13802 Federal Register / Vol. 89, No. 37 / Friday, February 23, 2024 / Notices 

1The AML Act was enacted as Division F, 

sections 6001–6511, of the William M. (Mac) 

Thornberry National Defense Authorization Act for 

Fiscal Year 2021, Public Law 116–283, 134 Stat. 

3388 (2021). 

Development Entities (CDEs) and 

substantially all of the QEI proceeds 

must, in turn, be used by the CDE to 

provide investments in businesses and 

real estate developments in low-income 

communities and other purposes 

authorized under the statute. 

The tax credit provided to the 

investor totals 39 percent of the amount 

of the investment and is claimed over a 

seven-year period. In each of the first 

three years, the investor receives a 

credit equal to five percent of the total 

amount paid for the stock or capital 

interest at the time of purchase. For the 

final four years, the value of the credit 

is six percent annually. Investors may 

not redeem their investments in CDEs 

prior to the conclusion of the seven-year 

period without forfeiting any credit 

amounts they have received. 

The CDFI Fund is responsible for 

certifying organizations as CDEs and 

administering the competitive allocation 

of tax credit authority to CDEs, which it 

does through annual allocation rounds. 

As part of the award selection process, 

CDEs will be required to prepare and 

submit an Allocation Application, 

which consists of five sections: Business 

Strategy; Community Outcomes; 

Organization Capacity; Capitalization 

Strategy; and Previous Allocations and 

Awards. 

Current Actions: Extension with 

significant changes from currently 

approved collection. 

Type of Review: Regular. 

Affected Public: CDEs applying for 

NMTC Allocations. 

Estimated Number of Respondents: 

201. 

Estimated Annual Time per 

Respondent: 307. 

Estimated Total Annual Burden 

Hours: 61,876 hours. 

Requests for Comments: Comments 

submitted in response to this notice will 

be summarized and/or included in the 

request for Office of Management and 

Budget approval. All comments will 

become a matter of public record and 

may be published at www.reginfo.gov. 

The CDFI Fund is seeking input on the 

NMTC Application. The Application 

may be obtained on the NMTC Program 

web page of the CDFI Fund’s website at 

https://www.cdfifund.gov/requests-forcomments. Revisions to the NMTC 

Allocation Application will be 

highlighted in yellow. 

Comments concerning the 

Application 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 technology; (e) estimates of capital or 

start-up costs and costs of operation, 

maintenance, and purchase of services 

required to provide information; and (f) 

whether any additional questions or 

factors should be considered as part of 

the NMTC Application and/or review 

process with regards to the Business 

Strategy section. 

(Authority: 26 U.S.C. 45D; 26 CFR 1.45D–1) 

Marcia Sigal, 

Acting Director, Community Development 

Financial Institutions Fund. 

[FR Doc. 2024–03707 Filed 2–22–24; 8:45 am] 

BILLING CODE 4810–70–P 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

Agency Information Collection 

Activities; Proposed Renewal; 

Comment Request; Renewal Without 

Change of Bank Secrecy Act 

Regulations Requiring Reports of 

Certain Domestic Transactions 

AGENCY: Financial Crimes Enforcement 

Network (FinCEN), Treasury. 

ACTION: Notice and request for 

comments. 

SUMMARY: As part of its continuing effort 

to reduce paperwork and respondent 

burden, FinCEN invites comments on 

the proposed renewal, without change, 

of an existing information collection 

relating to records of certain domestic 

transactions. Specifically, if the 

Secretary of the Treasury finds that 

reasonable grounds exist for concluding 

that additional recordkeeping and/or 

reporting requirements are necessary to 

carry out the purposes of the Bank 

Secrecy Act, or to prevent evasions 

thereof, the Secretary may issue an 

order that imposes certain additional 

recordkeeping and reporting 

requirements on one or more domestic 

financial institutions or nonfinancial 

trades or businesses in a geographic 

area. These orders are commonly 

referred to as geographic targeting 

orders (GTOs). This request for 

comments is made pursuant to the 

Paperwork Reduction Act of 1995 

(PRA). 

DATES: Written comments are welcome 

and must be received on or before April 

23, 2024. 

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–2024– 

0007 and Office of Management and 

Budget (OMB) control number 1506– 

0056. 

• Mail: Policy Division, Financial 

Crimes Enforcement Network, P.O. Box 

39, Vienna, VA 22183. Refer to Docket 

Number FINCEN–2024–0007 and OMB 

control number 1506–0056. 

