Imposition of Fifth Special Measure against the Islamic Republic of Iran as a Jurisdiction of Primary Money Laundering Concern

Forms and Documents

Document Name	Status
0074_supporting_statement_20200421 FINAL.docx Supporting Statement A	2020-04-21

IC Document Collections

IC ID	Document Title	Status
238276	Notice to Correspondent Accountholders	Modified

ICR Details

OMB Control No: 1506-0074	ICR Reference No: 202004-1506-003
Status: Historical Active	Previous ICR Reference No: 202004-1506-002
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Imposition of Fifth Special Measure against the Islamic Republic of Iran as a Jurisdiction of Primary Money Laundering Concern
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/27/2020
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/27/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2023	36 Months From Approved	10/31/2020
Responses	23,615	0	23,615
Time Burden (Hours)	23,615	0	47,230
Cost Burden (Dollars)	0	0	0

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Abstract: On October 24, 2019, FinCEN issued a final rule under the authority of section 5318A of title 31, United States Code, to impose a special measure with respect to the Islamic Republic of Iran as a jurisdiction of primary money laundering concern. FinCEN determined that Iran is a jurisdiction of primary money laundering concern, and that the imposition of the special measure selected--prohibiting domestic financial institutions from maintaining foreign correspondent accounts with Iranian banking institutions--is a necessary step to ensure that Iran is not able to access the U.S. financial system in connection to its terrorist financing or weapons proliferation efforts, or money laundering, or for any other criminal purpose.

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Authorizing Statute(s): US Code: 31 USC 5318A Name of Law: USA PATRIOT Act Pub. L. 107-56
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 5276	01/29/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 23436	04/27/2020
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Notice to Correspondent Accountholders

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	23,615	23,615	0	0	0	0
Annual Time Burden (Hours)	23,615	47,230	0	0	-23,615	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: When the final rule was issued in October 2019, FinCEN estimated burden at two hours per financial institution: one hour for a senior executive of the financial institution to review and approve the notice to be provided to correspondent account holders, and one hour for a compliance officer to provide notice to correspondent account holders. Since the information collection requirement in this rule is a one-time notification to correspondent account holders, FinCEN submits that a senior executive has already reviewed the one-time notice. For that reason, FinCEN reduced the burden to one hour per financial institution in this renewal, consistent with the burden estimate in the renewal of other 311 information collection requests.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 04/27/2020

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