83 FR 42555 - Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Recordkeeping and Termination of Correspondent Accounts for Foreign Banks
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network Federal Register Volume 83, Issue 163 (August 22, 2018)
Financial Crimes Enforcement Network
Federal Register Volume 83, Issue 163 (August 22, 2018)
| Page Range | 42555-42556 | |
| FR Document | 2018-18079 |
[Federal Register Volume 83, Number 163 (Wednesday, August 22, 2018)] [Notices] [Pages 42555-42556] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-18079] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Recordkeeping and Termination of Correspondent Accounts for Foreign Banks AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S. Department of the Treasury. ACTION: Notice and request for comments. ----------------------------------------------------------------------- SUMMARY: FinCEN invites comment on the renewal of information collections in existing regulations requiring records concerning owners of foreign banks and agents of foreign banks for service of legal process. DATES: Written comments are welcome and must be received on or before October 22, 2018. 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-2018-0011 and the Office of Management and Budget (``OMB'') control number 1506-0043. Mail: Policy Division, Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN- 2018-0011 and OMB control number 1506-0043. Please submit comments by one method only. Comments will also be incorporated to FinCEN's retrospective regulatory review process, as mandated by E.O. 12866 and 13563. All comments submitted 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. FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at 800-767- 2825 or electronically at [email protected]. SUPPLEMENTARY INFORMATION: The Bank Secrecy Act (``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. et seq., 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 [[Page 42556]] programs and compliance procedures.\1\ Title III of the USA PATRIOT Act of 2001, Public Law 107-56, included certain amendments to the anti- money laundering provisions of Title II of the BSA, 31 U.S.C. 5311 et seq., which are intended to aid in the prevention, detection, and prosecution of international money laundering and terrorist financing. --------------------------------------------------------------------------- \1\ 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 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 Title II of the BSA has been delegated to the Director of FinCEN. The information collected and retained under the regulation addressed in this notice assists Federal, state, and local law enforcement as well as regulatory authorities in the identification, investigation and prosecution of money laundering and other matters. This request for comments is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A). In accordance with the requirements of the PRA and its implementing regulations, the following information is presented concerning the information collection below. Title: Correspondent Accounts for Foreign Shell Banks; Recordkeeping and Termination of Correspondent Accounts for Foreign Banks (31 CFR 1010.630). OMB Control Number: 1506-0043. Abstract: Covered financial institutions are prohibited from maintaining correspondent accounts for foreign shell banks (31 CFR 1010.630(a)(1)). Covered financial institutions that maintain correspondent accounts for foreign banks must maintain records of owner(s) of the foreign bank and the name and address of a person residing in the United States who is authorized to accept service of legal process for the foreign bank (31 CFR 1010.630(a)(2)). Covered financial institutions may satisfy these requirements by using the sample certification on the FinCEN website: (https://www.fincen.gov/sites/default/files/shared/Certification%20Regarding%20Correspondent%20Accounts%20for%20Foreign%20Banks.pdf) and re-certification (https://www.fincen.gov/sites/default/files/shared/Recertification%20Regarding%20Correspondent%20Accounts%20for%20Foreign%20Banks.pdf). Records of documents relied upon by a financial institution for purposes of 31 CFR 1010.630 must be maintained for at least five years after the date that the financial institution no longer maintains a correspondent account for such foreign bank (31 CFR 1010.630(e)). Current Action: Renewal without change to the existing regulations. Type of Review: Renewal without change of a currently approved collection. Affected Public: Businesses and other for-profit institutions. Burden: It is estimated that 2,000 covered financial institutions maintain correspondent accounts with 9,000 foreign banks. The estimated average annual reporting burden associated with certification is 180,000 hours (9,000 responses at 20 hours per response); the estimated average annual reporting burden associated with recertification is 45,000 hours (9,000 responses at 5 hours per response); and the estimated average recordkeeping burden associated with section 1010.630(e) is 81,000 hours (9,000 responses at 9 hours per response).\2\ Total PRA burden for this OMB Control number is 306,000 hours. --------------------------------------------------------------------------- \2\ FinCEN does not have an independent method to research the exact number of foreign bank certifications and recertfications in any given year because depository institutions do not file the model form with FinCEN and only provide the data upon FinCEN's request. Accordingly, FinCEN has chosen to take an expansive approach in its estimates of yearly certifications and recertifications. --------------------------------------------------------------------------- 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. 2018-18079 Filed 8-21-18; 8:45 am] BILLING CODE 4810-02-P
![Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices 42555
this information collection.1 In of motor vehicles or motor vehicle DEPARTMENT OF THE TREASURY
response, the agency received three equipment when the vehicle equipment
comments, only one of which was is purchased, in the form of printed Financial Crimes Enforcement Network
relevant to this collection.2 matter placed in the vehicle or attached
The Governors Highway Safety to the motor vehicle or motor vehicle Agency Information Collection
Association (GHSA) expressed its equipment. The Secretary is authorized Activities; Proposed Renewal;
support for strong motorcycle helmet to issue, amend, and revoke such rules Comment Request; Renewal Without
labeling requirements, and submitted and regulations as he/she deems Change of Recordkeeping and
information about motorcycle safety. necessary. Termination of Correspondent
GHSA commented that this information Using this authority, the agency Accounts for Foreign Banks
collection was ‘‘atypical’’ in their view. issued the initial FMVSS No. 218 in AGENCY: Financial Crimes Enforcement
GHSA explained that typically ICRs 1974. Motorcycle helmets are devices Network (‘‘FinCEN’’), U.S. Department
involved the collection or submission of used to protect motorcyclists from head of the Treasury.