Please submit comments by one 

method only. Comments will be 

reviewed consistent with the PRA and 

applicable OMB regulations and 

guidance. Comments will generally 

become a matter of public record. For 

this reason, please do not include in 

your comments information of a 

confidential nature, such as sensitive 

personal information or proprietary 

information. Given the nature of GTOs 

and their law enforcement purposes, 

any information that concerns 

confidential matters involving specific 

GTOs should be marked ‘‘confidential’’ 

and include the specific name of the 

GTO. 

FOR FURTHER INFORMATION CONTACT: 

FinCEN’s Regulatory Support Section at 

1–800–767–2825, or electronically at 

frc@fincen.gov. 

SUPPLEMENTARY INFORMATION: 

I. Statutory and Regulatory Provisions 

The legislative framework generally 

referred to as the Bank Secrecy Act 

(BSA) consists of the Currency and 

Foreign Transactions Reporting Act of 

1970, as amended by the Uniting and 

Strengthening America by Providing 

Appropriate Tools Required to Intercept 

and Obstruct Terrorism Act of 2001 

(USA PATRIOT Act), Public Law 107– 

56 (October 26, 2001), and other 

legislation, including the Anti-Money 

Laundering Act of 2020 (AML Act).1

The BSA is codified at 12 U.S.C. 1829b, 

1951–1960, and 31 U.S.C. 5311–5314 

and 5316–5336, and includes notes 

thereto, with implementing regulations 

at 31 CFR chapter X. 

The BSA authorizes the Secretary of 

the Treasury (Secretary) to, inter alia, 

require financial institutions to keep 

records and file reports that are 

determined to have a high degree of 

usefulness in criminal, tax, or regulatory 

matters, risk assessments or 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 37 / Friday, February 23, 2024 / Notices 13803 

2Section 358 of the USA PATRIOT Act expanded 

the purpose of the BSA by including a reference to 

reports and records ‘‘that have a high degree of 

usefulness in intelligence or counterintelligence 

activities to protect against international terrorism.’’ 

Section 6101 of the AML Act further expanded the 

purpose of the BSA to cover such matters as 

preventing money laundering, tracking illicit funds, 

assessing risk, and establishing appropriate 

frameworks for information sharing. 

3Treasury Order 180–01 (Jan. 14, 2020). 

4 31 U.S.C. 5326 was amended by Public Law 

100–690, title VI, sec. 6185(c). 

5See Public Law 102–550, title XV, sec. 1514; 

Public Law 107–56, sec. 353(d); Public Law 115– 

44, sec. 275. 

6The authority set forth in 31 U.S.C. 5326 to 

impose reporting and recordkeeping requirements 

is self-implementing. Although 31 U.S.C. 5326 does 

not mention the need for a prescribing regulation, 

a rule corresponding to section 5326 is set forth at 

31 CFR 1010.370. Among other things, the rule 

defines a geographic area. 

7Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

8The number of respondents, 709, is the average 

for 2021 (619), 2022 (755), and 2023 (754). Note that 

FinCEN may issue a GTO to any business in the 

United States. Generally, a GTO is issued to a 

specific sector or business type. 

9The number of responses, 21,513, is the average 

number of responses for 2021 (18,743), 2022 

(25,389), and 2023 (20,411). 

10When a modified SAR is used for reporting, it 

is considered a GTO report and not a SAR that is 

filed to comply with the regulations implementing 

31 U.S.C. 5318(g). 

11See, FinCEN, Agency Information Collection 

Activities; Proposed Renewal; Comment Request; 

Renewal Without Change of Bank Secrecy Act 

Regulations Requiring Reports of Certain Domestic 

Transactions, 85 FR 84104 (Dec. 23, 2020). 

proceedings, or in the conduct of 

intelligence or counter-intelligence 

activities to protect against international 

terrorism, and to implement AML 

programs and compliance procedures.2

The authority of the Secretary to 

administer the BSA has been delegated 

to the Director of FinCEN.3

Congress amended the BSA in 1988 to 

give the Secretary the authority to issue 

GTOs requiring any domestic financial 

institution or group of domestic 

financial institutions in a geographic 

area to collect certain information 

regarding specified transactions, and to 

report that information in the manner 

and to the extent specified in the GTO.4

Congress subsequently amended the 

GTO authority to: (i) permit the issuance 

of confidential GTOs; (ii) lengthen the 

maximum effective period (unless 

renewed) of GTOs from 60 to 180 days; 

