83 FR 34300 - Proposed Information Collection; Comment Request; Renewal Without Change of Bank Secrecy Act Suspicious Activity Reporting Non-Bank Requirement for Residential Mortgage Lenders and Originators

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network

Federal Register Volume 83, Issue 139 (July 19, 2018)

Page Range		34300-34301
FR Document		2018-15402

FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on its proposed renewal without change of the Bank Secrecy Act (``BSA'') Suspicious Activity Reporting regulatory requirements for residential mortgage lenders and originators. FinCEN intends to submit this requirement for approval by the Office of Management and Budget (``OMB'') of a three-year renewal of Control Number 1506-0061. This request for comments is made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.

Federal Register, Volume 83 Issue 139 (Thursday, July 19, 2018)

[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Pages 34300-34301]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-15402]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Information Collection; Comment Request; Renewal Without 
Change of Bank Secrecy Act Suspicious Activity Reporting Non-Bank 
Requirement for Residential Mortgage Lenders and Originators

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

ACTION: Notice and request for comments.

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

SUMMARY: FinCEN, a bureau of the U.S. Department of the Treasury 
(``Treasury''), invites all interested parties to comment on its 
proposed renewal without change of the Bank Secrecy Act (``BSA'') 
Suspicious Activity Reporting regulatory requirements for residential 
mortgage lenders and originators. FinCEN intends to submit this 
requirement for approval by the Office of Management and Budget 
(``OMB'') of a three-year renewal of Control Number 1506-0061. This 
request for comments is made pursuant to the Paperwork Reduction Act 
(``PRA'') of 1995.

DATES: Written comments should be received on or before September 17, 
2018 to be assured of consideration.

[[Page 34301]]


ADDRESSES: Comments may be submitted by any of the following methods:
     Federal E-rulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. Refer to Docket Number 
FINCEN-2018-0007 and the OMB control number 1506-0061.
     Mail: Policy Division, Financial Crimes Enforcement 
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2018-0007 and the OMB control number 1506-0061. Please submit comments 
by one method only (electronically preferred). All comments submitted 
in response to this notice will become a matter of public record. 
Comments will also be incorporated to FinCEN's retrospective regulatory 
review process, as mandated by E.O. 12866 and 13563. Therefore, you 
should submit only information that you wish to make publicly 
available.

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

SUPPLEMENTARY INFORMATION: The BSA, Titles I and II of Public Law 91-
508, as amended, codified at 12 U.S.C. 1829(b), 12 U.S.C. 1951-1959, 
and 31 U.S.C. 5311-5332, authorizes the Secretary of the Treasury, 
among other things, to require financial institutions to keep records 
and file reports that are determined to have a high degree of 
usefulness in criminal, tax, and regulatory matters, or in the conduct 
of intelligence or counter-intelligence activities to protect against 
international terrorism, and to implement counter-money laundering 
programs and compliance procedures.\1\
---------------------------------------------------------------------------

    \1\ Language expanding the scope of the Bank Secrecy Act 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 Act of 2001, Public Law 107-56.
---------------------------------------------------------------------------

    Regulations implementing Title II of the BSA appear at 31 CFR 
Chapter X. The authority of the Secretary of the Treasury to administer 
the BSA has been delegated to the Director of FinCEN. The information 
collected and retained under the regulation addressed in this notice 
assist Federal, state, and local law enforcement as well as regulatory 
authorities in the identification, investigation, and prosecution of 
money laundering and other matters. In accordance with the requirements 
of the PRA, 44 U.S.C. 3506(c)(2)(A), and its implementing regulations, 
the following information is presented concerning the recordkeeping 
requirements listed below.
    Title: Suspicious Activity Report by Non-Bank Residential Mortgage 
Lenders and Originators.
    OMB Number: 1506-0061.
    Abstract: In accordance with 31 CFR 1029.320, covered financial 
institutions are required to report suspicious activity and maintain 
the records for a period of five years. Covered financial institutions 
may satisfy these requirements by using their internal records 
management system.
    Current Action: Renewal without change to the existing regulations.
    Type of Review: Renewal of currently approved reporting 
requirement.
    Affected Public: Businesses or other for-profit institutions.
    Burden: The administrative burden of 1 hour is assigned to maintain 
the requirement in force. The burden for actual reporting is reflected 
in OMB Control number 1506-0065.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. 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.

