Imposition of Special Measure Regarding Al-Huda Bank as a Foreign Financial Institution of Primary Money Laundering Concern

ICR 202407-1506-001

OMB: 1506-0079

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2024-07-03
ICR Details
1506-0079 202407-1506-001
Received in OIRA 202402-1506-001
TREAS/FINCEN
Imposition of Special Measure Regarding Al-Huda Bank as a Foreign Financial Institution of Primary Money Laundering Concern
New collection (Request for a new OMB Control Number)   No
Regular 07/03/2024
  Requested Previously Approved
36 Months From Approved
15,180 0
15,180 0
0 0

On July 3, 2024, FinCEN issued a final rule. As proposed in the NPRM, the final rule imposes special measure five, prohibiting U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, Al-Huda Bank. Further, the rule requires that U.S. financial institutions notify their foreign correspondent account holders that they may not provide Al-Huda Bank with access to correspondent accounts maintained at the U.S. financial institution. The requirement is intended to ensure cooperation from correspondent account holders in preventing Al-Huda Bank access to the U.S. financial system. U.S. financial institutions are required to document compliance with the notification requirement. The information is used by Federal agencies and certain self-regulatory organizations to verify compliance with the rule.

US Code: 31 USC 5318A Name of Law: Special measures for jurisdictions, financial institutions, international transactions, or types of
  
None

1506-AB65 Final or interim final rulemaking 89 FR 55051 07/03/2024

Yes

  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 15,180 0 0 0 15,180 0
Annual Time Burden (Hours) 15,180 0 0 0 15,180 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
No
FinCEN Resource Center 800 767-2825 [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.
07/03/2024


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