Form for OFAC License Applications to Unblock Funds Transfers

ICR 202207-1505-004

OMB: 1505-0170

Federal Form Document

ICR Details
1505-0170 202207-1505-004
Received in OIRA 201909-1505-001
TREAS/DO OFAC
Form for OFAC License Applications to Unblock Funds Transfers
Revision of a currently approved collection   No
Regular 07/29/2022
  Requested Previously Approved
36 Months From Approved 07/31/2022
9,700 3,000
4,850 1,500
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.
   US Code: 50 USC App. 1-4
  
None

Not associated with rulemaking

  87 FR 24223 04/22/2022
87 FR 45851 07/29/2022
No

  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
No
No
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.

$1,204,258
No
    Yes
    No
No
No
No
No
Katherine Gupta 202 622-2148 [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.
07/29/2022


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