This information collection associated with Regulation K requires Edge and agreement corporations and U.S. branches, agencies, and other offices of foreign banks supervised by the Federal Reserve to establish and maintain procedures reasonably designed to ensure and monitor compliance with the Bank Secrecy Act and related regulations.
Decrease in burden hours reflects: (1) an update of respondent count; and (2) a shift of 311 respondents from establishing a compliance program (average hours per response = 16), to maintaining a compliance program (average hours per response = 4), for a net decrease of 7,012 hours.
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.
Reg-K.200812.omb.83-c.pdf
Recordkeeping Requirements Associated with Parts 211.5 and 211.24 of Regulation K