the Act 
to maintain or file certain reports or records that have been 
determined to have a high degree of usefulness in criminal, tax, or 
regulatory investigations or proceedings, or in the conduct of 
intelligence or counter-intelligence activities, including analysis, to 
protect against international terrorism.\1\ Regulations implementing

[[Page 58003]]

section 5318A of title 31, United States Code can be found in part at 
31 CFR 1010.653. In general, the regulations require financial 
institutions, as defined at 31 U.S.C. 5312(a)(2) and 31 CFR 1010.100 to 
establish, document, and maintain programs as an aid in protecting and 
securing the U.S. financial system.
---------------------------------------------------------------------------

    \1\ Public Law 91-508, as amended and codified at 12 U.S.C. 
1829b, 12 U.S.C. 1951-1959 and 31 U.S.C. 5311-5332. Language 
expanding the scope of the BSA to intelligence or counter-
intelligence activities to protect against international terrorism 
was added by section 358 of the Uniting and Strengthening America by 
Providing Appropriate Tools Required to Intercept and Obstruct 
Terrorism (``USA PATRIOT'') Act of 2001, Public Law 107-56.
---------------------------------------------------------------------------

    Title: Imposition of Special Measure against Commercial Bank of 
Syria, Including its Subsidiary Syrian Lebanese Commercial Bank, as a 
Financial Institution of Primary Money Laundering Concern.
    Office of Management and Budget Control Number: 1506-0036.
    Abstract: FinCEN is issuing this notice to renew the imposition of 
a special measure against the Commercial Bank of Syria, including its 
subsidiary Syrian Lebanese Commercial Bank, as a financial institution 
of primary money laundering concern, pursuant to the authority 
contained in 31 U.S.C. 5318A.
    Current Action: Renewal without change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Businesses and other for-profit institutions.
    Burden: Estimated Number of Respondents: 5,000.
    Estimated Number of Responses: 5,000.
    Estimated Number of Hours: 5,000. (Estimated at one hour per 
respondent).
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a valid 
control number assigned by the Office of Management and Budget 
(``OMB''). Records required to be retained under the BSA must be 
retained for five years. Generally, information collected pursuant to 
the BSA is confidential but may be shared as provided by law with 
regulatory and law enforcement authorities.
    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: (a) 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; (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 of 
information 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.

    Dated: August 19, 2016.
Jamal El-Hindi,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. 2016-20240 Filed 8-23-16; 8:45 am]
 BILLING CODE 4810-02-P