[Federal Register Volume 87, Number 110 (Wednesday, June 8, 2022)]
[Notices]
[Pages 34927-34930]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-12320]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities; Information Collection 
Revision; 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 revised information 
collection as required by the Paperwork Reduction Act of 1995 (PRA). In 
accordance with the requirements of the 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 August 8, 2022.

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, Office of the Comptroller of the Currency, Attention: 1557-
0231, 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 will publish 
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.
    Following the close of this notice's 60-day comment period, the OCC 
will publish a second notice with a 30-day comment period. 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 by the method set forth in the

[[Page 34928]]

next bullet. Following the close of this notice's 60-day comment 
period, the OCC will publish a second notice with a 30-day comment 
period.
     Viewing Comments Electronically: Go to www.reginfo.gov. 
Hover over the ``Information Collection Review'' drop down menu. From 
the ``Currently under Review'' 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.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 874-5090, Chief Counsel's Office, Office of the 
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219. 
If you are deaf, hard of hearing, or have a speech disability, please 
dial 7-1-1 to access telecommunications relay services.

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 may 
pose heightened risk and allocate examination resources accordingly. 
This risk assessment is critical for protecting U.S. financial 
institutions of all sizes from potential abuse from money laundering 
and terrorist financing. The MLR also provides the OCC with information 
regarding products or customers that may be experiencing difficulties 
or challenges maintaining banking services. Banks will benefit from the 
reporting of MLR data as it will assist in the managing of the bank's 
BSA/AML programs and provide a starting point for banks to develop 
their risk assessments. An appropriate risk assessment allows controls 
to be effectively implemented for the lines of business, products, or 
entities that would elevate Bank Secrecy Act/Money Laundering and OFAC 
compliance risks.
    The OCC will collect MLR information for community and trust 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 RSF collects data about 
different products, services, customers, and geographies (PSCs). For 
2022, the RSF will include three significant changes:
    1. The addition of six new PSCs: cash transactions, marijuana-
related businesses, ATM Operators, crypto assets--custody, stablecoin 
issuance, and stablecoin payments.
    2. The addition of three new customer types under the money 
transmitters category: customers that accept or transmit crypto 
currency; crypto ATM operators; and crypto asset exchanges.
    3. The deletion of four existing PSCs: boat/airplane, bulk cash/
currency repatriation customers, bulk cash/currency repatriation, and 
international branches.
    The addition of these six new PSCs increases the number of data 
collection points from 69 to 71 as shown in the table below:

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 No.                     Existing PSCs                    No.                       New PSCs
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    1  Convenience Stores                                    1  Cash Transactions
    2  Liquor Stores                                         2  Marijuana Related Businesses
    3  Domestic Charitable Organizations                     3  ATM Operators
    4  Jewelry, Gem and Precious Metals Dealers              4  Crypto-Assets Custody
    5  Casinos                                               5  Stablecoin Issuance
    6  Car Dealers                                           6  Stablecoin Payments
    7  Boat/Airplane                                         7  Convenience Stores
    8  Domestic Private Banking                              8  Liquor Stores
    9  Domestic Commercial Letters of Credit                 9  Domestic Charitable Organizations
   10  Stand-by Letters of Credit                           10  Jewelry, Gem and Precious Metals Dealers
   11  Customers/Accounts opened through the Internet,      11  Casinos
        Mail, Wire or Phone (non-branch)
   12  Domestic Deposit Brokers                             12  Car Dealers
   13  Travel Agencies                                      13  Domestic Private Banking
   14  Broker Dealers                                       14  Domestic Commercial Letters of Credit
   15  Telemarketers                                        15  Stand-by Letters of Credit
   16  Remotely Created Check Customers                     16  Customers/Accounts opened through the Internet,
                                                                 Mail, Wire or Phone (non-branch)
   17  Domestic Remote Deposit Capture Customers            17  Domestic Deposit Brokers

