Reporting Obligations on Foreign Bank Relationships with Iranian-Linked Financial Institutions Designated under IEEPA and IRGC-Linked Persons Designated under IEEPA (31 CFR 1060.300)

Forms and Documents

Document Name	Status
Form CISADA Model Form Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Model Certification) Form	Modified
1506-0066 CISADA Supporting Statement April 22 2022 Final.docx Supporting Statement A	2022-04-25
CISADA 2018 Certification.docx Supplementary Document	2018-08-27

IC Document Collections

IC ID	Document Title	Status
199657	Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Other Means of Submission) Instruction	Modified
199630	Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Model Certification) Form	Modified

ICR Details

OMB Control No: 1506-0066	ICR Reference No: 202204-1506-003
Status: Received in OIRA	Previous ICR Reference No: 201807-1506-001
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Reporting Obligations on Foreign Bank Relationships with Iranian-Linked Financial Institutions Designated under IEEPA and IRGC-Linked Persons Designated under IEEPA (31 CFR 1060.300)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 04/29/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	04/30/2022
Responses	1,040	1,150
Time Burden (Hours)	1,820	2,825
Cost Burden (Dollars)	0	0

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Abstract: FinCEN, to comply with the congressional mandate to prescribe regulations under section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ("CISADA") and consistent with its statutory mission under 31 U.S.C. 310, issued regulations that would require a U.S. bank that maintains a correspondent account for a foreign bank to inquire of the foreign bank, and report to FinCEN, with respect to whether the foreign bank maintains a correspondent account for, or has processed one or more transfers of funds within the preceding 90 calendar days, other than through a correspondent account, related to any financial institution designated by the U.S. Government in connection with Iran's proliferation of weapons of mass destruction or delivery systems for weapons of mass destruction, or in connection with Iran's support for international terrorism. In addition, FinCEN is requiring a U.S. bank that maintains a correspondent account for a foreign bank to inquire of the foreign bank, and report to FinCEN, with respect to whether the foreign bank has processed one or more transfers of funds within the preceding 90 calendar days related to Iran's Islamic Revolutionary Guard Corps ("IRGC") or any of its agents or affiliates designated by the U.S. Government. Under the regulations, U.S. banks will only be required to report this information to FinCEN upon receiving a specific written request from FinCEN.

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Authorizing Statute(s): PL: Pub.L. 111 - 195 124 Stat. 1312 Name of Law: Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 195 124 Stat.1312 Name of Law: Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010

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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:
	87 FR 8930	02/16/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 25353	04/28/2022
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Model Certification)	CISADA Model Form	Certification
Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Other Means of Submission)

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ICR Summary of Burden

	Total Request	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	1,040	1,150	0	0	-110	0
Annual Time Burden (Hours)	1,820	2,825	0	0	-1,005	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 total annual burden hours decreased by 1,005 hours from 2,825 hours in 2018 to 1,820 hours in 2022. The burden per CISADA-related report from U.S. banks that maintain correspondent accounts for specified foreign banks remained at 3 hours per response. The burden per CISADA-related report from U.S. banks that do not maintain correspondent accounts for specified foreign banks remained at 30 minutes per response. The reduction in burden is a result of a combination of a decrease in the estimated total number of CISADA-related reports from 1,150 in 2018 to 1,040 in 2022, and a decrease in the estimated number of CISADA-related reports from U.S. banks that maintain correspondent accounts for specified foreign banks from 900 in 2018 to 520 in 2022.

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Annual Cost to Federal Government: $0

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.     No

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? No

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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: 04/29/2022

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