The relevant Bank Secrecy Act ("BSA") information sharing rules that allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions. The rule also clarifies that FinCEN itself, on its own behalf and on behalf of other appropriate components of the Department of the Treasury, may submit such requests. Modification of the information sharing rules is a part of the Department of the Treasury's continuing effort to increase the efficiency and effectiveness of its anti-money laundering and counter-terrorist financing policies.
Now that the burden associated with FinCEN section 314(a) reporting process is 100% electronic, a revision is being made to reflect an adjustment in the burden. Shifting to entirely electronically reporting reduces the burden by 362,412 hours.
$0
No
No
No
No
No
Uncollected
Russell Stephenson 202 354-6012
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.
314a_(1-25-2013)_83I_Supp_REV.doc
Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity