Treasury may, by regulation, require specified financial institutions to report transactions by persons with designated foreign financial agencies. This is an update since FinCEN has now issued a regulation/requirement under 31 CFR 110.360
After reviewing several options, FinCEN elected to require several financial institutions to file a special report in accordance with 31 CFR 1010.360. Due to the sensitive nature of the request, FinCEN elected to require reporting by means other than in the Federal Register as permitted in the regulation. Notice to OMB of the change in reporting and request for approval of the increase in the burden for this control number was not posted in the ROCIS system. This oversight was discovered in September 2015. In view of the favorable results of this action, FinCEN is requesting an increase to the current approved PRA burden of one (1) hour. The new burden of 1000 hours (See supporting statement, item 12) will permit FinCEN to continue to use this provision in the regulations in combating terrorist financing and money laundering.
$0
No
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.
1506-0055_supporting_statement_20160316.docx
Reports of transactions with foreign financial agencies