Iranian Financial Sanctions Regulations Report on Closure by U.S. Financial Institutions of Correspondent Accounts and Payable-Through Accounts

ICR 201508-1505-003

OMB: 1505-0243

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2015-09-01
IC Document Collections
IC ID
Document
Title
Status
201286
Modified
ICR Details
1505-0243 201508-1505-003
Historical Active 201208-1505-002
TREAS/DO OFAC
Iranian Financial Sanctions Regulations Report on Closure by U.S. Financial Institutions of Correspondent Accounts and Payable-Through Accounts
Extension without change of a currently approved collection   No
Regular
Approved without change 01/06/2016
Retrieve Notice of Action (NOA) 10/30/2015
  Inventory as of this Action Requested Previously Approved
01/31/2019 36 Months From Approved 01/31/2016
1 0 1
2 0 2
0 0 0

This application is submitted to extend the information collection authority pertaining to the Iranian Financial Sanctions Regulations set forth in 31 C.F.R. Part 561 (the "Regulations"). Section 561.504(b) of the Iranian Financial Sanctions Regulations, 31 CFR Part 561 (the "IFSR"), specifies that a U.S. financial institution that maintained a correspondent account or payable-through account for a foreign financial institution whose name is added to the Part 561 List on OFAC's Web site (www.treasury.gov/ofac) as subject to a prohibition on the maintaining of such accounts must file a report with OFAC that provides full details on the closing of each such account within 30 days of the closure of the account. This collection of information assists in verifying that U.S. financial institutions are complying with prohibitions on maintaining correspondent accounts or payable through accounts for foreign financial institutions listed on the Part 561 List.

US Code: 22 USC 8501-8551 Name of Law: Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010
  
None

Not associated with rulemaking

  80 FR 38276 07/02/2015
80 FR 66977 10/30/2015
No

1
IC Title Form No. Form Name
Account Closure Notification

  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 1 1 0 0 0 0
Annual Time Burden (Hours) 2 2 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
Kevin Whaley 202 622-5947 [email protected]

  No

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.
10/30/2015


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