[Federal Register Volume 87, Number 82 (Thursday, April 28, 2022)]
[Notices]
[Pages 25353-25356]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-09098]



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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple Financial Crimes Enforcement Network 
Information Collection Requests

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

ACTION: Notice, request for comment.

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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 must be received on or before May 31, 2022.

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: 

Financial Crimes Enforcement Network (FinCEN)

    1. Title: Prohibition on correspondent accounts for foreign shell 
banks; records concerning owners of foreign banks and agents for 
service of legal process (31 CFR 1010.630).
    OMB Control Number: 1506-0043.
    Type of Review: Extension of a currently approved collection.
    Description: The legislative framework generally referred to as the 
Bank Secrecy Act (BSA) consists of the Currency and Financial 
Transactions Reporting Act of 1970, as amended by the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), Public 
Law 107-56 (October 26, 2001), and other legislation, including most 
recently the Anti-Money Laundering Act of 2020 (AML Act). The BSA is 
codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1960, 31 U.S.C. 5311-5314 
and 5316-5336, and includes notes thereto, with implementing 
regulations at 31 CFR chapter X.
    The BSA authorizes the Secretary of the Treasury, inter alia, to 
require financial institutions to keep records and file reports that 
are determined to have a high degree of usefulness in criminal, tax, 
and regulatory matters, or in the conduct of intelligence or counter-
intelligence activities to protect against international terrorism, and 
to implement AML programs and compliance procedures. Regulations 
implementing the BSA appear at 31 CFR chapter X. The authority of the 
Secretary to administer the BSA has been delegated to the Director of 
FinCEN.
    31 U.S.C. 5318(j) prohibits covered financial institutions from 
maintaining correspondent accounts in the United States for, or on 
behalf of, foreign banks that do not have a physical presence in any 
country. In addition, under 31 U.S.C. 5318(k), a covered financial 
institution maintaining a correspondent account in the United States 
for a foreign bank, must retain records identifying (i) the owners of 
record and the beneficial owners of the foreign bank, and (ii) 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. The 
regulations implementing 31 U.S.C. 5318(j) and 31 U.S.C. 5318(k) appear 
at 31 CFR 1010.630.
    31 CFR 1010.630(a)(1) prohibits covered financial institutions from 
establishing, maintaining, administering, or managing correspondent 
accounts in the United States for, or on behalf of, foreign shell 
banks. Covered financial institutions must take reasonable steps to 
ensure that any correspondent account managed by a covered financial 
institution in the United States is not being used by a foreign bank to 
indirectly provide banking services to a foreign shell bank.
    31 CFR 1010.630(a)(2) implements 31 U.S.C. 5318(k) and requires 
covered financial institutions that maintain correspondent accounts in 
the United States for foreign banks to retain records in the United 
States identifying: (i) The owners of each such foreign bank whose 
shares are not publicly traded, with one exception; and (ii) the name 
and street address of a person who resides in the United States and is 
authorized, and has agreed, to be an agent to accept service of legal 
process for records regarding each such account.
    31 CFR 1010.630(b) clarifies that a covered financial institution 
will be deemed to be in compliance with the requirements of 31 CFR 
1010.630(a) with respect to a foreign bank if the covered financial 
institution obtains, at least once every three years, a certification 
or recertification from the foreign bank. FinCEN has developed an 
optional certification form that includes a request to the foreign bank 
for the information required under 31 CFR 1010.630(a). Covered 
financial institutions may use the certification form to obtain the 
necessary information for an initial certification and a 
recertification.
    31 CFR 1010.630(c) requires a covered financial institution to 
request that a foreign bank verify or correct the information provided 
in such bank's certification or recertification, if the covered 
financial institution knows, suspects, or has reason to suspect that 
such information is incorrect or no longer accurate. Additionally, the 
covered financial institution may take other appropriate measures to 
ascertain the accuracy of the information or obtain the correct 
information.
    If a covered financial institution has not obtained a 
certification, recertification, or information needed for a 
certification or recertification within 30 calendar days after the date 
the account is established, and at least once every three years 
thereafter, the covered financial institution must close all such 
foreign bank's correspondent accounts within a commercially reasonable 
time, and must restrict the foreign bank's ability to execute any new 
transactions other than those necessary to close the account. 
Furthermore, if a covered financial institution conducting an interim 
verification pursuant to 31 CFR 1010.630(c), has not obtained 
verification of the information or corrected information within 90 
calendar days after the date of undertaking the interim verification, 
the covered financial institution must follow the same account closure 
procedures set out above.
    31 CFR 1010.630(d)(4) prohibits covered financial institutions 
from: (i) Re-establishing any account closed pursuant to 31 CFR 
1010.630(d); and (ii) establishing any other correspondent account with 
the foreign bank whose account was closed, unless the foreign bank 
provides the appropriate certification or recertification. 31 CFR 
1010.630(d)(5) states that a covered financial institution will not be 
held liable for terminating a correspondent account in accordance with 
31 CFR 1010.630(d).
    31 CFR 1010.630(e) requires covered financial institutions to 
retain any original document provided by a foreign bank, and the 
original or a copy of any

