Proposed Collection; Comment Request for Iranian Financial Sanctions Regulations Report on Closure by U.S. Financial Institutions of Correspondent Accounts and Payable-Through Accounts
Notice published July 2, 2015 · 80 FR 38276
- Document number
- FR Doc. 2015-16370
- Type
- Notice
- Published
- July 2, 2015
- Citation
- 80 FR 38276 (pages 38,276–38,277)
- Action
- Notice and request for comments.
- Dates
- Written comments must be submitted on or before August 31, 2015 to be assured of consideration.
- Official sources
- PDF (govinfo.gov) · federalregister.gov
Summary
The Federal Register's summaryThe Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Office of Foreign Assets Control (OFAC) within the Department of the Treasury is soliciting comments concerning OFAC's Iranian Financial Sanctions Regulations Report on Closure by U.S. Financial Institutions of Correspondent Accounts and Payable-Through Accounts.
Text
As the Government Publishing Office publishes it. Pages OFAC printed as images (in recent notices, the lists of names) are in the official PDF.
[Federal Register Volume 80, Number 127 (Thursday, July 2, 2015)]
[Notices]
[Pages 38276-38277]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16370]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Proposed Collection; Comment Request for Iranian Financial
Sanctions Regulations Report on Closure by U.S. Financial Institutions
of Correspondent Accounts and Payable-Through Accounts
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other federal agencies to comment on proposed and/or
continuing information collections, as required by the Paperwork
Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).
Currently, the Office of Foreign Assets Control (OFAC) within the
Department of the Treasury is soliciting comments concerning OFAC's
Iranian Financial Sanctions Regulations Report on Closure by U.S.
Financial Institutions of Correspondent Accounts and Payable-Through
Accounts.
DATES: Written comments must be submitted on or before August 31, 2015
to be assured of consideration.
ADDRESSES: You may submit comments by any of the following methods:
Federal eRulemaking Portal: www.regulations.gov. Follow the
instructions on the Web site for submitting comments.
Fax: Attn: Request for Comments (Iranian Financial Sanctions
Regulations Report on Closure by U.S. Financial Institutions of
Correspondent Accounts and Payable-Through Accounts) 202-622-1657.
Mail: Attn: Request for Comments (Iranian Financial Sanctions
Regulations Report on Closure by U.S. Financial Institutions of
Correspondent Accounts and Payable-Through Accounts), Office of Foreign
Assets Control, Department of the Treasury, 1500 Pennsylvania Avenue
NW., Washington, DC 20220.
Instructions: All submissions received must include the agency name
and the Federal Register Doc. number that appears at the end of this
document. Comments received will be made available to the public via
regulations.gov or upon request, without change and including any
personal information provided.
FOR FURTHER INFORMATION CONTACT: Assistant Director for Licensing,
tel.: 202-622-2480, Assistant Director for Policy, tel.: 202-622-2746,
Assistant
[[Page 38277]]
Director for Regulatory Affairs, tel.: 202-622-4855, Assistant Director
for Sanctions Compliance & Evaluation, tel.: 202-622-2490, Office of
Foreign Assets Control, or Chief Counsel (Foreign Assets Control),
tel.: 202-622-2410, Office of the General Counsel, Department of the
Treasury (not toll free numbers).
SUPPLEMENTARY INFORMATION:
Title: Iranian Financial Sanctions Regulations Report on Closure by
U.S. Financial Institutions of Correspondent Accounts and Payable-
Through Accounts.
OMB Number: 1505-0243.
Abstract: Section 561.504(b) of the Iranian Financial Sanctions
Regulations, 31 CFR part 561 (the IFSR), specifies that a U.S.
financial institution that maintained a correspondent account or
payable-through account for a foreign financial institution whose name
is added to the part 561 List on OFAC's Web site (www.treasury.gov/ofac) as subject to a prohibition on the maintaining of such accounts
must file a report with OFAC that provides full details on the closing
of each such account within 30 days of the closure of the account. This
collection of information assists in verifying that U.S. financial
institutions are complying with prohibitions on maintaining
correspondent accounts or payable-through accounts for foreign
financial institutions listed on the part 561 List. The reports will be
reviewed by the U.S. Department of the Treasury and may be used for
compliance and enforcement purposes by the agency.
Current Actions: There are no changes being made to the notice at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: U.S. financial institutions operating
correspondent or payable-through accounts for foreign financial
institutions.
Estimated Number of Respondents: The likely respondents and record-
keepers affected by this collection of information in Sec. 561.504(b)
are U.S. financial institutions operating correspondent accounts or
payable through accounts for foreign financial institutions. Since the
date this reporting requirement was added to the IFSR (February 27,
2012) through June 18, 2015, OFAC added the names of two foreign
financial institutions to the part 561 List, of which one remains. The
number of respondents to this collection has been zero. For future
notices, OFAC will continue to report retrospectively on the number of
respondents during the reporting period.
Estimated Time per Respondent: 2 hours per response.
Estimated Total Annual Burden Hours: Because the Sec. 561.504(b)
reporting requirement applies to those U.S. financial institutions that
operate correspondent or payable-through accounts for a foreign
financial institution whose name is added to the part 561 List, OFAC
cannot predict the response rate for the Sec. 561.504(b) reporting
requirement at this time. Since the date this reporting requirement was
added to the IFSR (February 27, 2012) through June 18, 2015, the number
of respondents to this collection has been zero. For future notices,
OFAC will continue to report retrospectively on the response rate
during the previous reporting period.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid Office of Management and Budget (OMB)
control number. Books or records relating to a collection of
information must be retained for five years.
Request for Comments
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval. All comments will
become a matter of public record. Comments are invited on: (a) Whether
the collection of information is necessary for the proper performance
of the functions of the agency, including whether the information has
practical utility; (b) the accuracy of the agency's estimate of the
burden of the collection of information, including the validity of the
methodology and assumptions used; (c) ways to enhance the quality,
utility, and clarity of the information to be collected; (d) ways to
minimize the burden of the collection of information on respondents,
including through the use of automated collection techniques or other
forms of information technology; and (e) estimates of capital or start-
up costs and costs of operation, maintenance, and purchase of services
to provide information.
John E. Smith,
Acting Director, Office of Foreign Assets Control.
[FR Doc. 2015-16370 Filed 7-1-15; 8:45 am]
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