Anti-Money Laundering and Countering the Financing of Terrorism Program Requirements

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
SPST 0087 NPR AML-CFT Program Requirmeents.docx	Supporting Statement A	Uploaded 2024-08-09	Available
SPST 0087 NPR AML-CFT Program Requirmeents.docx	Supporting Statement A	Uploaded 2024-08-09	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
226973	Procedures for Monitoring BSA Compliance Large Institutions		Removed
226972	Maintain AML/CFT Program (Ongoing)		Modified
226971	Establish AML/CFT Program (Implementation)		Modified

ICR Details

OMB Control No: 3064-0087	ICR Reference No: 202408-3064-005
Status: Historical Inactive	Previous ICR Reference No: 202304-3064-005
Agency/Subagency: FDIC	Agency Tracking No:
Title: Anti-Money Laundering and Countering the Financing of Terrorism Program Requirements
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 10/01/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 08/09/2024
Terms of Clearance: OIRA will review the collection again upon finalization of the rule.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2026	36 Months From Approved	10/31/2026
Responses	3,038	0	3,038
Time Burden (Hours)	338,905	0	338,905
Cost Burden (Dollars)	0	0	0

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Abstract: All insured state nonmember banks must establish and maintain procedures designed to assure and monitor their compliance with the requirements of the Bank Secrecy Act (31 USC 5311 et seq.) and the Department of Treasury's implementing regulations at 31 CFR 103.

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Authorizing Statute(s): US Code: 12 USC 1818(s) Name of Law: Federal Deposit Insurance Act
   US Code: 31 USC 5311 Name of Law: Bank Secrecy Act
   US Code: 12 USC 5301 et seq. Name of Law: Dodd-Frank Wall Street Reform And Consumer Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AF34	Proposed rulemaking	89 FR 65242	08/09/2024

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Federal Register Notices & Comments

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
Establish AML/CFT Program (Implementation)
Maintain AML/CFT Program (Ongoing)
Procedures for Monitoring BSA Compliance Large Institutions

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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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) (the “Agencies”) have issued a notice of proposed rulemaking, published in the Federal Register on August 9, 2024 (89 FR 65242) (the “Proposed Rule”). The Proposed Rule would amend the requirements that each Agency has issued for its supervised institutions (currently referred to as ‘‘Bank Secrecy Act (BSA) compliance programs’’) to establish, implement, and maintain effective, risk-based, and reasonably designed Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) programs. The amendments are intended to align with changes that are being concurrently proposed by the Financial Crimes Enforcement Network (FinCEN) as a result of the Anti-Money Laundering Act of 2020 (AML Act).

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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]? Yes

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: 08/09/2024

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