[Federal Register Volume 87, Number 115 (Wednesday, June 15, 2022)]
[Notices]
[Page 36206]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-12862]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

[Docket No.: OFAC-2022-0003]


Agency Information Collection Activities; Proposed Collection; 
Comment Request for Iranian Financial Sanctions Regulations Report on 
Closure by U.S. Financial Institutions of Correspondent Accounts and 
Payable-Through Accounts

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other federal agencies to comment on proposed or continuing 
information collections, as required by the Paperwork Reduction Act of 
1995. Currently, the Department of the Treasury's Office of Foreign 
Assets Control (OFAC) is soliciting comments concerning OFAC's Iranian 
Financial Sanctions Regulations Report on Closure by U.S. Financial 
Institutions of Correspondent Accounts and Payable-Through Accounts.

DATES: Written comments must be submitted on or before August 15, 2022 
to be assured of consideration.

ADDRESSES: You may submit comments by either of the following methods:
    Federal eRulemaking Portal: https://www.regulations.gov. Follow the 
instructions on the website for submitting comments.
    Email: [email protected] with Attn: Request for Comments 
(Iranian Financial Sanctions Regulations Report on Closure by U.S. 
Financial Institutions of Correspondent Accounts and Payable-Through 
Accounts).
    Instructions: All submissions received must include the agency name 
and refer to Docket Number OFAC-2022-0003 and the OMB control number 
1505-0243. Comments received will be made available to the public via 
https://www.regulations.gov or upon request, without change and 
including any personal information provided.

FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for 
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs, 
202-622-4855; or Assistant Director for Sanctions Compliance & 
Evaluation, 202-622-2490.

SUPPLEMENTARY INFORMATION: 
    Title: Iranian Financial Sanctions Regulations Report on Closure by 
U.S. Financial Institutions of Correspondent Accounts and Payable-
Through Accounts.
    OMB Number: 1505-0243.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Section 561.504(b) of the Iranian Financial Sanctions 
Regulations, 31 CFR part 561 (IFSR), specifies that a U.S. financial 
institution that maintained a correspondent account or payable-through 
account for a foreign financial institution whose name is added to the 
List of Foreign Financial Institutions Subject to Correspondent Account 
or Payable-Through Account Sanctions (the ``CAPTA List'') on OFAC's 
website (www.treasury.gov/ofac) as subject to a prohibition on the 
maintaining of such accounts, must file a report with OFAC that 
provides complete information on the closing of each such account, and 
on all transactions processed or executed through the account pursuant 
to Sec.  561.504, including the account outside of the United States to 
which funds remaining in the account were transferred. This report must 
be filed with OFAC within 30 days of closure of the account. This 
collection of information assists in verifying that U.S. financial 
institutions are complying with prohibitions on maintaining 
correspondent accounts or payable-through accounts for foreign 
financial institutions listed on the CAPTA List pursuant to the IFSR. 
The reports will be reviewed by OFAC and may be used for compliance and 
enforcement purposes by the agency.
    Affected Public: The likely respondents affected by this collection 
of information are U.S. financial institutions maintaining 
correspondent accounts or payable-through accounts.
    Estimated Number of Respondents: OFAC assesses that the estimate 
for the number of unique reporting respondents is approximately 1.
    Frequency of Response: The estimated annual frequency of responses 
is approximately 1 response per respondent.
    Estimated Total Number of Annual Responses: The estimated total 
number of responses per year is approximately 1.
    Estimated Time per Response: OFAC assesses that there is an average 
time estimate of 2 hours per response.
    Estimated Total Annual Burden Hours: The estimated total annual 
reporting burden is approximately 2 hours.

Request for Comments

    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 of information 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.

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

Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2022-12862 Filed 6-14-22; 8:45 am]
BILLING CODE 4810-AL-P