42556 Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices 

1Language expanding the scope of the BSA to 

intelligence or counter-intelligence activities to 

protect against international terrorism was added by 

Section 358 of the Uniting and Strengthening 

America by Providing Appropriate Tools Required 

to Intercept and Obstruct Terrorism Act of 2001, 

Public Law 107–56. 

2FinCEN does not have an independent method 

to research the exact number of foreign bank 

certifications and recertfications in any given year 

because depository institutions do not file the 

model form with FinCEN and only provide the data 

upon FinCEN’s request. Accordingly, FinCEN has 

chosen to take an expansive approach in its 

estimates of yearly certifications and 

recertifications. 

programs and compliance procedures.1

Title III of the USA PATRIOT Act of 

2001, Public Law 107–56, included 

certain amendments to the anti-money 

laundering provisions of Title II of the 

BSA, 31 U.S.C. 5311 et seq., which are 

intended to aid in the prevention, 

detection, and prosecution of 

international money laundering and 

terrorist financing. 

Regulations implementing Title II of 

the BSA appear at 31 CFR Chapter X. 

The authority of the Secretary of the 

Treasury to administer Title II of the 

BSA has been delegated to the Director 

of FinCEN. The information collected 

and retained under the regulation 

addressed in this notice assists Federal, 

state, and local law enforcement as well 

as regulatory authorities in the 

identification, investigation and 

prosecution of money laundering and 

other matters. 

This request for comments is being 

made pursuant to the Paperwork 

Reduction Act (‘‘PRA’’) of 1995, Public 

Law 104–13, 44 U.S.C. 3506(c)(2)(A). In 

accordance with the requirements of the 

PRA and its implementing regulations, 

the following information is presented 

concerning the information collection 

below. 

Title: Correspondent Accounts for 

Foreign Shell Banks; Recordkeeping and 

Termination of Correspondent Accounts 

for Foreign Banks (31 CFR 1010.630). 

OMB Control Number: 1506–0043. 

Abstract: Covered financial 

institutions are prohibited from 

maintaining correspondent accounts for 

foreign shell banks (31 CFR 

1010.630(a)(1)). Covered financial 

institutions that maintain correspondent 

accounts for foreign banks must 

maintain records of owner(s) of the 

foreign bank and the name and address 

of a person residing in the United States 

who is authorized to accept service of 

legal process for the foreign bank (31 

CFR 1010.630(a)(2)). Covered financial 

institutions may satisfy these 

requirements by using the sample 

certification on the FinCEN website: 

(https://www.fincen.gov/sites/default/ 

files/shared/Certification%20

Regarding%20Correspondent

%20Accounts%20for%20

Foreign%20Banks.pdf) and recertification (https://www.fincen.gov/ 

sites/default/files/shared/Recertification

%20Regarding%20Correspondent

%20Accounts%20for%20Foreign%20

Banks.pdf). Records of documents relied 

upon by a financial institution for 

purposes of 31 CFR 1010.630 must be 

maintained for at least five years after 

the date that the financial institution no 

longer maintains a correspondent 

account for such foreign bank (31 CFR 

1010.630(e)). 

Current Action: Renewal without 

change to the existing regulations. 

Type of Review: Renewal without 

change of a currently approved 

collection. 

Affected Public: Businesses and other 

for-profit institutions. 

Burden: It is estimated that 2,000 

covered financial institutions maintain 

correspondent accounts with 9,000 

foreign banks. The estimated average 

annual reporting burden associated with 

certification is 180,000 hours (9,000 

responses at 20 hours per response); the 

estimated average annual reporting 

burden associated with recertification is 

45,000 hours (9,000 responses at 5 hours 

per response); and the estimated average 

recordkeeping burden associated with 

section 1010.630(e) is 81,000 hours 

(9,000 responses at 9 hours per 

response).2 Total PRA burden for this 

OMB Control number is 306,000 hours. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless the collection of information 

displays a valid OMB control number. 

Records required to be retained under 

the BSA must be retained for five years. 