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document otherwise relied upon by a covered financial institution for 
purposes of complying with 31 CFR 1010.630, for at least five years 
after the date that a covered financial institution no longer maintains 
any correspondent account for such foreign bank.
    Form Number: Optional form--certification and re-certification 
regarding correspondent accounts for foreign banks.
    Affected Public: Businesses and other for-profits.
    Estimated Number of Respondents: 8,696.
    Frequency of Response: As required.
    Estimated Total Annual Burden Hours: 260,880 hours.
    2. Title: Additional records to be made and retained by casinos (31 
CFR 1021.410).
    OMB Control Number: 1506-0054.
    Type of Review: Extension without change of a current OMB approval.
    Description: The legislative framework generally referred to as the 
Bank Secrecy Act (BSA) consists of the Currency and Financial 
Transactions Reporting Act of 1970, as amended by the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), Public 
Law 107-56 (October 26, 2001), and other legislation, including most 
recently the Anti-Money Laundering Act of 2020 (AML Act). The BSA is 
codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, 31 U.S.C. 5311-5314 
and 5316-5336, and notes thereto, with implementing regulations at 31 
CFR chapter X.
    The BSA authorizes the Secretary of the Treasury (the Secretary), 
inter alia, to require financial institutions to keep records and file 
reports that are determined to have a high degree of usefulness in 
criminal, tax, and regulatory matters, or in the conduct of 
intelligence or counter-intelligence activities to protect against 
international terrorism, and to implement AML programs and compliance 
procedures. Regulations implementing the BSA appear at 31 CFR chapter 
X. The authority of the Secretary to administer the BSA has been 
delegated to the Director of FinCEN.
    With respect to each deposit, account, or line of credit, 31 CFR 
1021.410(a) requires a casino to secure and maintain a record of the 
name, permanent address (``address''), and social security number (SSN) 
of the person involved at the time the funds are deposited, the account 
is opened, or credit is extended. Where the deposit, account, or line 
of credit is in the name of two or more persons, the casino must secure 
the name, address, and SSN of each person having a financial interest 
in the deposit, account, or line of credit. The casino is required to 
verify the name and address of such person(s) at the time the deposit 
is made, the account is opened, or credit is extended, by the 
examination of a document as described in 31 CFR 1010.312. The specific 
identifying information relied upon must be recorded by the casino in 
the manner described in 31 CFR 1010.312. If a casino is unable to 
secure the required SSNs, the casino will not be deemed to be in 
violation of 31 CFR 1021.410 if the casino has made reasonable efforts 
to secure the SSNs and it maintains a list of the names and addresses 
of those persons from whom the casino was unable to obtain the SSNs. 
The casino must make the list available to the Secretary upon request. 
If a person is a nonresident alien, the casino is also required to 
record the person's passport number or a description of another 
government document used to verify his/her identity.
    Under 31 CFR 1021.410(b), a casino must retain either the original 
or a copy of each of the following:
     A record of each time the casino receives funds for credit 
to or deposit into any person's account, including the name, address, 
and SSN of the person from whom the casino receives the funds, the date 
of receipt of the funds and the amount received. If the person from 
whom the funds were received is a non-resident alien, the casino is 
required to obtain and record the person's passport number or a 
description of another government document used to verify the person's 
identity;
     A record of each bookkeeping entry made to a customer's 
deposit or credit account with the casino;
     Each statement, ledger card, or other record of each 
deposit or credit account with the casino, showing each transaction in 
or with respect to a customer's account with the casino;
     A record of each extension of credit in excess of $2,500, 
the terms and conditions of each such extension of credit, and 
repayments. The record must include the customer's name, address, SSN, 
and the date and amount of the transaction (including repayments). If 
the credit is extended to a non-resident alien, the casino must obtain 
and record the non-resident alien's passport number or a description of 
another government document used to verify identity;
     A record of each advice, request or instruction received 
or given by the casino with respect to a transaction involving a 
person, account, or place outside the United States. If the transaction 
is a transfer outside the United States on behalf of a third party, the 
record must include the third party's name, address, SSN, signature, 
and the date and amount of the transaction. If the transaction is a 
transfer received from outside the United States on behalf of a third 
party, the same records must be obtained with regard to the third 
party;
     Records prepared or received by the casino in the ordinary 
course of business that would be needed to reconstruct a person's 
deposit or credit account with the casino or that would be needed to 
trace a check deposited with the casino through the casino's records to 
the bank of deposit;
     All records, documents, or manuals required to be 
maintained by a casino under state and local laws or regulations, and 
regulations of any governing Indian tribe or tribal government;
     All records which are prepared or used by a casino to 
monitor a customer's gaming activity;
     A separate record containing a list of each transaction 
between the casino and its customers involving the following types of 
instruments having a face value of $3,000 or more: (i) Personal checks; 
(ii) business checks; (iii) official bank checks; (iv) cashier's 
checks; (v) third-party checks; (vi) promissory notes; (vii) traveler's 
checks; and (viii) money orders. The list must contain the time, date, 
and amount of the transaction; the name and address of the customer; 
the type of instrument; the name of the drawee or issuer of the 
instrument; all reference numbers (e.g., casino account number, 
personal check number, etc.); and the name or casino license number of 
the casino employee who conducted the transaction. A casino must place 
applicable transactions on the list in the chronological order in which 
they occur;
     A copy of the compliance program described in 31 CFR 
1021.210(b); and
     For card clubs only, records of all currency transactions 
by customers, including, without limitation, records in the form of 
currency transaction logs and multiple currency transaction logs, and 
records of all activity at cages or similar facilities, including cage 
control logs.
    Under 31 CFR 1021.410(c), casinos that input, store, or retain, in 
whole or in part, for any period of time, any record required to be 
maintained by 31 CFR 1010.410 or 31 CFR 1021.410 on computer disk, 
tape, or other machine-readable media must retain those records in the 
same format. All indexes,

