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 December 21, 2018 · 83 FR 65802
- Document number
- FR Doc. 2018-27623
- Type
- Notice
- Published
- December 21, 2018
- Citation
- 83 FR 65802 (pages 65,802–65,803)
- Action
- Notice and request for comments.
- Dates
- Written comments must be submitted on or before February 19, 2019 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. 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 83, Number 245 (Friday, December 21, 2018)]
[Notices]
[Pages 65802-65803]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-27623]
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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.
[[Page 65803]]
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. 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 February 19,
2019 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 website 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) 202-622-1759.
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: OFAC: Assistant Director for
Licensing, tel.: 202-622-2480; Assistant Director for Regulatory
Affairs, tel.: 202-622-4855; Assistant Director for Sanctions
Compliance & Evaluation, tel.: 202-622-2490; or the Department of the
Treasury's Office of the Chief Counsel (Foreign Assets Control), Office
of the General Counsel, tel.: 202-622-2410.
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 \1\ on OFAC's website (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.
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\1\ On March 1, 2018, OFAC created a new list, titled the List
of Foreign Financial Institutions Subject to Correspondent Account
or Payable-Through Account Sanctions (the ``CAPTA List''). The CAPTA
List will include foreign financial institutions subject to
correspondent or payable-through account sanctions pursuant to
sanctions authorities including the Ukraine Freedom Support Act of
2014, as amended by the Countering America's Adversaries Through
Sanctions Act, and the North Korea Sanctions Regulations, 31 CFR
part 510, as well as the specific strict conditions or prohibitions
to which the foreign financial institutions are subject. It
eventually will be expanded to include foreign financial
institutions subject to correspondent or payable-through account
sanctions pursuant to additional authorities, including the Iranian
Financial Sanctions Regulations, 31 CFR part 561, which are
currently identified on OFAC's Part 561 List. At that time, by
separate action, OFAC will move the name of the foreign financial
institution on the Part 561 List, along with the relevant
prohibition or strict condition(s) to which the foreign financial
institution is subject, to the CAPTA List. This will not impact the
relevant reporting requirement.
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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 accounts 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 section
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. No foreign financial institution was added to the
Part 561 List during the current reporting period (through December 15,
2018), and 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: While no responses are
expected, an estimate of 1 response (2 hours) is being included to
account for the possibility that someone could have to provide a
notification in the future.
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.
Approved: December 17, 2018.
Andrea Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2018-27623 Filed 12-20-18; 8:45 am]
BILLING CODE 4810-AL-P