Generally, information collected 

pursuant to the BSA is confidential, but 

may be shared as provided by law with 

regulatory and law enforcement 

authorities. 

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 shall have 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. 

Jamal El-Hindi, 

Deputy Director, Financial Crimes 

Enforcement Network. 

[FR Doc. 2018–18079 Filed 8–21–18; 8:45 am] 

BILLING CODE 4810–02–P 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

Agency Information Collection 

Activities; Proposed Renewal; 

Comment Request; Renewal Without 

Change of Suspicious Activity 

Reporting Requirements by Brokers or 

Dealers in Securities and Futures 

Commission Merchants and 

Introducing Brokers in Commodities 

AGENCY: Financial Crimes Enforcement 

Network (‘‘FinCEN’’), U.S. Department 

of the Treasury. 

ACTION: Notice and request for 

comments. 

SUMMARY: FinCEN invites comment on 

the renewal of an information collection 

requirement for the recordkeeping and 

reporting of suspicious activities by 

brokers or dealers in securities and 

futures commission merchants and 

introducing brokers in commodities. 

DATES: Written comments are welcome 

and must be received on or before 

October 22, 2018. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

• Federal E-rulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

Refer to Docket Number FINCEN–2018– 

0009 and OMB control number 1506– 

0019. 

• Mail: Policy Division, Financial 

Crimes Enforcement Network, P.O. Box 

39, Vienna, VA 22183. Refer to Docket 

Number FINCEN–2018–0009 and OMB 

control number 1506–0019. 

Please submit comments by one 

method only. Comments will also be 

incorporated to FinCEN’s retrospective 

regulatory review process, as mandated 

by E.O. 12866 and 13563. All comments 

submitted in response to this notice will 

become a matter of public record. 

Therefore, you should submit only 

information that you wish to make 

publicly available. 


amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices 42557 

1Language expanding the scope of the BSA to 

intelligence or counter-intelligence activities to 

protect against international terrorism was added by 

Section 358 of the Uniting and Strengthening 

America by Providing Appropriate Tools Required 

to Intercept and Obstruct Terrorism Act of 2001, 

Public Law 107–56. 

2Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

3The Federal functional regulator for the 

securities industry is the U.S. Securities and 

Exchange Commission and, for the futures industry, 

it is the Commodity Futures Trading Commission. 

4Reports by broker or dealers in securities of 

suspicious transactions. Although the means of 

reporting was consolidated into a single reporting 

format covering multiple industry sectors, the 

reporting requirements themselves are still 

contained in separate rules covered by various OMB 

control numbers. 

5Reports by futures commission merchants and 

introducing brokers in commodities of suspicious 

transactions. 

6The BSAR was approved by OMB under control 

number 1506–0065. The BSAR is a single report 

that replaced previous individual SAR forms for 

depository institutions, casinos, money services 

businesses, securities brokers or dealers, mutual 

funds, futures commission merchants, introducing 

brokers in commodities, and insurance companies. 

7See footnote 2. 

8According to the Securities Exchange 

Commission’s 2017 Annual Report, there are over 

4,000 registered broker-dealers; FinCEN will use the 

number 4,200 as an estimate. According to the 

National Futures Association, there are 64 

registered futures commission merchants and 1,164 

introducing brokers. Added together, the total 

estimated number of respondents is 5,428. 

9As noted above under the SUPPLEMENTARY

INFORMATION section, the actual reporting and 

recordkeeping burden of the regulations (31 CFR 

1023.320 and 1026.320) is reflected in the burden 

for the BSAR as approved under 1506–0065. Under 

control number 1506–0019, the burden is estimated 

at one response and one hour in order to avoid 

double-counting the same burdens that have 

already been included in the estimate under control 

number 1506–0065. 

FOR FURTHER INFORMATION CONTACT: The 

FinCEN Resource Center at 800–767– 

2825 or electronically at frc@fincen.gov. 

SUPPLEMENTARY INFORMATION: The Bank 

Secrecy Act (‘‘BSA’’), Titles I and II of 

Public Law 91–508, as amended, 

codified at 12 U.S.C. 1829(b), 12 U.S.C. 

