The information collected is used by
OFAC to implement its compliance and enforcement programs pursuant
to the Regulations, including with respect to whether remitters are
exceeding the restrictions on the frequency, payees, and dollar
amounts of remittances. Specifically, banking institutions
providing remittance forwarding services are required to collect
from persons who use such services a certification indicating the
relevant remittance provisions of the Regulations. Such banking
institutions will retain this information on file for five years,
subject to audit by the U.S. Department of the Treasury for
compliance, civil penalty, and enforcement purposes. Specifically,
the information may be requested by OFAC to verify that persons
sending remittances to Cuba were licensed by OFAC to do so and
facilitate OFAC's addressing of potential violations of the
Regulations.
On January 16, 2015,
OFAC amended the Regulations to implement certain policy changes
announced by the President on December 17, 2014 to further engage
and empower the Cuban people. Among other changes, OFAC generally
authorized certain entities to forward authorized remittances and
modified the information collection requirements on these
remittance forwarders. See 31 CFR § 515.572(a). Separately, OFAC
removed the suggested form TD F 90-22.52 (Cuban Remittance
Affidavit) for the collection of that information, as in the
information collection request currently approved by OMB (No.
1505-0167). In addition, OFAC raised the limit on periodic
remittances to Cuba from $500 in any consecutive three-month period
to $2,000 in any consecutive three-month period. As to information
collection requirements, OFAC previously required RFs to collect
information showing compliance with relevant remittance provisions
and/or provide a voluntary remittance affidavit form including,
within the relevant category of authorized remittance, the name of
the recipient (and if applicable, relation, date of birth, visa
number/date), remitter’s address, contact info, mother’s maiden
name, and date of birth. OFAC now requires only that persons
subject to U.S. jurisdiction providing remittance forwarding
services authorized pursuant to 31 CFR § 515.572 retain for at
least five years from the date of the transaction a certification
from each customer indicating the section of 31 CFR part 515 that
authorizes the person to send remittance to Cuba In addition,
banking institutions providing remittance forwarding services must
maintain on file the names and addresses of individual remitters,
the number and amount of each remittance, and the name and address
of each recipient, as applicable. OFAC anticipates that the
regulatory amendments raising the limits on and generally
authorizing certain additional categories of remittances will
increase the number of filers. OFAC anticipates that because it
requires signing a certification, the time burden of the
information collection for each filer is one minute per filing,
which is the same as before. OFAC anticipates that the time burden
of the information collection overall, therefore, has increased,
due solely to the anticipated increased number of filers. Because
OFAC has simplified its requirements, and no longer requires
regular reports to OFAC, OFAC anticipates that the burden imposed
on banking institutions providing remittance forwarding services
has decreased. OFAC is in the process of publishing a 60 day
Federal Register Notice for public comment on the changes to the
information collection requirement, after which OFAC plans to
resubmit for OMB authorization for continued collection.
On January 16, 2015, OFAC
amended the Regulations to implement certain policy changes
announced by the President on December 17, 2014 to further engage
and empower the Cuban people. Among other changes, OFAC generally
authorized certain entities to forward authorized remittances and
modified the information collection requirements on these
remittance forwarders. See 31 CFR § 515.572(a). Separately, OFAC
removed the suggested form TD F 90-22.52 (Cuban Remittance
Affidavit) for the collection of that information, as in the
information collection request currently approved by OMB (No.
1505-0167). In addition, OFAC raised the limit on periodic
remittances to Cuba from $500 in any consecutive three-month period
to $2,000 in any consecutive three-month period. The anticipated
number of respondents is 4,000,000. It is anticipated that, of
those, 1,000,000 will file four times annually (4,000,000 filings),
and 3,000,000 will file once a year (3,000,000 filings), totaling
to 7,000,000 filings. It is anticipated that the time required to
complete the certification is approximately one minute. At one
minute each, the certifications to be completed by individuals
under a general authorization in the Regulations will take
approximately 7,000,000 minutes (116,667 hours) annually in the
aggregate.
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.
PRA Supporting Statement 1505-0167 Remittance 070115.docx
1505-0167 2015.pdf
Cuban Remittance Certification