Pre-approval
contingent upon no substantive changes to this collection after
adoption of the final rule. Otherwise this collection should be
re-submitted to OMB for review.
Inventory as of this Action
Requested
Previously Approved
10/31/2014
36 Months From Approved
900
0
0
2,826
0
0
0
0
0
FinCEN, to comply with the
congressional mandate to prescribe regulations under section 104(e)
of the Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010 ("CISADA") and consistent with its statutory mission
under 31 U.S.C. 310, is proposing to issue regulations that would
require a U.S. bank that maintains a correspondent account for a
foreign bank to inquire of the foreign bank, and report to FinCEN,
with respect to whether the foreign bank maintains a correspondent
account for, or has processed one or more transfers of funds within
the preceding 90 calendar days, other than through a correspondent
account, related to any financial institution designated by the
U.S. Government in connection with Iran's proliferation of weapons
of mass destruction or delivery systems for weapons of mass
destruction, or in connection with Iran's support for international
terrorism. In addition, FinCEN is proposing to require a U.S. bank
that maintains a correspondent account for a foreign bank to
inquire of the foreign bank, and report to FinCEN, with respect to
whether the foreign bank has processed one or more transfers of
funds within the preceding 90 calendar days related to Iran's
Islamic Revolutionary Guard Corps ("IRGC") or any of its agents or
affiliates designated by the U.S. Government. Under the proposed
regulations, U.S. banks will only be required to report this
information to FinCEN upon receiving a specific written request
from FinCEN.
New statutory requirement. The
two ICs capture the two different means by which respondents may
submit the reuqired information. The agency currently has no way to
determine how many respondents will opt for the model certification
or other means of submission, so the burden is currently split
evenly between the two options. The change due to agency adjustment
is due to an amendment to the ICR to reflect that split.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Other Means of Submission)