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books, programs, record layouts, manuals, formats, instructions, file 
descriptions, and similar materials that would enable a person to 
readily access and review the records described in 31 CFR 1010.410 and 
31 CFR 1021.410, and that are recorded, stored, or retained on computer 
disk, tape or other machine-readable media, must be retained for the 
period of time such records are required to be retained.
    Form Number: None.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 993.
    Frequency of Response: As required.
    Estimated Total Annual Burden Hours: 128,637 hours.
    3. Title: Reporting obligations on foreign bank relationships with 
Iranian-linked financial institutions designated under IEEPA and IRGC-
linked persons designated under IEEPA (31 CFR 1060.300).
    OMB Control Number: 1506-0066.
    Type of Review: Extension of a currently approved collection.
    Description: The legislative framework generally referred to as the 
Bank Secrecy Act (BSA) consists of the Currency and Financial 
Transactions Reporting Act of 1970, as amended by the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), Public 
Law 107-56 (October 26, 2001), and other legislation, including most 
recently the Anti-Money Laundering Act of 2020 (AML Act). The BSA is 
codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1960, 31 U.S.C. 5311-5314 
and 5316-5336, and includes notes thereto, with implementing 
regulations at 31 CFR chapter X.
    The BSA authorizes the Secretary of the Treasury, inter alia, to 
require financial institutions to keep records and file reports that 
are determined to have a high degree of usefulness in criminal, tax, 
and regulatory matters, or in the conduct of intelligence or counter-
intelligence activities to protect against international terrorism, and 
to implement AML programs and compliance procedures. Regulations 
implementing the BSA appear at 31 CFR chapter X. The authority of the 
Secretary to administer the BSA has been delegated to the Director of 
FinCEN.
    The Comprehensive Iran Sanctions, Accountability, and Divestment 
Act of 2010 (CISADA) amended the Iran Sanctions Act of 1996 by 
expanding economic sanctions against Iran. To comply with the 
Congressional mandate to prescribe regulations under section 104(e) of 
CISADA and consistent with its statutory mission under 31 U.S.C. 310, 
FinCEN issued a regulation requiring a U.S. bank that maintains a 
correspondent account for a specified foreign bank to ask of the 
foreign bank, and report to FinCEN, certain information about 
transactions or other financial services provided by that foreign bank. 
Under the regulation, U.S. banks are only required to report this 
information to FinCEN upon receiving a specific written request from 
FinCEN (``CISADA Request''). The regulation implementing section 104(e) 
of CISADA appears at 31 CFR 1060.300.

