Notice2022-12862
Agency Information Collection Activities; Proposed Collection; Comment Request for Iranian Financial Sanctions Regulations Report on Closure by U.S. Financial Institutions of Correspondent Accounts and Payable-Through Accounts
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 15, 2022
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
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 or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the Department of the Treasury's Office of Foreign Assets Control (OFAC) 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.
Full Text
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<title>Federal Register, Volume 87 Issue 115 (Wednesday, June 15, 2022)</title>
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[Federal Register Volume 87, Number 115 (Wednesday, June 15, 2022)]
[Notices]
[Page 36206]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12862]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
[Docket No.: OFAC-2022-0003]
Agency Information Collection Activities; 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.
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 or continuing
information collections, as required by the Paperwork Reduction Act of
1995. Currently, the Department of the Treasury's Office of Foreign
Assets Control (OFAC) 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 August 15, 2022
to be assured of consideration.
ADDRESSES: You may submit comments by either of the following methods:
Federal eRulemaking Portal: <a href="https://www.regulations.gov">https://www.regulations.gov</a>. Follow the
instructions on the website for submitting comments.
Email: <a href="/cdn-cgi/l/email-protection#1d525b5c5e4f786d726f695d696f787c6e686f64337a726b"><span class="__cf_email__" data-cfemail="d9969f989a8bbca9b6abad99adabbcb8aaacaba0f7beb6af">[email protected]</span></a> with Attn: Request for Comments
(Iranian Financial Sanctions Regulations Report on Closure by U.S.
Financial Institutions of Correspondent Accounts and Payable-Through
Accounts).
Instructions: All submissions received must include the agency name
and refer to Docket Number OFAC-2022-0003 and the OMB control number
1505-0243. Comments received will be made available to the public via
<a href="https://www.regulations.gov">https://www.regulations.gov</a> or upon request, without change and
including any personal information provided.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs,
202-622-4855; or Assistant Director for Sanctions Compliance &
Evaluation, 202-622-2490.
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.
Type of Review: Extension without change of a currently approved
collection.
Description: Section 561.504(b) of the Iranian Financial Sanctions
Regulations, 31 CFR part 561 (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
List of Foreign Financial Institutions Subject to Correspondent Account
or Payable-Through Account Sanctions (the ``CAPTA List'') on OFAC's
website (<a href="http://www.treasury.gov/ofac">www.treasury.gov/ofac</a>) as subject to a prohibition on the
maintaining of such accounts, must file a report with OFAC that
provides complete information on the closing of each such account, and
on all transactions processed or executed through the account pursuant
to Sec. 561.504, including the account outside of the United States to
which funds remaining in the account were transferred. This report must
be filed with OFAC within 30 days of 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 CAPTA List pursuant to the IFSR.
The reports will be reviewed by OFAC and may be used for compliance and
enforcement purposes by the agency.
Affected Public: The likely respondents affected by this collection
of information are U.S. financial institutions maintaining
correspondent accounts or payable-through accounts.
Estimated Number of Respondents: OFAC assesses that the estimate
for the number of unique reporting respondents is approximately 1.
Frequency of Response: The estimated annual frequency of responses
is approximately 1 response per respondent.
Estimated Total Number of Annual Responses: The estimated total
number of responses per year is approximately 1.
Estimated Time per Response: OFAC assesses that there is an average
time estimate of 2 hours per response.
Estimated Total Annual Burden Hours: The estimated total annual
reporting burden is approximately 2 hours.
Request for Comments
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 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.
(Authority: 44 U.S.C. 3501 et seq.)
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2022-12862 Filed 6-14-22; 8:45 am]
BILLING CODE 4810-AL-P
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