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
1506-0074 Iran 311 Supporting Statement 2023-05-24.docx Supporting Statement A	2023-05-24

IC Document Collections

IC ID	Document Title	Status
238276	Notice to Correspondent Accountholders	Modified

ICR Details

OMB Control No: 1506-0074	ICR Reference No: 202305-1506-001
Status: Active	Previous ICR Reference No: 202004-1506-003
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: 07/11/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/31/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2026	36 Months From Approved	07/31/2023
Responses	15,960	0	23,615
Time Burden (Hours)	15,960	0	23,615
Cost Burden (Dollars)	0	0	0

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Abstract: In November 2019, FinCEN issued a final rule imposing the fifth special measure to prohibit U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, Iranian financial institutions. The rule requires that U.S. financial institutions take reasonable steps to avoid processing transactions through the correspondent account of a foreign bank in the United States if such transactions involve an Iranian financial institution, and requires U.S. financial institutions to apply special due diligence that is reasonably designed to guard against the use of correspondent accounts being used to process prohibited transactions involving Iranian financial institutions. See 31 C.F.R. § 1010.661. U.S. financial institutions are required under 31 C.F.R. § 1010.661(b)(3)(i)(A) to notify their foreign correspondent account holders that they may not provide Iranian financial institutions with access to correspondent accounts maintained at the U.S. financial institution. The requirement is intended to ensure cooperation from correspondent account holders in denying the Islamic Republic of Iran (Iran) access to the U.S. financial system. U.S. financial institutions are required under 31 C.F.R. § 1010.661(b)(4)(i) to document compliance with the notification requirement. The information is used by Federal agencies and certain self-regulatory organizations to verify compliance with 31 C.F.R. § 1010.661.

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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:
	88 FR 14440	03/08/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 34929	05/31/2023
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	15,960	23,615	0	0	-7,655	0
Annual Time Burden (Hours)	15,960	23,615	0	0	-7,655	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 this OMB control number was renewed in January 2020, FinCEN estimated that there were approximately 23,615 U.S. financial institutions that could potentially maintain correspond accounts for foreign banks. In 2023, FinCEN revised the estimated number of U.S. financial institutions that could potentially maintain a correspondent account for a foreign bank to 15,960, which is the reason for the change in the burden estimate.

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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: 05/31/2023

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