Form for OFAC License Applications to Unblock Funds Transfers

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form TD F 90-22.54 2022 Revision - Application for the Release of Blocked Funds	Form and Instruction	New	Repair queued
Form TD F 90-22.54 Form for OFAC License Applications to Unblock Funds Transfers	Form and Instruction	Unchanged	Repair queued
1505-0170 OFAC justification for change to LIC form (9-3-2019).docx	Justification for No Material/Nonsubstantive Change	Uploaded 2019-09-11	Repair queued
1505-0170 Supporting Statement for Application for Blocked Assets (7-25-2022 FINAL).docx	Supporting Statement A	Uploaded 2022-07-27	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
254894	2022 Revision - Application for the Release of Blocked Funds	Form and Instruction	New
15203	Form for OFAC License Applications to Unblock Funds Transfers	Form and Instruction	Unchanged

ICR Details

OMB Control No: 1505-0170	ICR Reference No: 202207-1505-004
Status: Received in OIRA	Previous ICR Reference No: 201909-1505-001
Agency/Subagency: TREAS/DO	Agency Tracking No: OFAC
Title: Form for OFAC License Applications to Unblock Funds Transfers
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 07/29/2022

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	07/31/2022
Responses	9,700	3,000
Time Burden (Hours)	4,850	1,500
Cost Burden (Dollars)	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.
   US Code: 50 USC App. 1-4
  

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:
	87 FR 24223	04/22/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 45851	07/29/2022
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
2022 Revision - Application for the Release of Blocked Funds	TD F 90-22.54	Application for the Release of Blocked Funds
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

table that charts list 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	9,700	3,000	0	0	6,700	0
Annual Time Burden (Hours)	4,850	1,500	0	0	3,350	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: Based on recent data received and current trends, OFAC estimates that it will receive approximately 6,700 Applications for the Release of Blocked Funds each year for the next three years, taking into account a recent surge in applications received thus far in 2022 due primarily to the imposition of additional sanctions related to Russia’s unlawful war against Ukraine. OFAC estimates an annual frequency of approximately 1 application per respondent, based on average transaction volume. OFAC estimates that the completion of the form takes approximately 30 minutes per applicant on average. Therefore, OFAC estimates that the total annual reporting burden is approximately 201,000 minutes or 3,350 hours.

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Annual Cost to Federal Government: $1,204,258

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? 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: 07/29/2022

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