Iranian Financial Sanctions Regulations

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
201286	Account Closure Notification	New

ICR Details

OMB Control No: 1505-0243	ICR Reference No: 201202-1505-001
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Iranian Financial Sanctions Regulations
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 02/21/2012
OIRA Conclusion Action: Preapproved	Conclusion Date: 02/21/2012
	Date Received in OIRA: 02/21/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2012	6 Months From Approved
Responses	1	0	0
Time Burden (Hours)	2	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Department of the Treasury's Office of Foreign Assets Control ("OFAC") is amending the Iranian Financial Sanctions Regulations and reissuing them in their entirety, in order to implement section 1245(d) of the National Defense Authorization Act for Fiscal Year 2012, which provides for the imposition of sanctions with respect to the Central Bank of Iran and designated Iranian financial institutions.

Emergency Justfication: OFAC is submitting an emergency request for OMB approval for the following reasons. Section 1245(d) of the National Defense Authorization Act for Fiscal Year 2012 (“NDAA”) calls for sanctions against certain foreign financial institutions as early as February 29, 2012, which is 60 days after the date of enactment of the NDAA, for transactions other than those for the purchase of petroleum or petroleum products from Iran. OFAC plans to amend and reissue the Iranian Financial Sanctions Regulations, 31 C.F.R. part 561 (the “IFSR”), to implement section 1245(d) of the NDAA on or before February 29, 2012, to provide formal guidance to affected U.S. and foreign financial institutions. Furthermore, the Secretary of State will testify in budget hearings beginning on February 28. The Secretary of State would like OFAC to publish the amended IFSR before that date. In order to meet the February 28 deadline, OFAC must file the final rule amending the IFSR with the Federal Register no later than Wednesday, February 22.

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Authorizing Statute(s): US Code: 22 USC 8501-8551 Name of Law: Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010
  

Citations for New Statutory Requirements: US Code: 22 USC 8501-8551 Name of Law: Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1505-AA00	Final or interim final rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Account Closure Notification

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	1	0	1	0	0	0
Annual Time Burden (Hours)	2	0	2	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 02/21/2012

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