[Federal Register Volume 86, Number 121 (Monday, June 28, 2021)]
[Notices]
[Pages 34120-34121]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-13669]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Office of Foreign Assets Control's Reporting, 
Procedures, and Penalties Regulations

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

ACTION: Notice.

-----------------------------------------------------------------------

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 this request.

DATES: Comments must be received on or before July 28, 2021.

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 Molly Stasko by emailing [email protected], calling (202) 
622-8922, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Reporting, Procedures and Penalties Regulations.
    OMB Control Number: 1505-0164.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The collections of information are contained in 
sections 501.601 through 501.605, 501.801, and 501.805 through 501.807 
of the Office of Foreign Assets Control's (OFAC) Reporting, Procedures 
and Penalties Regulations, 31 CFR part 501 (the ``Regulations''), and 
certain other parts, and pertain to the operation of various economic 
sanctions programs administered by OFAC under 31 CFR chapter V. Section 
501.601 addresses the maintenance of records and Sec.  501.602 relates 
to OFAC demands for information relative to any transaction or property 
subject to the provisions of 31 CFR chapter V. Section 501.603 imposes 
reporting requirements pertaining to blocked property and retained 
funds, as well as property that is released from blocked status 
(unblocked property). This information is required by OFAC to monitor 
compliance with regulatory requirements, to support diplomatic 
negotiations concerning the targets of sanctions, and to support 
settlement negotiations addressing U.S. claims. Section 501.604 
requires the filing of reports for compliance purposes by U.S. persons 
where a transaction is not required to be blocked but where processing 
or otherwise engaging in the transaction would nonetheless violate, or 
facilitate a transaction that is prohibited under, other provisions in 
31 CFR chapter V. Section 501.605 requires reporting of information 
pertaining to litigation, arbitration, and other binding alternative 
dispute resolution proceedings in the United States to prevent the 
intentional or inadvertent transfer through such proceedings of blocked 
property or retained funds. Sections 501.801 and 501.805 relate, 
respectively, to license requests and records requests. Section 501.806 
sets forth the procedures to be followed by a person seeking to have 
funds unblocked at a financial institution if the person believes that 
the funds were blocked due to mistaken identity. Section 501.807 sets 
forth the procedures to be followed by a person seeking administrative 
reconsideration of a designation or that of a vessel as blocked, or who 
wishes to assert that the circumstances resulting in the designation or 
blocking no longer apply.
    Forms: OFAC requires the submission of the Annual Report of Blocked 
Property (ARBP) through approved form: TD-F 90-22.50. OFAC also 
maintains voluntary forms for submission of certain other information 
required as a part of the information collections covered by this 
notice including the following approved forms: Report on Blocked 
Property--Financial, TD-F 93.02; Report on Blocked Property--Tangible/
Real/Other Non-Financial Property, TD-F 93.08; Report on Rejected 
Transaction, TD-F 93.07; TSRA License Application, TD-F 93.04; and 
Licensing Cover Sheet, TD-F 98-22.61. Any other information collections 
covered by this notice do not have mandatory or voluntary forms.
    The reports covered by this information collection will be reviewed 
by the U.S. Department of the Treasury and may be used for compliance, 
civil penalty, and enforcement purposes by the agency.
    Affected Public: Financial institutions, business organizations, 
individuals, and legal representatives.
    Estimated Number of Respondents: OFAC's estimate for the number of 
unique reporting respondents is

[[Page 34121]]

approximately 5,600. The significant decrease in the number of unique 
respondents since OFAC's last information collection submission 
regarding the Regulations in 2019 is due to OFAC's increased use of 
technology, which has enabled it to consolidate multiple filers within 
a single institution under one unique identification number assigned to 
the institution for all reports submitted to OFAC. Previously, OFAC did 
not have the ability to easily ascertain the number of unique 
respondents due to different identification numbers being selected for 
reports filed by different individuals within the same institution, or 
different branches or offices of the same institution. This inability 
to uniquely identify all reports associated with one institution led to 
counting numerous filers that were all associated with the same 
institution instead of counting the institutions themselves as unique 
respondents, resulting in an inflated number of respondents in past 
information collection submissions. OFAC is now adjusting its number of 
unique reporting respondents based on its more accurate data set.
    Frequency of Response: The estimated annual frequency of responses 
is between 1 and 4,641, varying greatly by entity depending on the 
size, nature, and scope of business activities of each respondent, with 
the majority of filers providing a small number of responses and a 
small number of filers submitting a higher number of responses.
    Estimated Total Number of Annual Responses: 30,051.
    Estimated Time per Response: OFAC assesses that there is an average 
time estimate for reports associated with forms ranging from 15 minutes 
to 2 hours and for reports associated with general licenses and other 
miscellaneous reports ranging from 30 minutes to 5 hours.
    Estimated Total Annual Burden Hours: 13,160 hours.

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

    Dated: June 22, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021-13669 Filed 6-25-21; 8:45 am]
BILLING CODE 4810-AK-P