(iii) cover transactions involving 

transfers of funds; and (iv) clarify that 

GTOs can be issued upon reasonable 

grounds for concluding that additional 

requirements are necessary to carry out 

the purposes of the BSA or to prevent 

evasions of the BSA.5

Pursuant to 31 U.S.C. 5326(a), as 

amended, if the Secretary finds that 

reasonable grounds exist for concluding 

that additional recordkeeping and 

reporting are necessary to carry out the 

purpose of the BSA or to prevent 

evasions thereof, the Secretary may 

issue a GTO requiring any domestic 

financial institution or nonfinancial 

trade or business or group of domestic 

financial institutions or domestic 

nonfinancial trades or businesses in a 

geographic area to obtain information 

about certain transactions, as described 

in the GTO.6

Generally, 31 U.S.C. 5326(a) requires 

entities that receive such a GTO to 

report, in the manner and to the extent 

specified in the GTO, information 

concerning any transaction in which 

such entity is involved for the payment, 

receipt, or transfer of funds (as 

described in the GTO). A GTO typically 

will include the following terms: (i) the 

dollar amount of transactions subject to 

the reporting requirement; (ii) the type 

of transactions subject to or exempt 

from the reporting requirement; (iii) the 

appropriate form for reporting and the 

method for form submission; (iv) the 

start and end dates by which the 

transactions specified in the GTO are to 

be reported; (v) a point of contact at for 

questions; (vi) the amount of time the 

reports and records of reports generated 

are required to be retained; and (vii) any 

other information deemed necessary to 

carry out the purpose of the GTO. 

Pursuant to 31 U.S.C. 5326(d), GTOs 

cannot prescribe a reporting period 

longer than 180 days, unless the GTO is 

renewed pursuant to 31 U.S.C. 5326(a). 

Pursuant to 31 U.S.C. 5326(a)(2), as 

implemented by 31 CFR 1010.410(d), 

each entity that receives a GTO must 

retain the original or a copy of the 

information required to be reported in 

the GTO, for the period specified in the 

GTO, not to exceed five years. 

II. Paperwork Reduction Act of 1995 7

Title: Reports and Records of Certain 

Domestic Transactions (31 U.S.C. 5326; 

31 CFR 1010.370 and 1010.410(d)). 

OMB Control Number: 1506–0056. 

Form Number: FinCEN will specify 

the form and method for reporting in the 

GTO. 

Abstract: FinCEN is issuing this 

notice to renew the OMB control 

number for regulations permitting the 

issuance of orders, commonly referred 

to as GTOs, requiring reports and 

records of certain domestic transactions. 

Affected Public: Businesses or other 

for-profit institutions, and non-profit 

institutions. 

Type of Review: Renewal without 

change of a currently approved 

information collection. 

Frequency: As required. 

Estimated Number of Respondents: 

709 domestic financial institutions and/ 

or domestic nonfinancial trades or 

businesses.8

Estimated Total Annual Responses: 

21,513 responses.9

Estimated Reporting and 

Recordkeeping Burden Per Response: 

Generally, the information required to 

be recorded and reported pursuant to a 

GTO is basic information that a 

domestic financial institution or 

domestic nonfinancial trade or business 

would have access to in the normal 

course of doing business, such as 

payment, receipt, or transfer of funds 

information. The information required 

to be reported pursuant to a GTO, 

generally, includes the following: (i) the 

dollar amount of the transaction; (ii) the 

type of transaction; (iii) information 

identifying a party to the transaction, 

such as name, address, date of birth, and 

tax identification number; (iv) the role 

of a party in the transaction (i.e., 

originator or beneficiary); and (v) the 

name, address, and contact information 

for the domestic financial institution or 

domestic nonfinancial trade or business. 

As noted above, FinCEN will specify 

the form and method for reporting. 

Responses to GTOs generally are 

submitted to FinCEN electronically, 

such as through the BSA E-Filing 

System. FinCEN has on occasion 

directed filers to respond to GTOs by 

using existing BSA electronic forms 

(such as the forms used to file currency 

transaction reports, suspicious activity 

reports,10 and Form 8300s), and 

completing them in the manner 

specified in the relevant GTO. 