1951–1959, and 31 U.S.C. et seq., 

authorizes the Secretary of the Treasury, 

among other things, to require financial 

institutions to keep records and file 

reports that are determined to have a 

high degree of usefulness in criminal, 

tax, and regulatory matters or in the 

conduct of intelligence or counterintelligence activities to protect against 

international terrorism, and to 

implement counter-money laundering 

programs and compliance procedures.1

Title III of the USA PATRIOT Act of 

2001, Public Law 107–56, included 

certain amendments to the anti-money 

laundering provisions of Title II of the 

BSA, 31 U.S.C. 5311 et seq., which are 

intended to aid in the prevention, 

detection, and prosecution of 

international money laundering and 

terrorist financing. 

Regulations implementing Title II of 

the BSA appear at 31 CFR Chapter X. 

The authority of the Secretary of the 

Treasury to administer Title II of the 

BSA has been delegated to the Director 

of FinCEN. The information collected 

and retained under the regulation 

addressed in this notice assist Federal, 

state, and local law enforcement as well 

as regulatory authorities in the 

identification, investigation and 

prosecution of money laundering and 

other matters. 

The Bank Secrecy Act Suspicious 

Activity Report, (‘‘BSAR’’) is used by 

these entities to report suspicious 

activity to FinCEN. This request for 

comments also covers 31 CFR 1023.320 

and 31 CFR 1026.320, and is being made 

pursuant to the Paperwork Reduction 

Act (‘‘PRA’’) of 1995.2 This renewal 

pertains to the Office of Management 

and Budget’s (‘‘OMB’’) approval of the 

information collection requirement per 

se imposed upon brokers or dealers in 

securities and futures commission 

merchants and introducing brokers in 

commodities.3 OMB approval of the 

allocated burden hours associated with 

these requirements (31 CFR 1023.320 4

and 1026.320 5), stemming from the 

submission and record maintenance of 

the BSARs themselves,6 is reflected in 

the burden for the BSAR as approved 

under OMB Control No. 1506–0065. 

This splitting in the coverage of the 

OMB numbers is a result of FinCEN’s 

streamlining of SAR reporting into one 

a single, unified format. Although the 

means of reporting was consolidated 

into a single reporting format covering 

multiple industry sectors under OMB 

Control No. 1506–0065, the reporting 

requirements themselves are still 

contained in separate rules covered by 

various OMB control numbers. 

Consequently, the burden listed in this 

renewal under control number 1506– 

0019 is estimated at one response and 

one hour in order to avoid doublecounting the same burdens that have 

already been included in the estimate 

under control number 1506–0065. 

In accordance with the requirements 

of the PRA and its implementing 

regulations, the following information is 

presented concerning the information 

collection below. 

Title: Suspicious Activity Reporting 

by Brokers or Dealers in Securities and 

Futures Commission Merchants and 

Introducing Brokers in Commodities. 

(31 CFR 1023.320, and 31 CFR 

1026.320.) 

OMB Control Number: 1506–0019. 

Abstract: This notice renews the SAR 

reporting and recordkeeping 

requirements for the above-mentioned 

entities. 

Form Number: FinCEN Form 111 

(BSAR).7

Type of Review: Renewal of a 

currently approved information 

collection. 

Affected Public: Businesses or other 

for-profit institutions. 

Frequency: As required. 

Estimated Number of Respondents: 

5,428.8

Estimated Total Annual Responses: 

1.9

Estimated Annual Reporting and 

Recordkeeping Burden: 1 hour. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless the collection of information 

displays a valid OMB control number. 

Records required to be retained under 

the BSA must be retained for five years. 

Generally, information collected 

pursuant to the BSA is confidential, but 

may be shared as provided by law with 

regulatory and law enforcement 

authorities. 

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 shall have 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. 

Jamal El-Hindi, 

Deputy Director, Financial Crimes 

Enforcement Network. 

[FR Doc. 2018–18077 Filed 8–21–18; 8:45 am] 

BILLING CODE 4810–02–P 


amozie on DSK3GDR082PROD with NOTICES1