Form for OFAC License Applications to Unblock Funds Transfers

ICR 201909-1505-001

OMB: 1505-0170

Federal Form Document

Forms and Documents
IC Document Collections
ICR Details
1505-0170 201909-1505-001
Active 201906-1505-002
TREAS/DO OFAC
Form for OFAC License Applications to Unblock Funds Transfers
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved without change 10/17/2019
Retrieve Notice of Action (NOA) 09/11/2019
  Inventory as of this Action Requested Previously Approved
07/31/2022 07/31/2022 07/31/2022
3,000 0 3,000
1,500 0 1,500
0 0 0

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.

US Code: 50 USC 1701 et seq. Name of Law: null
   US Code: 50 USC App. 1-4 Name of Law: null
  
None

Not associated with rulemaking

  84 FR 12036 03/29/2019
84 FR 26935 06/10/2019
No

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

  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
No
No
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.

$501,000
No
    Yes
    No
No
No
No
Uncollected
Susan Demske 202 622-2608 [email protected]

  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.
09/11/2019


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