Jamal El Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2018-15402 Filed 7-18-18; 8:45 am]
 BILLING CODE 4810-02-P

34300 Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices

ADDRESSES: Comments may be presented concerning the recordkeeping as provided by law with regulatory and
submitted by any of the following requirements listed below. law enforcement authorities.
methods: Title: Registration of Money Services Request for Comments: Comments
• Federal E-rulemaking Portal: http:// Business. submitted in response to this notice will
www.regulations.gov. Follow the OMB Number: 1506–0013. be summarized and/or included in the
instructions for submitting comments. Form Number: FinCEN Form 107. request for OMB approval. All
Refer to Docket Number FINCEN–2018– Abstract: The statute generally comments will become a matter of
0005 and the specific OMB control referred to as the ‘‘Bank Secrecy Act,’’ public record. Comments are invited on:
number 1506–0013. Titles I and II of Public Law 91–508, as (a) Whether the collection of
• Mail: Policy Division, Financial amended, codified at 12 U.S.C. 1829b, information is necessary for the proper
Crimes Enforcement Network, P.O. Box 12 U.S.C. 1951–1959, and 31 U.S.C. performance of the functions of the
39, Vienna, VA 22183. Refer to Docket 5311–5330, authorizes the Secretary of agency, including whether the
Number FINCEN–2018–0005 and the the Treasury, among other things, to information shall have practical utility;
specific OMB control number 1506– issue regulations requiring records and (b) the accuracy of the agency’s estimate
0013. reports that are determined to have a of the burden of the collection of
Please submit comments by one high degree of usefulness in criminal, information; (c) ways to enhance the
method only. Comments will also be tax, and regulatory matters. Regulations quality, utility, and clarity of the
incorporated to FinCEN’s retrospective implementing Title II of the Bank information to be collected; (d) ways to
regulatory review process, as mandated Secrecy Act (codified at 31 U.S.C. 5311– minimize the burden of the collection of
by E.O. 12866 and 13563. All comments 5330) appear at 31 CFR Chapter X. The information on respondents, including
submitted in response to this notice will authority of the Secretary to administer through the use of automated collection
become a matter of public record. the Bank Secrecy Act has been techniques or other forms of information
Therefore, you should submit only delegated to the Director of FinCEN. technology; and (e) estimates of capital
information that you wish to make Under 31 U.S.C. 5330 and its or start-up costs and costs of operation,
publicly available. implementing regulations, money maintenance and purchase of services to
services businesses must register with provide information.
FOR FURTHER INFORMATION CONTACT: The
the Department of the Treasury,
FinCEN Resource Center at 800–767– Jamal El-Hindi,
maintain a list of their agents, and
2825 or electronically at frc@fincen.gov. Deputy Director, Financial Crimes
renew their registration every two years.
SUPPLEMENTARY INFORMATION: The Bank Enforcement Network.
Currently, money services businesses
Secrecy Act (‘‘BSA’’), Titles I and II of register by filing FinCEN Form 107, [FR Doc. 2018–15399 Filed 7–18–18; 8:45 am]
Public Law 91–508, as amended, which is being renewed without change. BILLING CODE 4810–02–P
codified at 12 U.S.C. 1829(b), 12 U.S.C. The information collected on the form is
1951–1959, and 31 U.S.C. 5311–5332, required to comply with 31 U.S.C. 5330
authorizes the Secretary of the Treasury, and its implementing regulations. The DEPARTMENT OF THE TREASURY
among other things, to require financial information will be used to assist
institutions to keep records and file Financial Crimes Enforcement Network
supervisory and law enforcement
reports that are determined to have a agencies in the enforcement of criminal, Proposed Information Collection;
high degree of usefulness in criminal, tax, and regulatory laws and to prevent Comment Request; Renewal Without
tax, and regulatory matters, or in the money services businesses from being Change of Bank Secrecy Act
conduct of intelligence or counter- used by those engaging in money Suspicious Activity Reporting Non-
intelligence activities to protect against laundering. The collection of Bank Requirement for Residential
international terrorism, and to information is mandatory. Mortgage Lenders and Originators
implement counter-money laundering Current Actions: The current Form
programs and compliance procedures.1 107 and instructions are being renewed AGENCY: Financial Crimes Enforcement
Regulations implementing Title II of without change. Network (‘‘FinCEN’’), U.S. Department
the BSA appear at 31 CFR Chapter X. Type of Review: Renewal of currently of the Treasury.
The authority of the Secretary of the approved collection report. ACTION: Notice and request for
Treasury to administer the BSA has Affected public: Business or other for- comments.
been delegated to the Director of profit institutions.
FinCEN. Frequency: As required. SUMMARY: FinCEN, a bureau of the U.S.
The information collected and Estimated Burden: Reporting average Department of the Treasury
retained under the regulations of 30 minutes per response; (‘‘Treasury’’), invites all interested
addressed in this notice assists Federal, recordkeeping average of 30 minutes per parties to comment on its proposed
state, and local law enforcement as well response. renewal without change of the Bank
as regulatory authorities in the Estimated number of respondents: Secrecy Act (‘‘BSA’’) Suspicious
identification, investigation, and 42,000. Activity Reporting regulatory
prosecution of money laundering and Estimated Total Annual Burden requirements for residential mortgage
other matters. In accordance with the Hours: 42,000 hours. lenders and originators. FinCEN intends
requirements of the PRA, 44 U.S.C. An agency may not conduct or to submit this requirement for approval
3506(c)(2)(A), and its implementing sponsor, and a person is not required to by the Office of Management and
respond to, a collection of information Budget (‘‘OMB’’) of a three-year renewal
sradovich on DSK3GMQ082PROD with NOTICES

