Requirement for Information Sharing Between Government Agencies and Financial Institutions ("314(a)")

Forms and Documents

Document Name	Status
1506-0049 314(a) Supporting Statement 09292022-Final.xml Supporting Statement A	2022-09-29

IC Document Collections

IC ID	Document Title	Status
191083	Requirement for Information Sharing Between Government Agencies and Financial Institutions ("314(a)")	Modified

ICR Details

OMB Control No: 1506-0049	ICR Reference No: 202209-1506-001
Status: Received in OIRA	Previous ICR Reference No: 201809-1506-003
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Requirement for Information Sharing Between Government Agencies and Financial Institutions ("314(a)")
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: 09/29/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	09/30/2022
Responses	14,960	14,643
Time Burden (Hours)	2,917,200	615,006
Cost Burden (Dollars)	0	0

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Abstract: The USA PATRIOT Act charged the Department of the Treasury (Treasury) with developing regulations to facilitate information sharing among governmental entities and financial institutions for the purpose of combatting terrorism and money laundering. On September 26, 2002, FinCEN published a final rule implementing section 314(a) of the USA PATRIOT Act. The rule required financial institutions, upon FinCEN’s request (a 314(a) request), to search their records to determine whether they have maintained an account or conducted a transaction with a person that a Federal law enforcement agency has certified is suspected, based on credible evidence, of engaging in terrorist activity or money laundering. The rule was expanded on February 10, 2010, to enable certain entities other than Federal law enforcement agencies to benefit from 314(a) requests to industry. As amended, the rule enables certain foreign law enforcement agencies, state and local law enforcement agencies, and FinCEN itself, on its own behalf and on behalf of appropriate components of Treasury, to initiate 314(a) requests. Rules implementing section 314(a) of the USA PATRIOT Act can be found at 31 CFR 1010.520. 31 CFR 1010.520(b)(3)(i) requires financial institutions, upon receiving a 314(a) request, to search their records to determine whether they maintain, or have maintained, an account for, or engaged in any transaction with, each individual, entity, or organization named in the 314(a) request. Unless noted otherwise in a request, financial institutions are only required to search their records for the following: (i) current accounts maintained for the named suspect; (ii) any account maintained for a named suspect during the preceding twelve months; and (iii) any transactions conducted by or on behalf of a named suspect, or any transmittal of funds conducted in which the named suspect was either the transmittor or the recipient, during the preceding six months, that is required under law or regulation to be recorded by the financial institution or is recorded and maintained electronically by the institution. 31 CFR 1010.520(b)(3)(ii) requires financial institutions that identify accounts or transactions to report the match to FinCEN in the manner and timeframe specified by FinCEN. 31 CFR 1010.520(b)(3)(iii) requires financial institutions to designate one person to be the point of contact at the institution to receive 314(a) requests.

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Authorizing Statute(s): US Code: 31 USC 5316-5332 Name of Law: Money and Finance
   US Code: 31 USC 5311-5314 Name of Law: Money and Finance
  

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 41186	07/11/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 58645	09/29/2022
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Requirement for Information Sharing Between Government Agencies and Financial Institutions ("314(a)")

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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	14,960	14,643	0	0	317	0
Annual Time Burden (Hours)	2,917,200	615,006	0	0	2,302,194	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 total burden hours increased by 2,302,194 hours from 615,006 hours in 2019 to 2,917,200 hours in 2022. The primary reason for the increase in burden is the increase in the burden estimate per subject from 4 minutes in 2019 to 32 minutes in 2022. The number of respondents also increased slightly from 14,643 financial institutions in 2016 to 14,960 financial institutions 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: 09/29/2022

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