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), remitterâs address, contact info, motherâs 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