(a) General

    Upon receiving a CISADA Request, a U.S. bank that maintains a 
correspondent account for a specified foreign bank is required under 31 
CFR 1060.300(a) to inquire of the foreign bank, and report to FinCEN: 
(i) Any correspondent account maintained by such foreign bank for an 
Iranian-linked financial institution designated under IEEPA (``Iranian-
linked Financial Institution''); (ii) any direct or indirect transfer 
of funds for or on behalf of an Iranian-linked Financial Institution 
processed by such foreign bank within the preceding 90 calendar days, 
other than through a correspondent account; (iii) and any direct or 
indirect transfer of funds for or on behalf of an IRGC-linked person 
designated under IEEPA (``IRGC-linked Person'') processed by such 
foreign bank within the preceding 90 calendar days.

(b) Duty To Inquire

    31 CFR 1060.300(b) requires that, upon receiving a CISADA Request, 
a U.S. bank that maintains a correspondent account for a specified 
foreign bank must contact the foreign bank and request that the foreign 
bank certify whether it: (i) Maintains a correspondent account for an 
Iranian-linked Financial Institution; (ii) has processed one or more 
transfers of funds within the preceding 90 calendar days, directly or 
indirectly, for or on behalf of an Iranian-linked Financial 
Institution, other than through a correspondent account; and (iii) has 
processed one or more transfer of funds within the preceding 90 
calendar days, directly or indirectly, for or on behalf of an IRGC-
linked Person. In addition, at the time the U.S. bank contacts the 
foreign bank, the U.S. bank is required to request that the foreign 
bank agree to notify the U.S. bank if the foreign bank subsequently 
establishes a new correspondent account for an Iranian-linked Financial 
Institution within 365 calendar days from the date of the foreign 
bank's initial response.
    FinCEN has developed an optional certification form that includes a 
request to the foreign bank for information required under 31 CFR 
1060.300. U.S. banks may use the certification form to obtain the 
necessary information from the foreign bank.

(c) Filing Procedures

    Upon receiving a CISADA Request, 31 CFR 1060.300(c)(1) requires 
that a U.S. bank report to FinCEN, in the format and manner prescribed 
by FinCEN, the following information for any specified foreign banks 
for which the U.S. bank maintains correspondent accounts:
     The name of any foreign bank that certifies that it 
maintains a correspondent account for an Iranian-linked Financial 
Institution, and the following related information: The name of the 
Iranian-linked Financial Institution; the full name(s) on the 
correspondent account and the correspondent account number(s); any 
information regarding whether the correspondent account has been 
blocked or restricted; other applicable identifying information for the 
correspondent account; and the approximate value in U.S. dollars of 
transactions processed through the correspondent account within the 
preceding 90 calendar days;
     The name of any foreign bank that certifies that it has 
processed one or more transfers of funds within the preceding 90 
calendar days for or on behalf of, directly or indirectly, an Iranian-
linked Financial Institution, other than through a correspondent 
account, and the following related information: The name of the 
Iranian-linked Financial Institution; the identity of the system or 
means by which such transfer(s) of funds was processed; the full name 
on the account(s) and the account number(s), other applicable 
identifying information for such transfer(s) of funds; and the 
approximate value in U.S. dollars of such transfer(s) of funds 
processed within the preceding 90 calendar days;
     The name of any foreign bank that certifies that it has 
processed one or more transfers of funds within the preceding 90 
calendar days directly or indirectly for or on behalf of an IRGC-linked 
Person, and the following related information: The name of the IRGC-
linked Person; the identity of the system or means by which such 
transfer(s) of funds was processed; the full name on the account(s) and 
the account number(s); other applicable identifying information for 
such transfer(s) of funds; and the approximate value in U.S.