regulations, the following information is
unless the collection of information of Control Number 1506–0061. This
1 Language expanding the scope of the BSA to displays a valid OMB control number. request for comments is made pursuant
intelligence or counter-intelligence activities to Records required to be retained under to the Paperwork Reduction Act
protect against international terrorism was added by the Bank Secrecy Act must be retained (‘‘PRA’’) of 1995.
Section 358 of the Uniting and Strengthening
America by Providing Appropriate Tools Required
for five years. Generally, information DATES: Written comments should be
to Intercept and Obstruct Terrorism Act of 2001, collected pursuant to the Bank Secrecy received on or before September 17,
Public Law 107–56. Act is confidential, but may be shared 2018 to be assured of consideration.

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Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices 34301

ADDRESSES: Comments may be Title: Suspicious Activity Report by DEPARTMENT OF THE TREASURY
submitted by any of the following Non-Bank Residential Mortgage Lenders
methods: and Originators. Office of Foreign Assets Control
• Federal E-rulemaking Portal: http:// OMB Number: 1506–0061.
www.regulations.gov. Follow the Notice of OFAC Sanctions Actions
instructions for submitting comments. Abstract: In accordance with 31 CFR
1029.320, covered financial institutions AGENCY: Office of Foreign Assets
Refer to Docket Number FINCEN–2018– Control, Treasury.
0007 and the OMB control number are required to report suspicious activity
and maintain the records for a period of ACTION: Notice.
1506–0061.
• Mail: Policy Division, Financial five years. Covered financial institutions SUMMARY: The U.S. Department of the
Crimes Enforcement Network, P.O. Box may satisfy these requirements by using Treasury’s Office of Foreign Assets
39, Vienna, VA 22183. Refer to Docket their internal records management Control (OFAC) is publishing the names
Number FINCEN–2018–0007 and the system. of one or more persons that have been
OMB control number 1506–0061. Please Current Action: Renewal without placed on OFAC’s Specially Designated
submit comments by one method only change to the existing regulations. Nationals and Blocked Persons List
(electronically preferred). All comments based on OFAC’s determination that one
Type of Review: Renewal of currently
submitted in response to this notice will or more applicable legal criteria were
approved reporting requirement.
become a matter of public record. satisfied. All property and interests in
Comments will also be incorporated to Affected Public: Businesses or other property subject to U.S. jurisdiction of
FinCEN’s retrospective regulatory for-profit institutions. these persons are blocked, and U.S.
review process, as mandated by E.O. Burden: The administrative burden of persons are generally prohibited from
12866 and 13563. Therefore, you should 1 hour is assigned to maintain the engaging in transactions with them.
submit only information that you wish requirement in force. The burden for DATES: See SUPPLEMENTARY INFORMATION
to make publicly available. actual reporting is reflected in OMB section.
FOR FURTHER INFORMATION CONTACT: The Control number 1506–0065. FOR FURTHER INFORMATION CONTACT:
FinCEN Resource Center at 800–767– An agency may not conduct or OFAC: Associate Director for Global
2825 or electronically at frc@fincen.gov. sponsor, and a person is not required to Targeting, tel.: 202–622–2420; Assistant
SUPPLEMENTARY INFORMATION: The BSA, respond to, a collection of information Director for Sanctions Compliance &
Titles I and II of Public Law 91–508, as unless the collection of information Evaluation, tel.: 202–622–2490;
amended, codified at 12 U.S.C. 1829(b), displays a valid OMB control number. Assistant Director for Licensing, tel.:
12 U.S.C. 1951–1959, and 31 U.S.C. Records required to be retained under 202–622–2480; or the Department of the
5311–5332, authorizes the Secretary of the BSA must be retained for five years. Treasury’s Office of the General
the Treasury, among other things, to Generally, information collected Counsel: Office of the Chief Counsel
require financial institutions to keep pursuant to the BSA is confidential, but (Foreign Assets Control), tel.: 202–622–