information directly to the agency and injury in motor vehicle crashes. FMVSS ACTION: Notice and request for
that while NHTSA spot checks the No. 218 S5.6 requires that each helmet comments.
performance of motorcycle helmets shall be labeled permanently and legibly
through a compliance program, the in a manner such that the label(s) can SUMMARY: FinCEN invites comment on
content of the label is more for the be read easily without removing the renewal of information collections
benefit of consumers and law padding or any other permanent part. in existing regulations requiring records
enforcement. Affected Public: Motorcycle helmet concerning owners of foreign banks and
GHSA is correct that a common type manufacturers. agents of foreign banks for service of
of information collection under the Estimated Number of Respondents: legal process.
Paperwork Reduction Act (PRA) occurs 45. DATES: Written comments are welcome
when an agency directly collects Frequency: Every certified helmet and must be received on or before
information from the public. However, a produced. October 22, 2018.
collection of information, as defined by Number of Responses: 3,250,000.
ADDRESSES: Comments may be
the PRA, means ‘‘the obtaining, causing Estimated Total Annual Burden
to be obtained, soliciting, or requiring Hours: 9,100. submitted by any of the following
the disclosure to third parties or the Estimated Total Annual Burden Cost: methods:
• Federal E-rulemaking Portal: http://
public, of facts or opinions by or for an $1,300,000 ($1.3 million).
agency, regardless of form or format The 45 respondents (helmet www.regulations.gov. Follow the
. . .’’ 3 This labeling requirement manufacturers) produce a total of instructions for submitting comments.
imposes a disclosure (label) to the 3,250,000 annual responses. A Refer to Docket Number FINCEN–2018–
public, and is therefore covered by the manufacturer spends approximately 0011 and the Office of Management and
PRA. NHTSA has sought and received 0.0028 hours per response. The Budget (‘‘OMB’’) control number 1506–
PRA clearance for FMVSS No. 218 estimated annual number of burden 0043.
• Mail: Policy Division, Financial
dating back to 1984.4 Therefore, NHTSA hours for helmet manufacturers is 9,100
Crimes Enforcement Network, P.O. Box
believes no changes are necessary in burden hours per year (3,250,000 ×
39, Vienna, VA 22183. Refer to Docket
response to comments. 0.028 hours). Using a total labeling cost
The following describes the collection Number FINCEN–2018–0011 and OMB
of $0.40, the estimated total annual
control number 1506–0043.
of information for which NHTSA burden cost is $1,300,000 (3,250,000 × Please submit comments by one
intends to seek OMB approval. It is $0.40). method only. Comments will also be
titled ‘‘Motorcycle Helmets (Labeling),’’ Public Comments Invited: You are
incorporated to FinCEN’s retrospective
OMB Control Number: 2127–0518. asked to comment on any aspects of this
regulatory review process, as mandated
NHTSA’s existing collection for FMVSS information collection, including: (a)
by E.O. 12866 and 13563. All comments
No. 218 expired during the 60 day Whether the proposed collection of
submitted in response to this notice will
notice comment period, therefore the information is necessary for the proper
become a matter of public record.
agency has amended the type of request performance of the functions of the
Therefore, you should submit only
to be a reinstatement of a previously Department, including whether the
information that you wish to make
approved collection. information will have practical utility;
Title: Motorcycle Helmets (Labeling). publicly available.
