Reporting, Procedures and Penalties Regulations

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
43827	Reporting, Procedures and Penalties Regulations	Modified

ICR Details

OMB Control No: 1505-0164	ICR Reference No: 201902-1505-002
Status: Historical Inactive	Previous ICR Reference No: 201512-1505-003
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Reporting, Procedures and Penalties Regulations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 05/13/2019
	Date Received in OIRA: 02/28/2019
Terms of Clearance: Although this collection is being pre-approved, OFAC will submit a further request for approval should there be any material change relevant to the collection or within 14 months, whichever is sooner. Additionally, OFAC should request comment from financial institutions on the cost associated with the production of custom applications or the licensing of software used to identify and interdict activity relevant to the OFAC programs associated with this collection.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2021	36 Months From Approved	06/30/2019
Responses	31,601	0	44,091
Time Burden (Hours)	14,850	0	47,379
Cost Burden (Dollars)	0	0	0

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Abstract: Submissions will provide the U.S. Government with information to be used in enforcing various economic sanctions programs administered by OFAC under 31 CFR Chapter V.

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Authorizing Statute(s): US Code: 50 USC App. 1-44 Name of Law: null
   US Code: 50 USC 1701-1706 Name of Law: null
   US Code: 22 USC 287c 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:
1505-ZA03	Final or interim final rulemaking

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Federal Register Notices & Comments

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
Reporting, Procedures and Penalties Regulations	TD F 98-22.61, TD F 93.07, TD F 93.02, TD-F 93.08, TD F 90-22.50, TD F 93.04

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ICR Summary of Burden

	Total Request	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	31,601	44,091	0	12,686	-25,176	0
Annual Time Burden (Hours)	14,850	47,379	0	3,709	-36,238	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Regulations set forth standard reporting and recordkeeping requirements and license application and other procedures relevant to the economic sanctions programs administered by OFAC. OFAC is updating six sections of the Regulations. In particular, OFAC is amending the Regulations to provide updated instructions and incorporate new requirements for parties filing reports on blocked property, unblocked property, or rejected transactions. In addition, OFAC is revising the licensing procedures section of these Regulations to include information regarding OFAC’s electronic license application procedures, and to provide additional instructions regarding applications for the release of blocked funds. The estimated 31,601 responses cited in Item 12 represents a decrease from the previously approved collection for 31 CFR part 501. While difficult to quantify burden reduction factors precisely largely due to the broad range of potential reporting and the diverse range of respondents, OFAC assesses that the reduction in burden primarily reflects adjustments in agency estimates and methodology, external factors, and better data. Such reduction counteracts certain increases due to agency program changes. Regarding the time and cost burden, the reduced number of responses corresponds to a decrease in the total annual burden hours and associated cost burden.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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: 02/28/2019

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