[Federal Register Volume 83, Number 245 (Friday, December 21, 2018)]
[Notices]
[Pages 65802-65803]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-27623]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


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.

[[Page 65803]]


ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 and/or 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. Currently, the Office of Foreign Assets Control 
(OFAC) within the Department of the Treasury 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 February 19, 
2019 to be assured of consideration.

ADDRESSES: You may submit comments by any of the following methods:
    Federal eRulemaking Portal: www.regulations.gov. Follow the 
instructions on the website for submitting comments.
    Fax: Attn: Request for Comments (Iranian Financial Sanctions 
Regulations Report on Closure by U.S. Financial Institutions of 
Correspondent Accounts and Payable-Through Accounts) 202-622-1759.
    Mail: Attn: Request for Comments (Iranian Financial Sanctions 
Regulations Report on Closure by U.S. Financial Institutions of 
Correspondent Accounts and Payable-Through Accounts), Office of Foreign 
Assets Control, Department of the Treasury, 1500 Pennsylvania Avenue 
NW, Washington, DC 20220.
    Instructions: All submissions received must include the agency name 
and the Federal Register Doc. number that appears at the end of this 
document. Comments received will be made available to the public via 
regulations.gov or upon request, without change and including any 
personal information provided.

FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for 
Licensing, tel.: 202-622-2480; Assistant Director for Regulatory 
Affairs, tel.: 202-622-4855; Assistant Director for Sanctions 
Compliance & Evaluation, tel.: 202-622-2490; or the Department of the 
Treasury's Office of the Chief Counsel (Foreign Assets Control), Office 
of the General Counsel, tel.: 202-622-2410.

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.
    Abstract: Section 561.504(b) of the Iranian Financial Sanctions 
Regulations, 31 CFR part 561 (the 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 Part 561 List \1\ on OFAC's website (www.treasury.gov/ofac) as subject to a prohibition on the maintaining of such accounts 
must file a report with OFAC that provides full details on the closing 
of each such account within 30 days of the 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 Part 561 List. The reports will be 
reviewed by the U.S. Department of the Treasury and may be used for 
compliance and enforcement purposes by the agency.
---------------------------------------------------------------------------

    \1\ On March 1, 2018, OFAC created a new list, titled the List 
of Foreign Financial Institutions Subject to Correspondent Account 
or Payable-Through Account Sanctions (the ``CAPTA List''). The CAPTA 
List will include foreign financial institutions subject to 
correspondent or payable-through account sanctions pursuant to 
sanctions authorities including the Ukraine Freedom Support Act of 
2014, as amended by the Countering America's Adversaries Through 
Sanctions Act, and the North Korea Sanctions Regulations, 31 CFR 
part 510, as well as the specific strict conditions or prohibitions 
to which the foreign financial institutions are subject. It 
eventually will be expanded to include foreign financial 
institutions subject to correspondent or payable-through account 
sanctions pursuant to additional authorities, including the Iranian 
Financial Sanctions Regulations, 31 CFR part 561, which are 
currently identified on OFAC's Part 561 List. At that time, by 
separate action, OFAC will move the name of the foreign financial 
institution on the Part 561 List, along with the relevant 
prohibition or strict condition(s) to which the foreign financial 
institution is subject, to the CAPTA List. This will not impact the 
relevant reporting requirement.
---------------------------------------------------------------------------

    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: U.S. financial institutions operating 
correspondent accounts or payable-through accounts for foreign 
financial institutions.
    Estimated Number of Respondents: The likely respondents and record-
keepers affected by this collection of information in section 
561.504(b) are U.S. financial institutions operating correspondent 
accounts or payable through accounts for foreign financial 
institutions. Since the date this reporting requirement was added to 
the IFSR (February 27, 2012) through June 18, 2015, OFAC added the 
names of two foreign financial institutions to the Part 561 List, of 
which one remains. No foreign financial institution was added to the 
Part 561 List during the current reporting period (through December 15, 
2018), and the number of respondents to this collection has been zero. 
For future notices, OFAC will continue to report retrospectively on the 
number of respondents during the reporting period.
    Estimated Time per Respondent: 2 hours per response.
    Estimated Total Annual Burden Hours: While no responses are 
expected, an estimate of 1 response (2 hours) is being included to 
account for the possibility that someone could have to provide a 
notification in the future.

Request for Comments

    Comments submitted in response to this notice will be summarized 
and/or 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, including the validity of the 
methodology and assumptions used; (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.

    Approved: December 17, 2018.
Andrea Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2018-27623 Filed 12-20-18; 8:45 am]
BILLING CODE 4810-AL-P