(b) the accuracy of the Department’s
OMB Control Number: 2127–0518. estimate of the burden of the proposed FOR FURTHER INFORMATION CONTACT: The
Type of Request: Reinstatement information collection; (c) ways to FinCEN Resource Center at 800–767–
without change of previously approved enhance the quality, utility and clarity 2825 or electronically at frc@fincen.gov.
collection of information. of the information to be collected; and SUPPLEMENTARY INFORMATION: The Bank
Abstract: The National Traffic and (d) ways to minimize the burden of the Secrecy Act (‘‘BSA’’), Titles I and II of
Motor Vehicle Safety Act, now codified collection of information on Public Law 91–508, as amended,
at 49 U.S.C. 30111, authorizes the respondents, including the use of codified at 12 U.S.C. 1829(b), 12 U.S.C.
issuance of FMVSS. Moreover, under 49 automated collection techniques or 1951–1959, and 31 U.S.C. et seq.,
U.S.C. 30117, the Secretary is also other forms of information technology. authorizes the Secretary of the Treasury,
authorized to require manufacturers to Authority: The Paperwork Reduction among other things, to require financial
provide information to first purchasers Act of 1995, 44 U.S.C. Chapter 35, as institutions to keep records and file
amozie on DSK3GDR082PROD with NOTICES1
amended; and Delegation of Authority reports that are determined to have a
1 83 FR 16431 (April 16, 2018). at 49 CFR 1.95 and 501.8. high degree of usefulness in criminal,
2 www.regulations.gov. Docket Number: NHTSA– tax, and regulatory matters or in the
2018–0051. Raymond R. Posten,
3 44 U.S.C. 3502(3).
conduct of intelligence or counter-
Associate Administrator for Rulemaking. intelligence activities to protect against
4 See: https://www.reginfo.gov/public/do/
PRAOMBHistory?ombControlNumber=2127-0518 [FR Doc. 2018–18052 Filed 8–21–18; 8:45 am] international terrorism, and to
(last accessed June 22, 2018). BILLING CODE 4910–59–P implement counter-money laundering
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![42556 Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices
programs and compliance procedures.1 Banks.pdf). Records of documents relied information on respondents, including
Title III of the USA PATRIOT Act of upon by a financial institution for through the use of automated collection
2001, Public Law 107–56, included purposes of 31 CFR 1010.630 must be techniques or other forms of information
certain amendments to the anti-money maintained for at least five years after technology; and (e) estimates of capital
laundering provisions of Title II of the the date that the financial institution no or start-up costs and costs of operation,
BSA, 31 U.S.C. 5311 et seq., which are longer maintains a correspondent maintenance and purchase of services to
intended to aid in the prevention, account for such foreign bank (31 CFR provide information.
detection, and prosecution of 1010.630(e)).
Jamal El-Hindi,
international money laundering and Current Action: Renewal without
terrorist financing. change to the existing regulations. Deputy Director, Financial Crimes
Regulations implementing Title II of Enforcement Network.
Type of Review: Renewal without
the BSA appear at 31 CFR Chapter X. change of a currently approved [FR Doc. 2018–18079 Filed 8–21–18; 8:45 am]
The authority of the Secretary of the collection. BILLING CODE 4810–02–P
Treasury to administer Title II of the Affected Public: Businesses and other
BSA has been delegated to the Director for-profit institutions.
of FinCEN. The information collected Burden: It is estimated that 2,000 DEPARTMENT OF THE TREASURY
and retained under the regulation covered financial institutions maintain
addressed in this notice assists Federal, Financial Crimes Enforcement Network
correspondent accounts with 9,000
state, and local law enforcement as well foreign banks. The estimated average Agency Information Collection
as regulatory authorities in the annual reporting burden associated with Activities; Proposed Renewal;
identification, investigation and certification is 180,000 hours (9,000 Comment Request; Renewal Without
prosecution of money laundering and responses at 20 hours per response); the Change of Suspicious Activity
other matters. estimated average annual reporting Reporting Requirements by Brokers or
This request for comments is being burden associated with recertification is Dealers in Securities and Futures
made pursuant to the Paperwork 45,000 hours (9,000 responses at 5 hours Commission Merchants and
Reduction Act (‘‘PRA’’) of 1995, Public per response); and the estimated average Introducing Brokers in Commodities
Law 104–13, 44 U.S.C. 3506(c)(2)(A). In recordkeeping burden associated with
accordance with the requirements of the section 1010.630(e) is 81,000 hours AGENCY: Financial Crimes Enforcement
PRA and its implementing regulations, (9,000 responses at 9 hours per Network (‘‘FinCEN’’), U.S. Department
the following information is presented response).2 Total PRA burden for this of the Treasury.
