[Federal Register Volume 69, Number 243 (Monday, December 20, 2004)]
[Notices]
[Pages 76033-76034]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-27747]


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DEPARTMENT OF THE TREASURY

RIN 1505-AA87


Financial Crimes Enforcement Network; Agency Information 
Collection Activities; Proposed Collection; Comment Request

AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: In order to comply with the requirements of the Paperwork 
Reduction Act of 1995, FinCEN intends to submit the information 
collections addressed in this notice for a three-year extension of 
approval by the Office of

[[Page 76034]]

Management and Budget (``OMB''). Prior to submission of the extension 
request, FinCEN is soliciting comment on those information collections 
31 CFR 103.177.

DATES: Written comments should be received on or before February 18, 
2005.

ADDRESSES: You may submit comments, identified by 1505-AA87, by any of 
the following methods:
     Federal e-rulemaking portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: [email protected]. Include RIN 1505-
AA87 in the subject line of the message.
     Mail: FinCEN, P.O. Box 39, Vienna, VA 22183. Include RIN 
1505-AA87 in the body of the text.
    Instructions: It is preferable for comments to be submitted by 
electronic mail because paper mail in the Washington, DC, area may be 
delayed. Please submit comments by one method only. All submissions 
received must include the agency name and the Regulatory Information 
Number (RIN) for this rulemaking. All comments received will be posted 
without change to http://www.fincen.gov, including any personal 
information provided. Comments may be inspected at FinCEN between 10 
a.m. and 4 p.m., in the FinCEN reading room in Washington, DC. Persons 
wishing to inspect the comments submitted must request an appointment 
by telephoning (202) 354-6400 (not a toll-free number).

FOR FURTHER INFORMATION CONTACT: Office of Regulatory Programs, FinCEN, 
(202) 354-6400; and Office of Chief Counsel, FinCEN, at (703) 905-3590 
(not toll-free numbers).

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, inter alia, to issue regulations requiring records and 
reports that are determined to have a high degree of usefulness in 
criminal, tax and regulatory matters. Title III of the USA PATRIOT Act 
of 2001, Pub. L. 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. Regulations 
implementing Title II of the BSA appear at 31 CFR part 103. 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 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 Paperwork Reduction Act of 
1995, 44 U.S.C. 3506(c)(2)(A), and its implementing regulations, the 
following information is presented concerning the information 
collection below.\1\
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    \1\ OMB Control Number 1505-AA87 currently covers the 
information collection addressed in this notice. FinCEN intends to 
ask OMB to re-assign the control number in this collection to the 
1506 series consistent with other rules issued under Title II of the 
Bank Secrecy Act.
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    Title: Correspondent Accounts for Foreign Shell Banks; 
Recordkeeping and Termination of Correspondent Accounts for Foreign 
Banks (31 CFR 103.177).
    OMB Number: 1505-AA87.
    Abstract: Covered financial institutions are prohibited from 
maintaining correspondent accounts for foreign shell banks (31 CFR 
103.177(a)(1)). Covered financial institutions that maintain 
correspondent accounts for foreign banks must maintain records of 
owner(s) of the foreign bank and the names 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 103.177(a)(2)). Covered 
financial institutions may satisfy these requirements by using the 
sample certification and re-certification forms contained in Appendices 
A and B of this regulation. Records of documents relied upon by a 
financial institution for purposes of this regulation 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 103.177(e)).
    Current Action: There is no change to the existing regulations.
    Type of Review: Extension of a currently approved collection 
notice.
    Affected Public: Businesses or for profit institutions, and non-
profit institutions.
    Burden: The estimated average annual reporting burden associated 
with Appendix A is 20 hours per respondent; the estimated average 
annual reporting burden associated with Appendix B is 5 hours per 
respondent; and the estimated average recordkeeping burden associated 
with section 103.177(e) is 9 hours per recordkeeper.
    The following paragraph applies to the collection of information 
addressed in this notice. 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.

William J. Fox,
Director.
[FR Doc. 04-27747 Filed 12-17-04; 8:45 am]
BILLING CODE 4810-02-P