82 FR 15790 - Proposed Renewal Without Change; Comment Request; Anti-Money Laundering Programs; Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network

Federal Register Volume 82, Issue 60 (March 30, 2017)

Page Range		15790-15791
FR Document		2017-06300

As part of our continuing effort to reduce paperwork and respondent burden, we invite comment on a proposed renewal, without change, to an information collection found in existing regulations requiring U.S. financial institutions to establish due diligence policies, procedures, and controls reasonably designed to detect and report money laundering through correspondent accounts that U.S. financial institutions establish or maintain for certain foreign financial institutions. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995.

Federal Register, Volume 82 Issue 60 (Thursday, March 30, 2017)

[Federal Register Volume 82, Number 60 (Thursday, March 30, 2017)]
[Notices]
[Pages 15790-15791]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-06300]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Renewal Without Change; Comment Request; Anti-Money 
Laundering Programs; Due Diligence Programs for Correspondent Accounts 
for Foreign Financial Institutions

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Department 
of the Treasury.

ACTION: Notice and request for comments.

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

SUMMARY: As part of our continuing effort to reduce paperwork and 
respondent burden, we invite comment on a proposed renewal, without 
change, to an information collection found in existing regulations 
requiring U.S. financial institutions to establish due diligence 
policies, procedures, and controls reasonably designed to detect and 
report money laundering through correspondent accounts that U.S. 
financial institutions establish or maintain for certain foreign 
financial institutions. This request for comments is being made 
pursuant to the Paperwork Reduction Act of 1995.

DATES: Written comments are welcome and must be received on or before 
May 30, 2017.

ADDRESSES: Written comments should be submitted to: Financial Crimes 
Enforcement Network, P.O. Box 39, Vienna, VA 22183, Attention: Comments 
on Anti-Money Laundering Program and Due Diligence Programs for 
Correspondent Accounts for Foreign Financial Institutions. Comments 
also may be submitted by electronic mail to the following Internet 
address: [email protected], again with a caption, in the body of 
the text, ``Attention: Comments on Anti-Money Laundering Program and 
Due Diligence Programs for Correspondent Accounts for Foreign Financial 
Institutions.'' Please submit by one method only.

FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at 800-767-
2825 or electronically at [email protected].

SUPPLEMENTARY INFORMATION:  Abstract: The Director FinCEN is the 
delegated administrator of the Bank Secrecy Act (``Act''). The Act 
authorizes the Director to issue regulations to require all financial 
institutions defined as such in 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, and to implement anti-money laundering programs and 
compliance procedures.\1\
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    \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.
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    Title: Anti-Money Laundering Programs and Due Diligence Programs 
for Correspondent Accounts for Foreign Financial Institutions (31 CFR 
1010.610).
    Office of Management and Budget Control Number: 1506-0046.
    Abstract: FinCEN is renewing, without change, the regulation 
implementing section 5318(i)(1) and (2) of the Act, found at 31 CFR 
1010.610. In general, the regulation requires covered financial 
institutions, as defined in 31 CFR 1010.605(e)(1), to establish due 
diligence and, in some circumstances, enhanced due diligence policies, 
procedures, and controls reasonably designed to detect and report money 
laundering through correspondent accounts that covered U.S. financial 
institutions establish or maintain for certain foreign financial 
institutions.
    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: 18,882.\2\
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    \2\ This number includes depository institutions (10,772), 
broker-dealers in securities (5,100), future commission merchants 
(101), introducing brokers in commodities (1,249), and open-end 
mutual funds (1,660), each as defined under the BSA.
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    Estimated Number of Responses: 18,882.
    Estimated Number of Hours: 37,764. (Two hours per response).
    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

[[Page 15791]]

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.

