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Federal forms, ICRs, and supporting documents

Information Collection Request

Customer Due Diligence Requirements for Financial Institutions

ICR 201605-1506-001 · OMB 1506-0070 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
Form CDD Certificate Customer Due Diligence Requirements for Financial Institutions Form and Instruction New Repair queued
2016 CDD Summary of comments and response to public comments-FR clean .docx Supplementary Document Uploaded 2016-05-11 Available
CDD AML 0070-86i Supporting Statement 6.15.16.doc Supporting Statement A Uploaded 2016-06-15 Available
IC Document Collections
IC IDCollectionTypeStatusForm
221319 Customer Due Diligence Requirements for Financial Institutions Form and Instruction New
ICR Details
1506-0070 201605-1506-001
Historical Active
TREAS/FINCEN
Customer Due Diligence Requirements for Financial Institutions
New collection (Request for a new OMB Control Number)   No
Emergency 05/12/2016
Approved without change 06/24/2016
Retrieve Notice of Action (NOA) 05/12/2016
  Inventory as of this Action Requested Previously Approved
12/31/2016 6 Months From Approved
10,843,875 0 0
7,041,290 0 0
0 0 0
: FinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.
Final Rule was published in the Federal Register today, effective in 60 days
US Code: 31 USC 5318(h) Name of Law: Money and Finance
  
US Code: 31 USC 5318(h) Name of Law: Money and Finance
1506-AB25 Final or interim final rulemaking 81 FR 29398 05/11/2016
  79 FR 45151 08/04/2014
Yes
1
IC Title Form No. Form Name
Customer Due Diligence Requirements for Financial Institutions CDD Certificate Customer Due Diligence Certificate
  Total Approved 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 10,843,875 0 0 10,843,875 0 0
Annual Time Burden (Hours) 7,041,290 0 0 7,041,290 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
This is a new requirement. The burden reflected is an estimate based on observation and public comments.
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.
05/12/2016