Notice2022-12320
Agency Information Collection Activities; Information Collection Revision; Comment Request; Bank Secrecy Act/Money Laundering Risk Assessment
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 8, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to take this opportunity to comment on a revised information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning its information collection entitled, "Bank Secrecy Act/Money Laundering Risk Assessment," also known as the Money Laundering Risk (MLR) System.
Full Text
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<title>Federal Register, Volume 87 Issue 110 (Wednesday, June 8, 2022)</title>
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[Federal Register Volume 87, Number 110 (Wednesday, June 8, 2022)]
[Notices]
[Pages 34927-34930]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12320]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities; Information Collection
Revision; Comment Request; Bank Secrecy Act/Money Laundering Risk
Assessment
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other federal
agencies to take this opportunity to comment on a revised information
collection as required by the Paperwork Reduction Act of 1995 (PRA). In
accordance with the requirements of the PRA, the OCC may not conduct or
sponsor, and the respondent is not required to respond to, an
information collection unless it displays a currently valid Office of
Management and Budget (OMB) control number. The OCC is soliciting
comment concerning its information collection entitled, ``Bank Secrecy
Act/Money Laundering Risk Assessment,'' also known as the Money
Laundering Risk (MLR) System.
DATES: Comments must be submitted by August 8, 2022.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#addddfccc4c3cbc2edc2cece83d9dfc8ccde83cac2db"><span class="__cf_email__" data-cfemail="61111300080f070e210e02024f15130400124f060e17">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0231, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0231'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or
personal information provided such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Following the close of this notice's 60-day comment period, the OCC
will publish a second notice with a 30-day comment period. You may
review comments and other related materials that pertain to this
information collection beginning on the date of publication of the
second notice for this collection by the method set forth in the
[[Page 34928]]
next bullet. Following the close of this notice's 60-day comment
period, the OCC will publish a second notice with a 30-day comment
period.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' drop down menu. From
the ``Currently under Review'' drop-down menu, select ``Department of
Treasury'' and then click ``submit.'' This information collection can
be located by searching by OMB control number ``1557-0231'' or ``Bank
Secrecy Act/Money Laundering Risk Assessment.'' Upon finding the
appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 874-5090, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
If you are deaf, hard of hearing, or have a speech disability, please
dial 7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA, federal agencies must obtain
approval from the OMB for each collection of information they conduct
or sponsor. ``Collection of information'' is defined in 44 U.S.C.
3502(3) and 5 CFR 1320.3(c) to include questions posed to agencies,
instrumentalities, or employees of the United States, if the results
are to be used for general statistical purposes, that is, if the
results are to be used for statistical compilations of general public
interest, including compilations showing the status or implementation
of federal activities and programs. Section 3506(c)(2)(A) of the PRA
requires federal agencies to provide a 60-day notice in the Federal
Register concerning each proposed collection of information, including
each proposed extension or revision of an existing collection of
information, before submitting the collection to OMB for approval. In
compliance with the PRA, the OCC is publishing notice of the proposed
extension with revision of the collection of information set forth in
this document.
Title: Bank Secrecy Act/Money Laundering Risk Assessment.
OMB Control No: 1557-0231.
Type of Review: Regular.
Affected Public: Business or other for-profit.
Description: The MLR System enhances the ability of examiners and
bank management to identify and evaluate Bank Secrecy Act/Money
Laundering and Office of Foreign Asset Control (OFAC) sanctions risks
associated with banks' products, services, customers, and locations. As
new products and services are introduced, existing products and
services change, and banks expand through mergers and acquisitions,
banks' evaluation of money laundering and terrorist financing risks
should evolve as well. Consequently, the MLR risk assessment is an
important tool for the OCC's Bank Secrecy Act/Anti-Money Laundering and
OFAC supervision activities because it allows the agency to better
identify those institutions, and areas within institutions, that may
pose heightened risk and allocate examination resources accordingly.
This risk assessment is critical for protecting U.S. financial
institutions of all sizes from potential abuse from money laundering
and terrorist financing. The MLR also provides the OCC with information
regarding products or customers that may be experiencing difficulties
or challenges maintaining banking services. Banks will benefit from the
reporting of MLR data as it will assist in the managing of the bank's
BSA/AML programs and provide a starting point for banks to develop
their risk assessments. An appropriate risk assessment allows controls
to be effectively implemented for the lines of business, products, or
entities that would elevate Bank Secrecy Act/Money Laundering and OFAC
compliance risks.
The OCC will collect MLR information for community and trust banks
supervised by the OCC.
The format of OCC's annual Risk Summary Form (RSF) is fully
automated making data entry quick and efficient and providing an
electronic record for all parties. The RSF collects data about
different products, services, customers, and geographies (PSCs). For
2022, the RSF will include three significant changes:
1. The addition of six new PSCs: cash transactions, marijuana-
related businesses, ATM Operators, crypto assets--custody, stablecoin
issuance, and stablecoin payments.
2. The addition of three new customer types under the money
transmitters category: customers that accept or transmit crypto
currency; crypto ATM operators; and crypto asset exchanges.
3. The deletion of four existing PSCs: boat/airplane, bulk cash/
currency repatriation customers, bulk cash/currency repatriation, and
international branches.