Because the information to be 

reported is readily available to a 

domestic financial institution or 

nonfinancial trade or business, in 2020 

FinCEN estimated that reporting this 

information would take 20 minutes on 

average.11 Since then, FinCEN has 

received additional feedback from the 

American Land Title Association, 

whose members have submitted a 

number of GTO reports, noting that it 

takes the Association’s members 

approximately 45 minutes to complete a 

GTO report. For that reason, FinCEN is 

increasing the estimated time to report 

GTO information to 45 minutes. 

GTO information is filed 

electronically, which allows the filer to 

save an electronic version of the report 

and satisfy the recordkeeping 

requirement. Therefore, FinCEN 

estimates that the recordkeeping 

requirement will take five minutes on 

average. In total, FinCEN estimates the 

hourly burden of reporting and 

recordkeeping for each reportable 

transaction under a GTO to be 50 


ddrumheller on DSK120RN23PROD with NOTICES1
13804 Federal Register / Vol. 89, No. 37 / Friday, February 23, 2024 / Notices 

12Although the burden is stated as an annual 

burden in accordance with the PRA, the estimated 

annual burden is not intended to indicate that there 

is a GTO in effect throughout a year or in each year. 

13The average hourly wage rate is calculated from 

the May 2022 U.S. Bureau of Labor Statistics (BLS) 

median hourly wage for ‘‘43–3099 Financial Clerk.’’ 

See BLS, Occupational Employment and Wages 

Statistics (May 2022), available at https://

www.bls.gov/oes/tables.htm. The ratio between 

benefits and wages for private industry workers is 

$12.19 (hourly benefits)/$29.34 (hourly wages) = 

0.42, as of September 2023. The benefit factor is 1 

plus the benefit/wages ratio, or 1.42. See BLS, 

Employee Costs for Employee Compensation 

(September 2023), available at https://www.bls.gov/ 

ecec/home.htm#:∼:text=Employer%20costs

%20for%20private%20industry,percent%20of%20

total%20compensation%20costs. The May 2022 

BLS median hourly wage for ‘‘43–3099 Financial 

Clerk’’ is $22.66. ($22.66 × 1.42 = $32.18). The 

Financial Clerk average hourly wage is being used 

here because there is a great deal of variation across 

industries and geographies in who is responsible for 

responding to a GTO. 

minutes (45 minutes for reporting and 

five minutes for recordkeeping). 

Estimated Total Annual Reporting 

and Recordkeeping Burden: 17,928 

hours. The average number of reportable 

transactions under GTOs is 21,513 

responses. 21,513 responses multiplied 

by 50 minutes per response and 

converted to hours equals 17,928 

hours.12

Estimated Total Annual Reporting 

and Recordkeeping Cost: $576,923.04. 

(17,928 hours multiplied by $32.18 per 

hour 13). 

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. 

Request for Comments: Comments 

submitted in response to this notice will 

be summarized and/or included in the 

request for OMB approval. Comments 

are invited on: (i) whether the 

recordkeeping of information is 

necessary for the proper performance of 

the functions of the agency, including 

whether the information shall have 

practical utility; (ii) the accuracy of the 

agency’s estimate of the burden of the 

collection of information; (iii) ways to 

enhance the quality, utility, and clarity 

of the information to be collected; (iv) 

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 (v) estimates of capital or start-up 

costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Andrea M. Gacki, 

Director, Financial Crimes Enforcement 

Network. 

[FR Doc. 2024–03681 Filed 2–22–24; 8:45 am] 

BILLING CODE 4810–02–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

Notice of OFAC Sanctions Action 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Notice. 

SUMMARY: The U.S. Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is publishing the names 

of two individuals that have been 

placed on OFAC’s Specially Designated 

Nationals and Blocked Persons List 

based on OFAC’s determination that one 

or more applicable legal criteria were 

satisfied. All property and interests in 

property subject to U.S. jurisdiction of 

these individuals are blocked, and U.S. 

persons are generally prohibited from 

engaging in transactions with them. 

DATES: See Supplementary Information 

section for effective date(s). 

FOR FURTHER INFORMATION CONTACT: 

OFAC: Bradley T. Smith, Director, tel.: 

202–622–2490; Associate Director for 

Global Targeting, tel.: 202–622–2420; 

Assistant Director for Licensing, tel.: 

202–622–2480; Assistant Director for 

Regulatory Affairs, tel.: 202–622–4855; 

or the Assistant Director for 

Compliance, tel.: 202–622–2490. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

The Specially Designated Nationals 

and Blocked Persons List and additional 

information concerning OFAC sanctions 

programs are available on OFAC’s 

website (https://ofac.treasury.gov/). 

