[Federal Register Volume 75, Number 150 (Thursday, August 5, 2010)]
[Notices]
[Pages 47346-47347]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-19197]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Renewal Without Change; Comment Request; Anti-Money 
Laundering Programs; Special Due Diligence Programs for Certain Foreign 
Accounts

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Notice and request for comments.

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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 and private 
banking accounts that U.S. financial institutions establish or maintain 
for non-U.S. persons. This request for comments is being made pursuant 
to the

[[Page 47347]]

Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 
3506(c)(2)(A).

DATES: Written comments are welcome and must be received on or before 
October 4, 2010.

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 Special Due Diligence Programs for 
Certain Foreign Accounts. 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 Special Due Diligence Programs for Certain 
Foreign Accounts.''

FOR FURTHER INFORMATION CONTACT: Financial Crimes Enforcement Network, 
Regulatory Policy and Programs Division at (800) 949-2732, option 6.

SUPPLEMENTARY INFORMATION: Abstract: The Director of the Financial 
Crimes Enforcement Network is the delegated administrator of the Bank 
Secrecy 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 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 (USA PATRIOT) Act of 2001, Public Law 107-56.
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    The regulations implementing section 5318(i)(2) of the Act are 
found in part at 31 CFR 103.176 . In general, the regulations require 
financial institutions, as defined in 31 U.S.C. 5312(a)(2) and 31 CFR 
103.11, to establish, document, and maintain anti-money laundering 
programs as an aid in protecting and securing the U.S. financial 
system.
    Title: Anti-money laundering programs and Special Due Diligence 
Programs for Certain Foreign Accounts (31 CFR 103.176).
    Office of Management and Budget Control Number: 1506-0046.
    Abstract The Financial Crimes Enforcement Network is renewing, 
without change, the Bank Secrecy Act regulation (31 CFR 103.176) that 
implements section 5318(i)(2) of title 31, United States Code, as added 
by section 312 of the Uniting and Strengthening America by Providing 
Appropriate Tools Required to Intercept and Obstruct Terrorism (USA 
PATRIOT) Act of 2001, which requires U.S. financial institutions to 
conduct enhanced due diligence with regard to correspondent accounts 
established, maintained, administered, or managed for certain types of 
foreign banks.
    Current Action: Renewal without change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Business and other for-profit institutions.
    Burden: Estimated Number of Respondents: 28,163.
    Estimated Number of Responses: 28,163
    Estimated Number of Hours: 56,326. (Two hours per response).
    Request for Comments:
    Comments submitted in response to this notice will be summarized 
and/or included in the request for Office of Management and Budget 
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.

    Dated: July 23, 2010.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2010-19197 Filed 8-4-10; 8:45 am]
BILLING CODE 4810-02-P