FinCEN will
expeditiously issue a notice and work with OIRA to review the
collection within the normal PRA process.
Inventory as of this Action
Requested
Previously Approved
04/30/2020
6 Months From Approved
23,615
0
0
47,230
0
0
0
0
0
FinCEN is issuing this final rule,
pursuant to Section 311 of the USA PATRIOT Act, to prohibit the
opening or maintaining of correspondent accounts in the United
States for, or on behalf of, Iranian financial institutions, and
the use of foreign financial institutions’ correspondent accounts
at covered U.S. financial institutions to process transactions
involving Iranian financial institutions.
The Financial Crimes
Enforcement Network (FinCEN) is requesting immediate emergency
processing of a collection concerning disclosure and recordkeeping
requirements created by the promulgation of the finale rule –
Imposition of Special Measure Related to a Foreign Jurisdiction of
Primary Money Laundering Concern, 31 CFR Chapter X. FinCEN requests
that emergency processing be concluded by Friday, September 27,
2019. FinCEN’s mission is to safeguard the financial system from
illicit use, to combat money laundering, and to promote national
security through the collection, analysis, and dissemination of
financial intelligence and strategic use of financial authorities.
The potential misuse of the U.S. financial system to evade domestic
criminal, tax, and regulatory laws has been a long-held
congressional and law enforcement concern. See 31 U.S.C. § 5311 The
instant matter involves a top national security priority and will
further U.S. foreign policy goals. FinCEN has determined that a
foreign jurisdiction is of primary money laundering concern, and
that the imposition of the special measure selected ‒ restricting
domestic financial institutions from maintaining foreign
correspondent accounts with the foreign jurisdiction’s financial
institutions 31 U.S. Code § 5318A(b)(5) - is a necessary step to
ensure it is not able to access the U.S. financial system for
terrorist financing or money laundering, or for any other illicit
purpose. FinCEN has determined that this particular foreign
jurisdiction is of immediate concern, and ensuring that the foreign
jurisdiction’s financial institutions are denied access to the U.S.
financial system must be done as soon as possible. Public harm is
reasonably likely if normal clearance procedures were followed. The
collection of information in the rule relates to both disclosure
and recordkeeping. The information required to be disclosed by
domestic financial institutions to a third-party‒i.e., a one-time
notice to correspondent account holders‒is intended to ensure
cooperation from correspondent account holders in denying access to
the U.S. financial system, as well as to increase awareness within
the international financial community of the anti-money laundering
(AML) risks and deficiencies associated with the foreign
jurisdiction. The inability to require financial institutions to
transmit such notice in a timely manner would delay FinCEN’s
ability to protect the U.S. financial system. For this reason,
normal clearance procedures cannot be followed. Because this rule
involves a foreign affairs function, the provisions of Executive
Order 12866 and the Administrative Procedures Act (APA) requiring
notice of proposed rulemaking, opportunity for public
participation, and delay in effective date, as well as the
provisions of Executive Order 13771, are inapplicable. Because no
notice of proposed rulemaking is required for this rule, the
Regulatory Flexibility Act (RFA) (5 U.S.C. 601-612) also does not
apply.
US Code:
31
USC 5318A Name of Law: USA PATRIOT Act Pub. L. 107-56
FinCEN is issuing a final rule
under the authority of section 5318A of Title 31, United States
Code, to impose a special measure against a Jurisdiction of Primary
Money Laundering Concern. FinCEN has determined that a jurisdiction
is of primary money laundering concern, and that the imposition of
the special measure selected ‒ restricting domestic financial
institutions from maintaining foreign correspondent accounts with a
foreign jurisdiction 31 U.S.C. 5318(b)(5) - is a necessary step to
ensure it is not able to access the U.S. financial system for
terrorist financing or money laundering, or for any other illicit
purpose.
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.
Notice to Correspondent Accountholders