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 OFAC justification for change to LIC form (9-3-2019).docx Justification for No Material/Nonsubstantive Change	2019-09-11
1505-0170 Supporting_Statement for Application for Blocked Assets (5-29-2019 FINAL).docx Supporting Statement A	2019-06-05

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: 201909-1505-001
Status: Active	Previous ICR Reference No: 201906-1505-002
Agency/Subagency: TREAS/DO	Agency Tracking No: OFAC
Title: Form for OFAC License Applications to Unblock Funds Transfers
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/17/2019
	Date Received in OIRA: 09/11/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2022	07/31/2022	07/31/2022
Responses	3,000	0	3,000
Time Burden (Hours)	1,500	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 1701 et seq. Name of Law: null
   US Code: 50 USC App. 1-4 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:
	84 FR 12036	03/29/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 26935	06/10/2019
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	3,000	3,000	0	0	0	0
Annual Time Burden (Hours)	1,500	1,500	0	0	0	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 increased from 2,400 to 3,000 applicants due to the addition of several sanctions programs since 2016. The associated cost has thereby increased from $24,000 to $79,500 due to both the increase in sanctions programs as well as the increase in wage rates (including the additional 44% cost of private sector employee benefits) used in the calculation.

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Annual Cost to Federal Government: $501,000

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.     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: 09/11/2019

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