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.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
06/30/2021
36 Months From Approved
06/30/2019
31,601
0
44,091
14,850
0
47,379
0
0
0
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.
TD-F 93.08, TD F 90-22.50, TD F 93.04, TD F 93.02, TD F 98-22.61, TD F 93.07
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table that charts list 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
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
Yes
Changing Regulations
No
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 OFACâs 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.
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.
Form TD-F 93.08 Report on Blocked Property - Tangible/Real/Other Non-Financial Property
1505-0164 OFAC RPPR Supporting Statement 2019.docx
Reporting, Procedures and Penalties Regulations