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   18  Third Party Senders                                  18  Travel Agencies
   19  Issuance of Traveler's Checks, Official Bank         19  Broker Dealers
        Checks & Money Orders
   20  Domestic Wire Transfers                              20  Telemarketers
   21  Domestic PUPID Wire Transfers                        21  Remotely Created Check Customers
   22  ACH                                                  22  Domestic Remote Deposit Capture Customers
   23  Remotely Created Checks                              23  Third Party Senders
   24  Domestic Remote Deposit Capture                      24  Issuance of Traveler's Checks, Official Bank
                                                                 Checks & Money Orders
   25  Non-Resident Alien Accounts                          25  Domestic Wire Transfers
   26  Politically Exposed Persons                          26  Domestic PUPID Wire Transfers
   27  Foreign Off-Shore Corporations                       27  ACH
   28  Foreign Deposit Brokers                              28  Remotely Created Checks
   29  Foreign Charitable Organizations                     29  Domestic Remote Deposit Capture
   30  Import/Export                                        30  Non-Resident Alien Accounts
   31  Foreign Remote Deposit Capture Customers             31  Politically Exposed Persons
   32  Bulk Cash/Currency Repatriation Customers            32  Foreign Off-Shore Corporations
   33  International Branches                               33  Foreign Deposit Brokers
   34  Foreign Correspondent Accounts                       34  Foreign Charitable Organizations
   35  Payable Through Accounts                             35  Import/Export
   36  Pouch Services                                       36  Foreign Remote Deposit Capture Customers
   37  Foreign Bank Affiliate                               37  Foreign Correspondent Accounts
   38  International Department                             38  Payable Through Accounts
   39  International Private Banking                        39  Pouch Services
   40  Embassy & Consulate Banking                          40  Foreign Bank Affiliate
   41  International Commercial Letters of Credit           41  International Department
   42  International Bank Drafts                            42  International Private Banking
   43  International Wire Transfers                         43  Embassy & Consulate Banking
   44  International PUPID Wire Transfers                   44  International Commercial Letters of Credit
   45  Remittance Products                                  45  International Bank Drafts
   46  Cross-Border ACH                                     46  International Wire Transfers
   47  International Remote Deposit Capture                 47  International PUPID Wire Transfers
   48  Bulk Cash/Currency Repatriation                      48  Remittance Products
   49  Domestic Casas de Cambio/Currency Exchange           49  Cross-Border ACH
   50  Foreign Casas de Cambio/Currency Exchange            50  International Remote Deposit Capture
   51  Money Transmitters                                   51  Domestic Casas de Cambio/Currency Exchange
   52  Check Cashers                                        52  Foreign Casas de Cambio/Currency Exchange
   53  Issuers or Sellers of Traveler Checks or Money       53  Money Transmitters
        Orders
   54  Providers of Prepaid Access                          54  Check Cashers
   55  Sellers of Prepaid Access                            55  Issuers or Sellers of Traveler Checks or Money
                                                                 Orders
   56  Prepaid Cards                                        56  Providers of Prepaid Access
   57  Prepaid Card Programs--Third Party Sponsored         57  Sellers of Prepaid Access
   58  Prepaid Card Programs--Bank Sponsored                58  Prepaid Cards
   59  Prepaid Cardholders                                  59  Prepaid Card Programs--Third Party Sponsored
   60  Prepaid Card Program Managers                        60  Prepaid Card Programs--Bank Sponsored
   61  Domestic Charitable Trusts & Foundations             61  Prepaid Cardholders
   62  Foreign Charitable Trusts & Foundations              62  Prepaid Card Program Managers
   63  Custodial Accounts                                   63  Domestic Charitable Trusts & Foundations
   64  Investment Advisory Accounts                         64  Foreign Charitable Trusts & Foundations
   65  Revocable Trusts                                     65  Custodial Accounts
   66  Foreign Grantor or Beneficiaries                     66  Investment Advisory Accounts
   67  Loans to Closely Held Corporations                   67  Revocable Trusts
   68  Brokerage Department/Operations                      68  Foreign Grantor or Beneficiaries
   69  Investment Advisory/Management                       69  Loans to Closely Held Corporations
       ................................................     70  Brokerage Department/Operations
       ................................................     71  Investment Advisory/Management
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* PSC changes are denoted in bold.

    The OCC estimates the burden of this collection of information as 
follows:
    Burden Estimates:
    Community and trust bank population:
    Estimated Number of Respondents: 970.
    Estimated Number of Responses: 970.
    Frequency of Response: Annually.
    Estimated Annual Burden: 7,760 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,

[[Page 34930]]

maintenance, and purchase of services to provide information.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-12320 Filed 6-7-22; 8:45 am]
BILLING CODE 4810-33-P