Reporting, Procedures and Penalties Regulations

ICR 202008-1505-002

OMB: 1505-0164

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Justification for No Material/Nonsubstantive Change
2020-08-12
Supporting Statement A
2019-02-27
IC Document Collections
ICR Details
1505-0164 202008-1505-002
Active 201906-1505-004
TREAS/DO
Reporting, Procedures and Penalties Regulations
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved without change 08/20/2020
Retrieve Notice of Action (NOA) 08/12/2020
  Inventory as of this Action Requested Previously Approved
06/30/2021 06/30/2021 06/30/2021
31,601 0 31,601
14,850 0 14,850
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.

US Code: 50 USC 1701-1706 Name of Law: null
   US Code: 22 USC 287c Name of Law: null
   US Code: 50 USC App. 1-44 Name of Law: null
  
None

1505-ZA03 Final or interim final rulemaking 84 FR 29055 06/21/2019

No

  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 31,601 0 0 0 0
Annual Time Burden (Hours) 14,850 14,850 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
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 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.

$0
No
    Yes
    Yes
No
No
No
No
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.
08/12/2020


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