Jamal El Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2017-06300 Filed 3-29-17; 8:45 am]
 BILLING CODE 4810-02-P

15790 Federal Register / Vol. 82, No. 60 / Thursday, March 30, 2017 / Notices

Estimated Number of Responses: DEPARTMENT OF THE TREASURY terrorism, and to implement anti-money
1,000. (Avg. 250 per request).3 laundering programs and compliance
Financial Crimes Enforcement Network procedures.1
Estimated Number of Hours: 10,000.
(30 minutes per response).4 Title: Anti-Money Laundering
Proposed Renewal Without Change; Programs and Due Diligence Programs
An agency may not conduct or Comment Request; Anti-Money for Correspondent Accounts for Foreign
sponsor, and a person is not required to Laundering Programs; Due Diligence Financial Institutions (31 CFR
respond to, a collection of information Programs for Correspondent Accounts 1010.610).
unless it displays a valid control for Foreign Financial Institutions Office of Management and Budget
number assigned by the Office of AGENCY: Financial Crimes Enforcement Control Number: 1506–0046.
Management and Budget (‘‘OMB’’). Network (‘‘FinCEN’’), Department of the Abstract: FinCEN is renewing,
Records required to be retained under Treasury. without change, the regulation
the BSA must be retained for five years. ACTION: Notice and request for implementing section 5318(i)(1) and (2)
Generally, information collected comments. of the Act, found at 31 CFR 1010.610.
pursuant to the BSA is confidential but In general, the regulation requires
may be shared as provided by law with SUMMARY: As part of our continuing covered financial institutions, as
regulatory and law enforcement effort to reduce paperwork and defined in 31 CFR 1010.605(e)(1), to
authorities. respondent burden, we invite comment establish due diligence and, in some
on a proposed renewal, without change, circumstances, enhanced due diligence
Request for Comments: Comments to an information collection found in policies, procedures, and controls
submitted in response to this notice will existing regulations requiring U.S. reasonably designed to detect and report
be summarized and/or included in the financial institutions to establish due money laundering through
request for OMB approval. All diligence policies, procedures, and correspondent accounts that covered
comments will become a matter of controls reasonably designed to detect U.S. financial institutions establish or
public record. Comments are invited on: and report money laundering through maintain for certain foreign financial
(a) Whether the collection of correspondent accounts that U.S. institutions.
information is necessary for the proper financial institutions establish or Current Action: Renewal without
performance of the functions of the maintain for certain foreign financial change to existing regulations.
agency, including whether the institutions. This request for comments Type of Review: Extension of a
information shall have practical utility; is being made pursuant to the currently approved information
(b) the accuracy of the agency’s estimate Paperwork Reduction Act of 1995. collection.
of the burden of the collection of DATES: Written comments are welcome Affected Public: Businesses and other
information; (c) ways to enhance the and must be received on or before May for-profit institutions.
quality, utility, and clarity of the 30, 2017. Burden: Estimated Number of
information to be collected; (d) ways to ADDRESSES: Written comments should Respondents: 18,882.2
minimize the burden of the collection of be submitted to: Financial Crimes Estimated Number of Responses:
information on respondents, including Enforcement Network, P.O. Box 39, 18,882.
through the use of automated collection Vienna, VA 22183, Attention: Estimated Number of Hours: 37,764.
techniques or other forms of information Comments on Anti-Money Laundering (Two hours per response).
technology; and (e) estimates of capital Program and Due Diligence Programs for An agency may not conduct or
or start-up costs and costs of operation, Correspondent Accounts for Foreign sponsor, and a person is not required to
Financial Institutions. Comments also respond to, a collection of information
maintenance and purchase of services to
may be submitted by electronic mail to unless it displays a valid control
provide information.
the following Internet address: number assigned by the Office of
Jamal El Hindi, regcomments@fincen.gov, again with a Management and Budget (‘‘OMB’’).
Deputy Director, Financial Crimes caption, in the body of the text, Records required to be retained under
Enforcement Network. ‘‘Attention: Comments on Anti-Money the BSA must be retained for five years.
[FR Doc. 2017–06301 Filed 3–29–17; 8:45 am] Laundering Program and Due Diligence Generally, information collected
Programs for Correspondent Accounts pursuant to the BSA is confidential but
BILLING CODE 4810–02–P
for Foreign Financial Institutions.’’ may be shared as provided by law with
Please submit by one method only. regulatory and law enforcement
FOR FURTHER INFORMATION CONTACT: The authorities.
FinCEN Resource Center at 800–767– Request for Comments: Comments
2825 or electronically at frc@fincen.gov. submitted in response to this notice will
SUPPLEMENTARY INFORMATION: Abstract: be summarized and/or included in the
in commodities (1,249), and open end mutual funds
The Director FinCEN is the delegated
1 Public Law 91–508, as amended and codified at
(1,660), and money services businesses (44,300), administrator of the Bank Secrecy Act
12 U.S.C. 1829b, 12 U.S.C. 1951–1959 and 31 U.S.C.
Residential Mortgage Lenders and Originators (‘‘Act’’). The Act authorizes the Director 5311–5332. Language expanding the scope of the
(31,000), Dealers in precious metals, precious to issue regulations to require all BSA to intelligence or counter-intelligence
stones, or jewels (20,000), insurance companies financial institutions defined as such in activities to protect against international terrorism
asabaliauskas on DSK3SPTVN1PROD with NOTICES