Notice of OFAC Action 

On February 20, 2024, OFAC 

determined that the property and 

interests in property subject to U.S. 

jurisdiction of the following individuals 

are blocked under the relevant sanctions 

authorities listed below. 

Individuals 

1. KONDRATIEV, Ivan Gennadievich 

(Cyrillic: RJYLHFNMTD, Bdfy 

Utyyflmtdbx) (a.k.a. KONDRATEV, 

Ivan; a.k.a. KONDRATYEV, Ivan; 

a.k.a. ‘‘@AL3XL7’’; a.k.a. ‘‘@BASSTE

RLORD’’; a.k.a. ‘‘@BASSTERLORD 

0170742922’’; a.k.a. ‘‘@SINNER6546’’; 

a.k.a. ‘‘@SINNER911’’; a.k.a. 

‘‘BASSTERLORD’’; a.k.a. ‘‘EDITOR’’; 

a.k.a. ‘‘FISHEYE’’; a.k.a. 

‘‘INVESTORLIFE1’’; a.k.a. 

‘‘JACKROCK#3337’’; a.k.a. 

‘‘SIN998A’’), Novomokovsk, Russia; 

DOB 08 Apr 1996; nationality Russia; 

Email Address sinner4iter@

gmail.com; Gender Male; Digital 

Currency Address—XBT bc1q5jqgm

7nvrhaw2rh2vk0dk8e4gg5g373g

0vz07r; alt. Digital Currency 

Address—XBT 32pTjxTNi7snk8sodrg

fmdKao3DEn1nVJM; alt. Digital 

Currency Address—XBT 15cRqR3T

XS1JehBGWERuxFE8NhWZzfoeeU; 

alt. Digital Currency Address—XBT 

1A7SKE2dQtezLktCY8peLsdAtkq

xV9r1dC; alt. Digital Currency 

Address—XBT bc1q8ew45w2agdffr

nwp6adt2gqrc9n4mkev9ns29c; alt. 

Digital Currency Address—XBT bc1qa

gp0gy58v8hqvw4p2wsphcxg067rrppp

45hexr; alt. Digital Currency 

Address—XBT bc1qn6segn8km

4nfdp9vueu6msfjsaxaqgun9h60n9; 

alt. Digital Currency Address—XBT 

bc1qx9upga7f09tsetqf78wa3qrmcjar58

mkwz6ng6; Digital Currency 

Address—ETH 0xf3701f445b6b

dafedbca97d1e477357839e4120d; 

Secondary sanctions risk: Ukraine-/ 

Russia-Related Sanctions Regulations, 

31 CFR 589.201; Passport 7019934211 

(Russia) (individual) [CYBER2]. 

Designated pursuant to section 

l(a)(ii)(D) of Executive Order 13694 of 

April 1, 2015, ‘‘Blocking the Property of 

Certain Persons Engaging in Significant 

Malicious Cyber-Enabled Activities,’’ 80 

FR 18077, 3 CFR, 2015 Comp., p. 297, 

as amended by Executive Order 13757 

of December 28, 2016, ‘‘Taking 

Additional Steps to Address the 

National Emergency With Respect to 

Significant Malicious Cyber-Enabled 

Activities,’’ 82 FR 1, 3 CFR, 2016 

Comp., p. 659 (E.O. 13694, as amended) 

for being responsible for or complicit in, 

or having engaged in, directly or 

indirectly, an activity described in 

section 1(a)(ii) of E.O. 13694, as 

amended. 

2. SUNGATOV, Artur Ravilevich, 

Kazan, Tatarstan Republic, Russia; 

DOB 16 Jan 1990; POB Kazan, Russia; 

nationality Russia; Email Address 

tkmegap@gmail.com; alt. Email 

Address imailo@ya.ru; alt. Email 

Address asungatov@gmail.com; alt. 

Email Address morozofkent@

gmail.com; Gender Male; Digital 

Currency Address—XBT 18gaXypK

j9M23S2zT9qZfL9iPbLFM372Q5; 

Secondary sanctions risk: Ukraine-/ 

Russia-Related Sanctions Regulations, 

31 CFR 589.201; Passport 751412830 

(Russia); alt. Passport 9209857353 

(Russia) (individual) [CYBER2]. 


ddrumheller on DSK120RN23PROD with NOTICES1