Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ("CISADA") Reporting Requirements Under Section 104(e)

Forms and Documents

Document Name	Status
PRA_Supplemental_2011-final_CISADA[1].docx Supporting Statement A	2011-10-05
CISADA Certification.doc Supplementary Document	2011-10-04
Summary of changes from CISADA NPRM to Final Rule 8-5-2011.docx Supplementary Document	2011-10-04

IC Document Collections

IC ID	Document Title	Status
199657	Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Other Means of Submission)	Unchanged
199630	Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Model Certification) Other-Certification	Unchanged

ICR Details

OMB Control No: 1506-0066	ICR Reference No: 201203-1506-002
Status: Historical Active	Previous ICR Reference No: 201110-1506-002
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ("CISADA") Reporting Requirements Under Section 104(e)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/27/2012
	Date Received in OIRA: 03/27/2012
Terms of Clearance: 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
Expiration Date	10/31/2014	36 Months From Approved
Responses	900	0	0
Time Burden (Hours)	2,826	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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Authorizing Statute(s): PL: Pub.L. 111 - 195 124 Stat. 1312(2010) Name of Law: Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 195 124 Stat.1312 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:
1506-AB12	Final or interim final rulemaking	76 FR 62607	10/11/2011

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Other Means of Submission)
Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Model Certification)

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ICR Summary of Burden

	Total Approved	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	900	0	1,350	0	-450	0
Annual Time Burden (Hours)	2,826	0	4,239	0	-1,413	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: 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.

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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: 10/05/2011

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