(1,200), operators of credit card systems (6), and the Act to maintain or file certain was added by section 358 of the Uniting and
entities required to report cash payments over Strengthening America by Providing Appropriate
reports or records that have been Tools Required to Intercept and Obstruct Terrorism
$10,000 received in a trade or business, form 8300
(46,800), each as defined under the BSA.
determined to have a high degree of (‘‘USA PATRIOT’’) Act of 2001, Public Law 107–
3 FinCEN has submitted, on average, four requests usefulness in criminal, tax, or regulatory 56.
2 This number includes depository institutions
per year each with 250 respondents. investigations or proceedings, or in the
(10,772), broker-dealers in securities (5,100), future
4 The FinCEN surveys average 30 minutes to conduct of intelligence or counter- commission merchants (101), introducing brokers
complete. OMB has allocated 10,000 hours for the intelligence activities, including in commodities (1,249), and open-end mutual funds
three-year period covered by this notice. analysis, to protect against international (1,660), each as defined under the BSA.

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Federal Register / Vol. 82, No. 60 / Thursday, March 30, 2017 / Notices 15791

request for OMB approval. All Notice of OFAC Actions The agenda will include a discussion
comments will become a matter of on various special topics with IRS
public record. Comments are invited on: On March 27, 2017, OFAC, in processes.
(a) Whether the collection of consultation with the U.S. Department
of State, removed from the SDN List the Dated: March 22, 2017.
information is necessary for the proper Kevin Brown,
performance of the functions of the individual listed below, whose property
and interests in property were blocked Acting Director, Taxpayer Advocacy Panel.
agency, including whether the
information shall have practical utility; pursuant to Executive Order 13391 (E.O. [FR Doc. 2017–06236 Filed 3–29–17; 8:45 am]
(b) the accuracy of the agency’s estimate 13391). BILLING CODE 4830–01–P

