Imposition of Special Measure against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern

ICR 201711-1506-001

OMB: 1506-0072

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2017-10-31
IC Document Collections
ICR Details
1506-0072 201711-1506-001
Active 201710-1506-003
TREAS/FINCEN
Imposition of Special Measure against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern
New collection (Request for a new OMB Control Number)   No
Regular
Approved without change 11/08/2017
Retrieve Notice of Action (NOA) 11/08/2017
  Inventory as of this Action Requested Previously Approved
11/30/2020 36 Months From Approved
5,787 0 0
5,787 0 0
0 0 0

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury issued a notice of proposed rulemaking under the authority of section 5318A of Title 31, United States Code, to impose a special measure against Bank of Dandong. FinCEN has determined that Bank of Dandong is a financial institution of primary money laundering concern, and that the imposition of the special measure selected—prohibiting covered financial institutions from maintaining correspondent accounts for, or on behalf of, Bank of Dandong. In addition, covered financial institutions would be required to apply special due diligence to their foreign correspondent accounts to ensure that they are not used to process transactions involving Bank of Dandong. These additional due diligence steps are necessary to help ensure that Bank of Dandong cannot continue accessing the U.S. financial system indirectly.

US Code: 31 USC 5318A Name of Law: Money and Finance
  
None

1506-AB38 Final or interim final rulemaking 82 FR 51758 11/08/2017

Yes

1
IC Title Form No. Form Name
Imposition of Special Measure against Bank of Dandong

  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 5,787 0 0 5,787 0 0
Annual Time Burden (Hours) 5,787 0 0 5,787 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
This is a new regulatory requirement.

$0
No
    No
    No
No
No
No
Uncollected
Russell Stephenson 202 354-6012

  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.
10/31/2017


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