Imposition of Special Measure against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern

Forms and Documents

Document Name	Status
0072_supporting_statement_20201110 FINAL.docx Supporting Statement A	2020-11-10

IC Document Collections

IC ID	Document Title	Status
228786	Imposition of Special Measure against Bank of Dandong	Modified

ICR Details

OMB Control No: 1506-0072	ICR Reference No: 202011-1506-001
Status: Received in OIRA	Previous ICR Reference No: 201711-1506-001
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Imposition of Special Measure against Bank of Dandong as a Financial Institution 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	Date Submitted to OIRA: 11/25/2020

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2021
Responses	17,063	5,787
Time Burden (Hours)	17,063	5,787
Cost Burden (Dollars)	0	0

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Abstract: The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury issued a notice of proposed rulemaking under the authority of section 5318A of Title 31, United States Code, to impose a special measure against Bank of Dandong. FinCEN has determined that Bank of Dandong is a financial institution of primary money laundering concern, and that the imposition of the special measure selected—prohibiting covered financial institutions from maintaining correspondent accounts for, or on behalf of, Bank of Dandong. In addition, covered financial institutions would be required to apply special due diligence to their foreign correspondent accounts to ensure that they are not used to process transactions involving Bank of Dandong. These additional due diligence steps are necessary to help ensure that Bank of Dandong cannot continue accessing the U.S. financial system indirectly.

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Authorizing Statute(s): US Code: 31 USC 5318A Name of Law: Money and Finance
  

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 48327	08/10/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 75408	11/25/2020
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
Imposition of Special Measure against Bank of Dandong

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ICR Summary of Burden

	Total Request	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	17,063	5,787	0	11,276	0	0
Annual Time Burden (Hours)	17,063	5,787	0	11,276	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: When the final rule was published in November 2017, the number of financial institutions affected by the rule was estimated at 5,000. FinCEN has since revised the estimated number of affected financial institutions upward to account for all domestic financial institutions that could potentially maintain correspondent accounts for foreign banks, and recognizing that, under the final rule, all U.S. financial institutions are required to conduct special due diligence with respect to, and are prohibited from processing transactions involving, financial institutions named in the final rule. There are approximately 17,063 such financial institutions doing business in the United States. As noted, this should not have a significant impact on a substantial number of small entities.

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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: 11/25/2020

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