[Federal Register Volume 84, Number 91 (Friday, May 10, 2019)]
[Notices]
[Pages 20701-20702]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09614]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities; Information Collection
Renewal; Comment Request; Bank Secrecy Act/Money Laundering Risk
Assessment
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other federal
agencies to take this opportunity to comment on a continuing
information collection, as required by the Paperwork Reduction Act of
1995.
In accordance with the requirements of the Paperwork Reduction Act
of 1995 (PRA), the OCC may not conduct or sponsor, and the respondent
is not required to respond to, an information collection unless it
displays a currently valid Office of Management and Budget (OMB)
control number.
The OCC is soliciting comment concerning its information collection
entitled, ``Bank Secrecy Act/Money Laundering Risk Assessment,'' also
known as the Money Laundering Risk (MLR) System. DATES: Comments must
be submitted by July 9, 2019.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, OMB Control No. 1557-0231, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0231'' in your comment. In general, the OCC publishes comments
on www.reginfo.gov without change, including any business or personal
information provided, such as name and address information, email
addresses, or phone numbers. Comments received, including attachments
and other supporting materials, are part of the public record and
subject to public disclosure. Do not include any information in your
comment or supporting materials that you consider confidential or
inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this information collection beginning on the date of publication of the
second notice for this collection \1\ by any of the following methods:
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\1\ Following the close of the 60-day comment period for this
notice, the OCC will publish a notice for 30 days of comment for
this collection.
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Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu,
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``1557-0231'' or ``Bank Secrecy Act/Money Laundering Risk
Assessment.'' Upon finding the appropriate information collection,
click on the related ``ICR Reference Number.'' On the next screen,
select ``View Supporting Statement and Other Documents'' and then click
on the link to any comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
Viewing Comments Personally: You may personally inspect
comments at the OCC, 400 7th Street SW, Washington, DC. For security
reasons, the OCC requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 649-6700 or, for persons who
are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival,
visitors will be required to present valid government-issued photo
identification and submit to security screening in order to inspect
comments.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 874-5090, or for persons who are deaf or hearing
impaired, TTY, (202) 649-5597, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA, federal agencies must obtain
approval from the OMB for each collection of information they conduct
or sponsor. ``Collection of information'' is defined in 44 U.S.C.
3502(3) and 5 CFR 1320.3(c) to include questions posed to agencies,
instrumentalities, or employees of the United States, if the results
are to be used for general statistical purposes, that is, if the
results are to be used for statistical compilations of general public
interest, including compilations showing the status or implementation
of federal activities and programs. Section 3506(c)(2)(A) of the PRA
requires federal agencies to provide a 60-day notice in the Federal
Register concerning each proposed collection of information, including
each proposed extension or revision of an existing collection of
information, before submitting the collection to OMB for approval. In
compliance with the PRA, the OCC is publishing notice of the proposed
extension with revision of the collection of information set forth in
this document.
Title: Bank Secrecy Act/Money Laundering Risk Assessment.
OMB Control No: 1557-0231.
Type of Review: Regular.
Affected Public: Business or other for-profit.
Description: The MLR System enhances the ability of examiners and
bank management to identify and evaluate Bank Secrecy Act/Money
Laundering and Office of Foreign Asset Control (OFAC) sanctions risks
associated with banks' products, services, customers, and locations. As
new products and services are introduced, existing products and
services change, and banks expand through mergers and acquisitions,
banks' evaluation of money laundering and terrorist financing risks
should evolve as well. Consequently, the MLR risk assessment is an
important tool for the OCC's Bank Secrecy Act/Anti-Money Laundering and
OFAC supervision activities because it allows the agency to better
identify those institutions, and areas within institutions, that pose
heightened risk and allocate examination resources accordingly. This
risk assessment is critical in protecting U.S. financial institutions
of all sizes from potential abuse from money laundering and terrorist
financing. An appropriate risk assessment allows applicable control to
be effectively implemented for the lines of business, products, or
entities that
[[Page 20702]]
would elevate Bank Secrecy Act/Money Laundering and OFAC compliance
risks.
We will collect MLR information for community banks supervised by
the OCC.
The format of OCC's annual Risk Summary Form (RSF) is fully
automated, making data entry quick and efficient and providing an
electronic record for all parties.
The OCC estimates the burden of this collection of information as
follows:
Burden Estimates:
Community bank population:
Estimated Number of Respondents: 1,088.
Estimated Number of Responses: 1,088.
Frequency of Response: Annually.
Estimated Annual Burden: 6,528 hours.
Comments submitted in response to this notice will be summarized
and 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 has 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 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 6, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2019-09614 Filed 5-9-19; 8:45 am]
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