of the burden of the collection of 1. GAMBE, Theophilus Pharaoh; DOB
information; (c) ways to enhance the 20 Jun 1959; Passport ZA567403
quality, utility, and clarity of the (Zimbabwe); Chairman, Electoral DEPARTMENT OF THE TREASURY
information to be collected; (d) ways to Supervisory Commission (individual) Internal Revenue Service
minimize the burden of the collection of [ZIMBABWE—E.O. 13391].
information on respondents, including Dated: March 27, 2017. Proposed Collection; Comment
through the use of automated collection Request for Form 8655 and Revenue
Andrea M. Gacki,
techniques or other forms of information Procedure 2012–32
technology; and (e) estimates of capital Acting Director, Office of Foreign Assets
Control. AGENCY: Internal Revenue Service (IRS),
or start-up costs and costs of operation,
[FR Doc. 2017–06302 Filed 3–29–17; 8:45 am] Treasury.
maintenance and purchase of services to
provide information. BILLING CODE 4810–AL–P
ACTION: Notice and request for
Jamal El Hindi, comments.
Deputy Director, Financial Crimes DEPARTMENT OF THE TREASURY SUMMARY: The Department of the
Enforcement Network. Treasury, as part of its continuing effort
[FR Doc. 2017–06300 Filed 3–29–17; 8:45 am] Internal Revenue Service to reduce paperwork and respondent
BILLING CODE 4810–02–P
Open Meeting of the Taxpayer burden, invites the general public and
Advocacy Panel Special Projects other Federal agencies to take this
Committee opportunity to comment on proposed
DEPARTMENT OF THE TREASURY and/or continuing information
Office of Foreign Assets Control AGENCY: Internal Revenue Service (IRS), collections, as required by the
Treasury. Paperwork Reduction Act of 1995.
Unblocking of Specially Designated Currently, the IRS is soliciting
ACTION: Notice of meeting.
Nationals and Blocked Persons comments concerning Form 8655,
Pursuant to Executive Order 13391 SUMMARY: An open meeting of the Reporting Agent Authorization and
Taxpayer Advocacy Panel Special Revenue Procedure 2012–32.
AGENCY: Office of Foreign Assets
Projects Committee will be conducted. DATES: Written comments should be
Control, Treasury.
The Taxpayer Advocacy Panel is received on or before May 30, 2017 to
ACTION: Notice.
soliciting public comments, ideas, and be assured of consideration.
SUMMARY: The U.S. Department of the suggestions on improving customer ADDRESSES: Direct all written comments
Treasury’s Office of Foreign Assets service at the Internal Revenue Service. to Laurie Brimmer, Internal Revenue
Control (OFAC) is publishing the name DATES:The meeting will be held Service, Room 6526, 1111 Constitution
of one individual whose property and Tuesday, April 11, 2017. Avenue NW., Washington, DC 20224.
interests in property have been Requests for additional information or
unblocked pursuant to Executive Order FOR FURTHER INFORMATION CONTACT: copies of the form and instructions
13391 of November 22, 2005, ‘‘Blocking Matthew O’Sullivan at 1–888–912–1227 should be directed to Sara Covington, at
Property of Additional Persons or (510) 907–5274. Internal Revenue Service, Room 6526,
Undermining Democratic Processes or SUPPLEMENTARY INFORMATION: Notice is 1111 Constitution Avenue NW.,
Institutions in Zimbabwe.’’ hereby given pursuant to Section Washington DC 20224, or through the
DATES: OFAC’s actions described in this 10(a)(2) of the Federal Advisory internet, at Sara.L.Covington@irs.gov.
notice are effective as of March 27, Committee Act, 5 U.S.C. App. (1988) SUPPLEMENTARY INFORMATION:
2017. that a meeting of the Taxpayer Title: Reporting Agent Authorization.
FOR FURTHER INFORMATION CONTACT: Advocacy Panel Special Projects OMB Number: 1545–1058.
Associate Director for Global Targeting, Committee will be held Tuesday, April Form Number: Form 8655 and
tel.: 202/622–2420, Assistant Director 11, 2017, at 1:00 p.m. Eastern Time via Revenue Procedure 2012–32.
for Sanctions Compliance & Evaluation, teleconference. The public is invited to Abstract: Form 8655 allows a taxpayer
tel.: 202/622–2490, Assistant Director make oral comments or submit written to designate a reporting agent to file
for Licensing, tel.: 202/622–2480, Office statements for consideration. Due to certain employment tax returns
of Foreign Assets Control, or Chief limited conference lines, notification of electronically or on magnetic tape, to
intent to participate must be made with receive copies of notices and other tax
asabaliauskas on DSK3SPTVN1PROD with NOTICES

Counsel (Foreign Assets Control), tel.:
202/622–2410 (not toll free numbers). Matthew O’Sullivan. For more information, and to submit Federal tax
SUPPLEMENTARY INFORMATION: information please contact Matthew deposits. This form allows IRS to
O’Sullivan at 1–888–912–1227 or (510) disclose tax account information and to
Electronic Availability 907–5274, or write TAP Office, 1301 provide duplicate copies of taxpayer
The SDN List and additional Clay Street, Oakland, CA 94612–5217 or correspondence to authorized agents.
information concerning OFAC sanctions contact us at the Web site: http:// Revenue Procedure 2012–32 provides
programs are available from OFAC’s www.improveirs.org. The agenda will the requirements for completing and
Web site (www.treasury.gov/ofac). include various IRS issues. submitting Form 8655, Reporting Agent

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Document Created: 2017-03-30 01:35:20
Document Modified: 2017-03-30 01:35:20

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		Notices
Action		Notice and request for comments.
Dates		Written comments are welcome and must be received on or before May 30, 2017.
Contact		The FinCEN Resource Center at 800-767- 2825 or electronically at [email protected]
FR Citation		82 FR 15790

82 FR 15790 - Proposed Renewal Without Change; Comment Request; Anti-Money Laundering Programs; Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions

DEPARTMENT OF THE TREASURYFinancial Crimes Enforcement Network

Federal Register Volume 82, Issue 60 (March 30, 2017)

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network