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)

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


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

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\
---------------------------------------------------------------------------

    \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: 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\
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    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