Form for OFAC License Applications to Unblock Funds Transfers

Forms and Documents

Document Name	Status
Form TD F 90-22.54 Form for OFAC License Applications to Unblock Funds Transfers Form and Instruction	Modified
1505-0170_supporting_statement_012916.docx Supporting Statement A	2016-01-29

IC Document Collections

IC ID	Document Title	Status
15203	Form for OFAC License Applications to Unblock Funds Transfers Form and Instruction	Modified

ICR Details

OMB Control No: 1505-0170	ICR Reference No: 201512-1505-001
Status: Historical Active	Previous ICR Reference No: 201208-1505-003
Agency/Subagency: TREAS/DO	Agency Tracking No: OFAC
Title: Form for OFAC License Applications to Unblock Funds Transfers
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/03/2016
	Date Received in OIRA: 01/29/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2019	36 Months From Approved	06/30/2016
Responses	2,400	0	3,000
Time Burden (Hours)	1,200	0	1,500
Cost Burden (Dollars)	0	0	0

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Abstract: Assets blocked pursuant to sanctions administered by Office of Foreign Assets Control (OFAC) may be released only through a specific license issued by OFAC. Since February 2000, use of this form to apply for the unblocking of funds transfers has been mandatory pursuant to 31 C.F.R. 501.801(b)(2). Use of this form greatly facilitates and speeds applicants' submissions and OFAC's processing.

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Authorizing Statute(s): US Code: 50 USC App. 1-4 Name of Law: null
   US Code: 50 USC 1701 et seq. Name of Law: null
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 60956	10/08/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 5032	01/29/2016
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
Form for OFAC License Applications to Unblock Funds Transfers	TD F 90-22.54	Application for the Release of Blocked Funds

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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	2,400	3,000	0	0	-600	0
Annual Time Burden (Hours)	1,200	1,500	0	0	-300	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: The estimated burden has decreased from 3,000 to 2,400 applicants because the number of applicants using the form and submitting electronically has increased, which has resulted in a decrease in the number of duplicate applications submitted; thereby lowering the cost from $30,000 to $24,000.

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Annual Cost to Federal Government: $0

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: 01/29/2016

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