[[Page 25356]]

dollars of such transfer(s) of funds processed within the preceding 90 
calendar days;
     The name of any foreign bank that certifies that it does 
not maintain a correspondent account for an Iranian-linked Financial 
Institution; that certifies that to its knowledge it has not processed 
one or more transfers of funds within the preceding 90 calendar days 
for or on behalf of, directly or indirectly, an Iranian-linked 
Financial Institution, other than through a correspondent account; and/
or that certifies that to its knowledge it has not processed one or 
more transfers of funds within the preceding 90 calendar days directly 
or indirectly for or on behalf of an IRGC-linked Person;
     The name of any foreign bank for which the U.S. bank is 
unable to determine if the foreign bank: (i) Maintains a correspondent 
account for an Iranian-linked Financial Institution; (ii) has processed 
one or more transfers of funds within the preceding 90 calendar days 
directly or indirectly for or on behalf of an Iranian-linked Financial 
Institution, other than through a correspondent account; and/or (iii) 
has processed one or more transfers of funds within the preceding 90 
calendar days directly or indirectly for or on behalf of an IRGC-linked 
Person. In addition, the U.S. bank must provide an explanation of the 
reason(s) the U.S. bank cannot determine if the foreign bank has 
provided financial services to an Iranian-linked Financial Institution 
or an IRGC-linked Person, for example, if the foreign bank fails to 
respond to a request from the U.S. bank;
     The name of any foreign bank that notifies the U.S. bank 
that it has established a new correspondent account for an Iranian-
linked Financial Institution at any time within 365 calendar days from 
the date of the foreign bank's initial response, and the following 
related information: The name of the Iranian-linked Financial 
Institution; the full name(s) on the correspondent account and the 
correspondent account number(s); applicable information regarding 
whether the correspondent account has been blocked or restricted; and 
other applicable identifying information for the correspondent account;
     If applicable, confirmation that the U.S. bank does not 
maintain a correspondent account for the foreign bank(s), but only in 
instances in which FinCEN specifically requests that the U.S. bank 
report such information; and
     If applicable, the name of any foreign bank that provides 
a certification to the U.S. bank more than 45 calendar days after the 
date of FinCEN's request, along with all applicable related information 
associated with that certification.
    31 CFR 1060.300(c)(2) requires that a U.S. bank report to FinCEN 
within 45 calendar days of receipt of a CISADA Request. U.S. banks must 
also report to FinCEN within 10 calendar days of receipt of any 
subsequent notifications received from a foreign bank regarding the 
establishment of a new correspondent account for an Iranian-linked 
Financial Institution. For reports based on certifications received 
from a foreign bank after the 45 calendar day deadline, U.S. banks are 
required to report to FinCEN within 10 calendar days of receipt of the 
certification.

(d) Retention of Records

    31 CFR 1060.300(d) requires that U.S. banks maintain a copy of any 
report filed and the original or any business record equivalent of any 
supporting documentation for a report, including a foreign bank 
certification or other responses to a FinCEN inquiry pursuant to 31 CFR 
1060.300, for a period five years.

(e) No Other Action Required

    31 CFR 1060.300(e) states that nothing under 31 CFR 1060.300 shall 
be construed to require a U.S. bank to take any action, or to decline 
to take any action, other than the requirements identified in 31 CFR 
1060.300, with respect to an account established for, or a transaction 
engaged in with, a foreign bank. However, nothing in 31 CFR 1060.300 
relieves a U.S. bank of any other applicable regulatory obligations.
    Form Number: Optional form--certification regarding correspondent 
accounts for foreign banks.
    Affected Public: Businesses and other for-profits.
    Estimated Number of Respondents: 5,164.
    Frequency of Response: As required.
    Estimated Number of Responses: 1,040.
    Estimated Total Annual Burden Hours: 1,820 hours.
    Authority: 44 U.S.C. 3501 et seq.

Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2022-09098 Filed 4-27-22; 8:45 am]
BILLING CODE 4810-02-P