[Federal Register Volume 85, Number 60 (Friday, March 27, 2020)]
[Notices]
[Pages 17379-17380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-06472]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple FinCEN Information Collection 
Requests

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments should be received on or before April 27, 2020 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Spencer W. Clark by emailing [email protected], calling 
(202) 927-5331, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 

Financial Crimes Enforcement Network (FinCEN)

    1. Title: Imposition of Special Measure Against Commercial Bank of 
Syria, Including its Subsidiary, Syrian Lebanese Commercial Bank, as a 
Financial Institution of Primary Money Laundering Concern.
    OMB Control Number: 1506-0036.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The collection of information in the rule relates to 
both disclosure and recordkeeping. The information required to be 
disclosed by domestic financial institutions to a third-party--i.e., a 
one-time notice to correspondent account holders--is intended to ensure 
cooperation from correspondent account holders in denying access to the 
U.S. financial system, as well as to increase awareness within the 
international financial community of the risks and deficiencies of 
Commercial Bank of Syria. The information required to be maintained by 
domestic financial institutions will continue to be used by federal 
agencies and certain self-regulatory organizations to verify compliance 
with the requirement that a domestic financial institution notify its 
correspondent account holders that they may not provide Commercial Bank 
of Syria with access to the correspondent account maintained at the 
institution.
    Form: None.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 23.615.
    Frequency of Response: Once.
    Estimated Total Number of Annual Responses: 23,615.
    Estimated Time per Response: 1 hour.
    Estimated Total Annual Burden Hours: 23,615.

    2. Title: Beneficial Ownership Requirements for Legal Entity 
Customers.
    OMB Control Number: 1506-0070.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Under 31 CFR 1010.230 covered financial institutions 
are required to establish and maintain written procedures that are 
reasonably designed to identify and verify beneficial owners of new 
accounts opened by legal entity customers and to include such 
procedures in their AML programs. Covered financial institutions may 
obtain the required identifying information by either obtaining a 
prescribed certification form from the individual opening the account 
on behalf of a legal entity customer, or by obtaining from the 
individual the information required by the form by another means, 
provided the individual certifies the accuracy of the information. 
Covered financial institutions must also maintain a record of the 
identifying information obtained, and a description of any document 
relied on, of any non-documentary methods and results of any measures 
undertaken, and the resolutions of substantive discrepancies.
    Form: None.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 23,615.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 8,855,625.
    Estimated Time per Response: 80 minutes.
    Estimated Total Annual Burden Hours: 11,884,700.


[[Page 17380]]


    Authority:  44 U.S.C. 3501 et seq.

    Dated: March 24, 2020.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2020-06472 Filed 3-26-20; 8:45 am]
 BILLING CODE 4810-02-P