Prior to subsequent renewal, FinCEN will solicit specific comment on whether its approach may be leading to an overestimation or underestimation of burden.
Inventory as of this Action
Requested
Previously Approved
04/30/2022
36 Months From Approved
04/30/2019
27,000
0
9,000
306,000
0
306,000
0
0
0
These rules prohibit domestic financial institutions from maintaining correspondent accounts with foreign shell banks and require such institutions to maintain records of the owners, and agents, for service of legal process of foreign banks.
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.
0043 Foreign Bank cert Supp Statement 2018 -10-15-18.docx
Correspondent Accounts for Foreign Shell Banks; Record keeping and Termination of Correspondent Accounts