[Federal Register Volume 78, Number 212 (Friday, November 1, 2013)]
[Notices]
[Pages 65764-65765]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-25840]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Information Collection 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, Department of the 
Treasury.

ACTION: 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 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, Public Law 104-13, 44 
U.S.C. 3506(c)(2)(A).

DATES: Written comments are welcome and must be received on or before 
December 31, 2013.

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.''
    Inspection of comments: Comments may be inspected, between 10 a.m. 
and 4 p.m., in the FinCEN reading room in Vienna, VA. Persons wishing 
to inspect the comments submitted must request an appointment with the 
Disclosure Officer by telephoning (703) 905-5034 (not a toll free 
call).

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

SUPPLEMENTARY INFORMATION: 
    Abstract: The Director of the Financial Crimes Enforcement Network 
(``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\
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    \1\ Pub. L. 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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    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 financial institutions, 
as defined in 31 U.S.C. 5312(a)(2) and 31 CFR 1010.100 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: 22,197.\2\
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    \2\ This number includes depository institutions (14,087), 
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.
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    Estimated Number of Responses: 22,197.
    Estimated Number of Hours: 44,394. (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 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

[[Page 65765]]

technology; and (e) estimates of capital or start-up costs and costs of 
operation, maintenance and purchase of services to provide information.

    Dated: October 21, 2013.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2013-25840 Filed 10-31-13; 8:45 am]
BILLING CODE 4810-2P-P