The addition of these six new PSCs increases the number of data
collection points from 69 to 71 as shown in the table below:
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No. Existing PSCs No. New PSCs
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1 Convenience Stores 1 Cash Transactions
2 Liquor Stores 2 Marijuana Related Businesses
3 Domestic Charitable Organizations 3 ATM Operators
4 Jewelry, Gem and Precious Metals Dealers 4 Crypto-Assets Custody
5 Casinos 5 Stablecoin Issuance
6 Car Dealers 6 Stablecoin Payments
7 Boat/Airplane 7 Convenience Stores
8 Domestic Private Banking 8 Liquor Stores
9 Domestic Commercial Letters of Credit 9 Domestic Charitable Organizations
10 Stand-by Letters of Credit 10 Jewelry, Gem and Precious Metals Dealers
11 Customers/Accounts opened through the Internet, 11 Casinos
Mail, Wire or Phone (non-branch)
12 Domestic Deposit Brokers 12 Car Dealers
13 Travel Agencies 13 Domestic Private Banking
14 Broker Dealers 14 Domestic Commercial Letters of Credit
15 Telemarketers 15 Stand-by Letters of Credit
16 Remotely Created Check Customers 16 Customers/Accounts opened through the Internet,
Mail, Wire or Phone (non-branch)
17 Domestic Remote Deposit Capture Customers 17 Domestic Deposit Brokers
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18 Third Party Senders 18 Travel Agencies
19 Issuance of Traveler's Checks, Official Bank 19 Broker Dealers
Checks & Money Orders
20 Domestic Wire Transfers 20 Telemarketers
21 Domestic PUPID Wire Transfers 21 Remotely Created Check Customers
22 ACH 22 Domestic Remote Deposit Capture Customers
23 Remotely Created Checks 23 Third Party Senders
24 Domestic Remote Deposit Capture 24 Issuance of Traveler's Checks, Official Bank
Checks & Money Orders
25 Non-Resident Alien Accounts 25 Domestic Wire Transfers
26 Politically Exposed Persons 26 Domestic PUPID Wire Transfers
27 Foreign Off-Shore Corporations 27 ACH
28 Foreign Deposit Brokers 28 Remotely Created Checks
29 Foreign Charitable Organizations 29 Domestic Remote Deposit Capture
30 Import/Export 30 Non-Resident Alien Accounts
31 Foreign Remote Deposit Capture Customers 31 Politically Exposed Persons
32 Bulk Cash/Currency Repatriation Customers 32 Foreign Off-Shore Corporations
33 International Branches 33 Foreign Deposit Brokers
34 Foreign Correspondent Accounts 34 Foreign Charitable Organizations
35 Payable Through Accounts 35 Import/Export
36 Pouch Services 36 Foreign Remote Deposit Capture Customers
37 Foreign Bank Affiliate 37 Foreign Correspondent Accounts
38 International Department 38 Payable Through Accounts
39 International Private Banking 39 Pouch Services
40 Embassy & Consulate Banking 40 Foreign Bank Affiliate
41 International Commercial Letters of Credit 41 International Department
42 International Bank Drafts 42 International Private Banking
43 International Wire Transfers 43 Embassy & Consulate Banking
44 International PUPID Wire Transfers 44 International Commercial Letters of Credit
45 Remittance Products 45 International Bank Drafts
46 Cross-Border ACH 46 International Wire Transfers
47 International Remote Deposit Capture 47 International PUPID Wire Transfers
48 Bulk Cash/Currency Repatriation 48 Remittance Products
49 Domestic Casas de Cambio/Currency Exchange 49 Cross-Border ACH
50 Foreign Casas de Cambio/Currency Exchange 50 International Remote Deposit Capture
51 Money Transmitters 51 Domestic Casas de Cambio/Currency Exchange
52 Check Cashers 52 Foreign Casas de Cambio/Currency Exchange
53 Issuers or Sellers of Traveler Checks or Money 53 Money Transmitters
Orders
54 Providers of Prepaid Access 54 Check Cashers
55 Sellers of Prepaid Access 55 Issuers or Sellers of Traveler Checks or Money
Orders
56 Prepaid Cards 56 Providers of Prepaid Access
57 Prepaid Card Programs--Third Party Sponsored 57 Sellers of Prepaid Access
58 Prepaid Card Programs--Bank Sponsored 58 Prepaid Cards
59 Prepaid Cardholders 59 Prepaid Card Programs--Third Party Sponsored
60 Prepaid Card Program Managers 60 Prepaid Card Programs--Bank Sponsored
61 Domestic Charitable Trusts & Foundations 61 Prepaid Cardholders
62 Foreign Charitable Trusts & Foundations 62 Prepaid Card Program Managers
63 Custodial Accounts 63 Domestic Charitable Trusts & Foundations
64 Investment Advisory Accounts 64 Foreign Charitable Trusts & Foundations
65 Revocable Trusts 65 Custodial Accounts
66 Foreign Grantor or Beneficiaries 66 Investment Advisory Accounts
67 Loans to Closely Held Corporations 67 Revocable Trusts
68 Brokerage Department/Operations 68 Foreign Grantor or Beneficiaries
69 Investment Advisory/Management 69 Loans to Closely Held Corporations
................................................ 70 Brokerage Department/Operations
................................................ 71 Investment Advisory/Management
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* PSC changes are denoted in bold.
The OCC estimates the burden of this collection of information as
follows:
Burden Estimates:
Community and trust bank population:
Estimated Number of Respondents: 970.
Estimated Number of Responses: 970.
Frequency of Response: Annually.
Estimated Annual Burden: 7,760 hours.
Comments submitted in response to this notice will be summarized
and 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;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection 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,
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maintenance, and purchase of services to provide information.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-12320 Filed 6-7-22; 8:45 am]
BILLING CODE 4810-33-P
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</html>Indexed from Federal Register on June 8, 2022.
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