Requirement for Information Sharing Between Government Agencies and Financial Institutions ("314(a)")
Extension without change of a currently approved collection
No
Regular
09/29/2022
Requested
Previously Approved
36 Months From Approved
09/30/2022
14,960
14,643
2,917,200
615,006
0
0
The USA PATRIOT Act charged the Department of the Treasury (Treasury) with developing regulations to facilitate information sharing among governmental entities and financial institutions for the purpose of combatting terrorism and money laundering. On September 26, 2002, FinCEN published a final rule implementing section 314(a) of the USA PATRIOT Act. The rule required financial institutions, upon FinCENâs request (a 314(a) request), to search their records to determine whether they have maintained an account or conducted a transaction with a person that a Federal law enforcement agency has certified is suspected, based on credible evidence, of engaging in terrorist activity or money laundering. The rule was expanded on February 10, 2010, to enable certain entities other than Federal law enforcement agencies to benefit from 314(a) requests to industry. As amended, the rule enables certain foreign law enforcement agencies, state and local law enforcement agencies, and FinCEN itself, on its own behalf and on behalf of appropriate components of Treasury, to initiate 314(a) requests. Rules implementing section 314(a) of the USA PATRIOT Act can be found at 31 CFR 1010.520.
31 CFR 1010.520(b)(3)(i) requires financial institutions, upon receiving a 314(a) request, to search their records to determine whether they maintain, or have maintained, an account for, or engaged in any transaction with, each individual, entity, or organization named in the 314(a) request. Unless noted otherwise in a request, financial institutions are only required to search their records for the following: (i) current accounts maintained for the named suspect; (ii) any account maintained for a named suspect during the preceding twelve months; and (iii) any transactions conducted by or on behalf of a named suspect, or any transmittal of funds conducted in which the named suspect was either the transmittor or the recipient, during the preceding six months, that is required under law or regulation to be recorded by the financial institution or is recorded and maintained electronically by the institution.
31 CFR 1010.520(b)(3)(ii) requires financial institutions that identify accounts or transactions to report the match to FinCEN in the manner and timeframe specified by FinCEN. 31 CFR 1010.520(b)(3)(iii) requires financial institutions to designate one person to be the point of contact at the institution to receive 314(a) requests.
The total burden hours increased by 2,302,194 hours from 615,006 hours in 2019 to 2,917,200 hours in 2022. The primary reason for the increase in burden is the increase in the burden estimate per subject from 4 minutes in 2019 to 32 minutes in 2022. The number of respondents also increased slightly from 14,643 financial institutions in 2016 to 14,960 financial institutions in 2022.
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.
1506-0049 314(a) Supporting Statement 09292022-Final.xml
Requirement for Information Sharing Between Government Agencies and Financial Institutions ("314(a)")