The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury issued a notice of proposed rulemaking under the authority of section 5318A of Title 31, United States Code, to impose a special measure against Bank of Dandong. FinCEN has determined that Bank of Dandong is a financial institution of primary money laundering concern, and that the imposition of the special measure selectedâprohibiting covered financial institutions from maintaining correspondent accounts for, or on behalf of, Bank of Dandong. In addition, covered financial institutions would be required to apply special due diligence to their foreign correspondent accounts to ensure that they are not used to process transactions involving Bank of Dandong. These additional due diligence steps are necessary to help ensure that Bank of Dandong cannot continue accessing the U.S. financial system indirectly.
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.
OMB Statement for BoDProposed.docx
Imposition of Special Measure against Bank of Dandong