[Federal Register Volume 79, Number 103 (Thursday, May 29, 2014)]
[Notices]
[Pages 30927-30928]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-12450]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Agency Information Collection Activities; Comment Request; 
Renewal Without Change to Correspondent Accounts for Foreign Shell 
Banks; Recordkeeping and Termination of Correspondent Accounts.

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

ACTION: Notice and request for comments.

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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 to the collection of information in 31 
CFR 1010.630 concerning the prohibition on correspondent accounts for 
foreign shell banks, including recordkeeping and termination of 
correspondent account provisions. This request for comments is made 
pursuant to the Paperwork Reduction Act (``PRA'') of 1995, Public Law 
104-13, 44 U.S.C. 3506(c)(2)(A).

DATES: Written comments should be received on or before July 28, 2014 
to be assured of consideration.

ADDRESSES: Written comments should be submitted to: Policy Division, 
Financial Crimes Enforcement Network, U.S. Department of the Treasury, 
P.O. Box 39, Vienna, Virginia 22183. Attention: PRA Comments--OMB 
Control Number 1506-0043 Renewal. Comments also may be submitted by 
electronic mail to the following Internet address: 
[email protected] with the caption in the body of the text, 
``Attention: PRA Comments--OMB Control Number 1506-0043 Renewal.''
    Instructions. It is preferable for comments to be submitted by 
electronic mail. Please submit comments by one method only. All 
submissions received must include the agency name and the OMB control 
number for this notice.
    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: The FinCEN Resource Center at 800-767-
2825.

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, 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. 
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

[[Page 30928]]

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 information collection below.
    Title: Correspondent Accounts for Foreign Shell Banks; 
Recordkeeping and Termination of Correspondent Accounts (31 CFR 
1010.630).
    OMB 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 Web site: (http://www.fincen.gov/forms/files/Certification%20Regarding%20Correspondent%20Accounts%20for%20Foreign%20Banks.pdf) and re-certification (http://www.fincen.gov/forms/files/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: Extension without change of a currently approved 
collection.
    Affected Public: Businesses or other for-profit institutions, and 
non-profit institutions.
    Burden: Total PRA burden hours for this OMB Control number is 
306,000 hours.
    The burden is calculated as follows: 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 respondents at 20 
hours per respondent); the estimated average annual reporting burden 
associated with recertification is 45,000 hours (9,000 respondents at 5 
hours per respondent); and the estimated average recordkeeping burden 
associated with section 1010.630(e) is 81,000 hours (9,000 respondents 
at 9 hours per recordkeeper).
    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.

    Dated: May 22, 2014.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2014-12450 Filed 5-28-14; 8:45 am]
BILLING CODE 4810-02-P