records and file reports that are may be shared as provided by law with 2410.
determined to have a high degree of regulatory and law enforcement SUPPLEMENTARY INFORMATION:
usefulness in criminal, tax, and authorities.
regulatory matters, or in the conduct of Electronic Availability
intelligence or counter-intelligence Request for Comments: Comments
The Specially Designated Nationals
activities to protect against international submitted in response to this notice will
and Blocked Persons List and additional
terrorism, and to implement counter- be summarized and/or included in the
information concerning OFAC sanctions
money laundering programs and request for OMB approval. All programs are available on OFAC’s
compliance procedures.1 comments will become a matter of website (www.treas.gov/ofac).
Regulations implementing Title II of public record. Comments are invited on:
the BSA appear at 31 CFR Chapter X. (a) Whether the collection of Notice of OFAC Actions
The authority of the Secretary of the information is necessary for the proper On July 9, 2018, OFAC determined
Treasury to administer the BSA has performance of the functions of the that the property and interests in
been delegated to the Director of agency, including whether the property subject to U.S. jurisdiction of
FinCEN. The information collected and information shall have practical utility; the following person are blocked under
retained under the regulation addressed (b) the accuracy of the agency’s estimate the relevant sanctions authorities listed
in this notice assist Federal, state, and of the burden of the collection of below.
local law enforcement as well as information; (c) ways to enhance the
quality, utility, and clarity of the Entity
regulatory authorities in the
identification, investigation, and information to be collected; (d) ways to 1. MAHAN TRAVEL AND TOURISM
prosecution of money laundering and minimize the burden of the collection of SDN BHD (a.k.a. MAHAN TRAVEL),
other matters. In accordance with the information on respondents, including No.01, Lower Ground Floor, Block C,
requirements of the PRA, 44 U.S.C. through the use of automated collection NO:12 Megan Avenue2, Jalan Yap,
3506(c)(2)(A), and its implementing techniques or other forms of information Kwan Seng, Kuala Lumpur, Malaysia;
regulations, the following information is technology; and (e) estimates of capital website http://mahantravel.com.my;
presented concerning the recordkeeping or start-up costs and costs of operation, Email Address mahankualalumpur@
sradovich on DSK3GMQ082PROD with NOTICES

requirements listed below. maintenance and purchase of services to yahoo.com; Additional Sanctions
provide information. Information—Subject to Secondary
1 Language expanding the scope of the Bank Sanctions; Registration Number
Secrecy Act to intelligence or counter-intelligence
Jamal El Hindi, 875233–U (Malaysia) [SDGT] [IFSR]
activities to protect against international terrorism Deputy Director, Financial Crimes (Linked To: MAHAN AIR).
was added by Section 358 of the Uniting and Enforcement Network.
Strengthening America by Providing Appropriate
Designated pursuant to section 1(c) of
[FR Doc. 2018–15402 Filed 7–18–18; 8:45 am] E.O. 13224 for acting for or on behalf of
Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Public Law 107–56. BILLING CODE 4810–02–P Iran’s MAHAN AIR, a person

VerDate Sep<11>2014 17:34 Jul 18, 2018 Jkt 244001 PO 00000 Frm 00204 Fmt 4703 Sfmt 4703 E:\FR\FM\19JYN1.SGM 19JYN1

Document Created: 2018-07-19 01:34:29
Document Modified: 2018-07-19 01:34:29

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 should be received on or before September 17, 2018 to be assured of consideration.
Contact		The FinCEN Resource Center at 800-767- 2825 or electronically at [email protected]
FR Citation		83 FR 34300

83 FR 34300 - Proposed Information Collection; Comment Request; Renewal Without Change of Bank Secrecy Act Suspicious Activity Reporting Non-Bank Requirement for Residential Mortgage Lenders and Originators

DEPARTMENT OF THE TREASURYFinancial Crimes Enforcement Network

Federal Register Volume 83, Issue 139 (July 19, 2018)

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network