concerning the information collection OMB Control number is 306,000 hours. Notice and request for
ACTION:
below. An agency may not conduct or
Title: Correspondent Accounts for comments.
sponsor, and a person is not required to
Foreign Shell Banks; Recordkeeping and respond to, a collection of information SUMMARY: FinCEN invites comment on
Termination of Correspondent Accounts unless the collection of information the renewal of an information collection
for Foreign Banks (31 CFR 1010.630). displays a valid OMB control number.
OMB Control Number: 1506–0043. requirement for the recordkeeping and
Records required to be retained under reporting of suspicious activities by
Abstract: Covered financial the BSA must be retained for five years.
institutions are prohibited from brokers or dealers in securities and
Generally, information collected futures commission merchants and
maintaining correspondent accounts for pursuant to the BSA is confidential, but
foreign shell banks (31 CFR introducing brokers in commodities.
may be shared as provided by law with
1010.630(a)(1)). Covered financial DATES: Written comments are welcome
regulatory and law enforcement
institutions that maintain correspondent authorities. and must be received on or before
accounts for foreign banks must Request for Comments: Comments October 22, 2018.
maintain records of owner(s) of the submitted in response to this notice will ADDRESSES: Comments may be
foreign bank and the name and address be summarized and/or included in the submitted by any of the following
of a person residing in the United States request for OMB approval. All methods:
who is authorized to accept service of comments will become a matter of • Federal E-rulemaking Portal: http://
legal process for the foreign bank (31 public record. Comments are invited on: www.regulations.gov. Follow the
CFR 1010.630(a)(2)). Covered financial (a) Whether the collection of instructions for submitting comments.
institutions may satisfy these information is necessary for the proper Refer to Docket Number FINCEN–2018–
requirements by using the sample performance of the functions of the 0009 and OMB control number 1506–
certification on the FinCEN website: agency, including whether the 0019.
(https://www.fincen.gov/sites/default/
files/shared/Certification%20
information shall have practical utility; • Mail: Policy Division, Financial
(b) the accuracy of the agency’s estimate Crimes Enforcement Network, P.O. Box
Regarding%20Correspondent of the burden of the collection of
%20Accounts%20for%20 39, Vienna, VA 22183. Refer to Docket
information; (c) ways to enhance the Number FINCEN–2018–0009 and OMB
Foreign%20Banks.pdf) and re- quality, utility, and clarity of the
certification (https://www.fincen.gov/ control number 1506–0019.
information to be collected; (d) ways to Please submit comments by one
sites/default/files/shared/Recertification minimize the burden of the collection of
%20Regarding%20Correspondent method only. Comments will also be
%20Accounts%20for%20Foreign%20 incorporated to FinCEN’s retrospective
amozie on DSK3GDR082PROD with NOTICES1
2 FinCEN does not have an independent method
to research the exact number of foreign bank
regulatory review process, as mandated
1 Language expanding the scope of the BSA to certifications and recertfications in any given year by E.O. 12866 and 13563. All comments
intelligence or counter-intelligence activities to because depository institutions do not file the submitted in response to this notice will
protect against international terrorism was added by model form with FinCEN and only provide the data become a matter of public record.
Section 358 of the Uniting and Strengthening upon FinCEN’s request. Accordingly, FinCEN has
America by Providing Appropriate Tools Required chosen to take an expansive approach in its
Therefore, you should submit only
to Intercept and Obstruct Terrorism Act of 2001, estimates of yearly certifications and information that you wish to make
Public Law 107–56. recertifications. publicly available.
VerDate Sep<11>2014 16:34 Aug 21, 2018 Jkt 244001 PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 E:\FR\FM\22AUN1.SGM 22AUN1](https://thefederalregister.org/doc/83_FR_42718/page/2.svg)
Document Created: 2018-08-22 00:38:34
Document Modified: 2018-08-22 00:38:34
| 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 October 22, 2018. | |
| Contact | The FinCEN Resource Center at 800-767- 2825 or electronically at [email protected] | |
| FR Citation | 83 FR 42555 |
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