[Federal Register Volume 77, Number 52 (Friday, March 16, 2012)]
[Notices]
[Page 15757]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-6347]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: Notice is hereby given of the final approval of a proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB 
Regulations on Controlling Paperwork Burdens on the Public). Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the Paperwork Reduction Act Submission, supporting statements and 
approved collection of information instrument(s) are placed into OMB's 
public docket files. The Federal Reserve may not conduct or sponsor, 
and the respondent is not required to respond to, an information 
collection that has been extended, revised, or implemented on or after 
October 1, 1995, unless it displays a currently valid OMB control 
number.

FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Cynthia Ayouch--Division of 
Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202-452-3829). Telecommunications Device 
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235, 725 17th Street NW., Washington, DC 20503.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Report

    Report title: Recordkeeping Requirements of Regulation H and 
Regulation K Associated with Bank Secrecy Act Compliance Programs.
    Agency form number: Reg K.
    OMB control number: 7100-0310.
    Frequency: Annually.
    Reporters: State member banks; Edge and agreement corporations; and 
U.S. branches, agencies, and other offices of foreign banks supervised 
by the Federal Reserve.
    Estimated annual reporting hours: Establish compliance program, 128 
hours; and maintenance of compliance program, 4,476 hours.
    Estimated average hours per response: Establish compliance program, 
16 hours; and maintenance of compliance program, 4 hours.
    Number of respondents: Establish compliance program, 8; and 
maintenance of compliance program, 1,119.
    General description of report: This information collection is 
mandatory pursuant to the Bank Secrecy Act (BSA) (31 U.S.C. 513(h)). In 
addition, sections 11, 21, 25, and 25A of the Federal Reserve Act (12 
U.S.C. 248(a), 483, 602, and 611(a)) authorize the Federal Reserve to 
require the information collection and recordkeeping requirements set 
forth in Regulations K and H. Section 5 of the Bank Holding Company Act 
(12 U.S.C. 1844) and section 13(a) of the International Banking Act (12 
U.S.C. 3108(a)) provide further authority for sections 211.5(m) and 
211.24(j)(1) of Regulation K. Since the Federal Reserve does not 
collect any information, no issue of confidentiality normally arises. 
However, if a BSA compliance program becomes a Federal Reserve record 
during an examination, the information may be protected from disclosure 
under exemptions (b)(4) and (8) of the Freedom of Information Act (5 
U.S.C. 552(b)(4) and (b)(8)).
    Abstract: Sections 211.5(m)(1) and 211.24(j)(1) of Regulation K 
require Edge and agreement corporations and U.S. branches, agencies, 
and other offices of foreign banks supervised by the Federal Reserve to 
establish and maintain procedures reasonably designed to ensure and 
monitor compliance with the Bank Secrecy Act (BSA) and related 
regulations. Section 208.63 of Regulation H requires state member banks 
to establish and maintain the same procedures. There are no required 
reporting forms associated with this information collection.
    Current actions: On January 6, 2012, the Federal Reserve published 
a notice in the Federal Register (77 FR 794) requesting public comment 
for 60 days on the extension, without revision, of the Recordkeeping 
Requirements of Regulation H and Regulation K Associated with Bank 
Secrecy Act Compliance Programs. The comment period for this notice 
expired on March 6, 2012. The Federal Reserve did not receive any 
comments.

    Board of Governors of the Federal Reserve System, March 12, 
2012.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2012-6347 Filed 3-15-12; 8:45 am]
BILLING CODE 6210-01-P