Federal Register / Vol. 87, No. 28 / Thursday, February 10, 2022 / Notices 7919 

2See Gen. Motors, LLC; Grant of Petition for 

Decision of Inconsequential Noncompliance, 78 FR 

35355 (June 12, 2013) (finding noncompliance had 

no effect on occupant safety because it had no effect 

on the proper operation of the occupant 

classification system and the correct deployment of 

an air bag); Osram Sylvania Prods. Inc.; Grant of 

Petition for Decision of Inconsequential 

Noncompliance, 78 FR 46000 (July 30, 2013) 

(finding occupant using noncompliant light source 

would not be exposed to significantly greater risk 

than occupant using similar compliant light 

source). 

3See Morgan 3 Wheeler Limited; Denial of 

Petition for Decision of Inconsequential 

Noncompliance, 81 FR 21663, 21666 (Apr. 12, 

2016); see also United States v. Gen. Motors Corp., 

565 F.2d 754, 759 (D.C. Cir. 1977) (finding defect 

poses an unreasonable risk when it ‘‘results in 

hazards as potentially dangerous as sudden engine 

fire, and where there is no dispute that at least some 

such hazards, in this case fires, can definitely be 

expected to occur in the future’’). 

4See Mercedes-Benz, U.S.A., L.L.C.; Denial of 

Application for Decision of Inconsequential 

Noncompliance, 66 FR 38342 (July 23, 2001) 

(rejecting argument that noncompliance was 

inconsequential because of the small number of 

vehicles affected); Aston Martin Lagonda Ltd.; 

Denial of Petition for Decision of Inconsequential 

Noncompliance, 81 FR 41370 (June 24, 2016) 

(noting that situations involving individuals 

trapped in motor vehicles—while infrequent—are 

consequential to safety); Morgan 3 Wheeler Ltd.; 

Denial of Petition for Decision of Inconsequential 

Noncompliance, 81 FR 21663, 21664 (Apr. 12, 

2016) (rejecting argument that petition should be 

granted because the vehicle was produced in very 

low numbers and likely to be operated on a limited 

basis). 

5See Gen. Motors Corp.; Ruling on Petition for 

Determination of Inconsequential Noncompliance, 

69 FR 19897, 19900 (Apr. 14, 2004); Cosco Inc.; 

Denial of Application for Decision of 

Inconsequential Noncompliance, 64 FR 29408, 

29409 (June 1, 1999). 

In determining inconsequentiality of a 

noncompliance, NHTSA focuses on the 

safety risk to individuals who 

experience the type of event against 

which the recall would otherwise 

protect.2 In general, NHTSA does not 

consider the absence of complaints or 

injuries as evidence that the issue is 

inconsequential to safety. The absence 

of complaints does not mean vehicle 

occupants have not experienced a safety 

issue, nor does it mean that there will 

not be safety issues in the future.3

Arguments that only a small number 

of vehicles or items of motor vehicle 

equipment are affected also do not 

justify granting an inconsequentiality 

petition.4 Similarly, mere assertions that 

only a small percentage of vehicles or 

items of equipment are likely to actually 

exhibit a noncompliance are 

unpersuasive. The percentage of 

potential occupants that could be 

adversely affected by a noncompliance 

is not relevant to whether the 

noncompliance poses an 

inconsequential risk to safety. Rather, 

NHTSA focuses on the consequence to 

an occupant who is exposed to the 

consequence of that noncompliance.5

The Safety Act is preventive, and 

manufacturers cannot and should not 

wait for deaths or injuries to occur in 

their vehicles before they carry out a 

recall. See, e.g., United States v. Gen. 

Motors Corp., 565 F.2d 754, 759 (D.C. 

Cir. 1977). Indeed, the very purpose of 

a recall is to protect individuals from 

risk. Id. 

NHTSA has evaluated the merits of 

Automobili Lamborghini’s petition and 

has decided to deny the petition. 

The purpose of a blanking cap on the 

horizontal adjustment screw is to 

prevent adjustment of the horizontal 

aim in cases where there are no 

references or scales relative to the 

longitudinal axis of the vehicle. Such 

references or scales are necessary to 

assume correct aim for the purposes of 

repeatable photometric testing and 

proper on-vehicle aim. The obvious 

possible safety risk associated with a 

headlamp that is missing a blanking cap 

is that someone could locate and 

improperly adjust the lower beam 

horizontal adjustment mechanism either 

intentionally or inadvertently. Improper 

horizontal aim, in turn, can pose one or 

more of the following safety risks, 

which can lead to a crash: Glare to other 

motorists/road users, reduced visibility 

on one of the sides of the road, and 

reduced down-road visibility. 

In the vehicles subject to the petition, 

the location of the horizontal 

adjustment screw is near the vertical 

adjustment screw, and both can be 

accessed through a small hole in the 

luggage liner. While the Agency does 

not disagree with Lamborghini that the 

horizontal adjustment screw itself is not 

visible, it does not find this argument 

compelling because the screw can be 

accessed using a long screwdriver via a 

hole in the luggage liner and potentially 

be confused with the vertical 

adjustment screw. The Agency also does 

not find compelling Lamborghini’s 

argument that there is no information in 

the owner’s manual that documents the 

location of the horizontal adjustment 

screw, because the horizontal screw is 

located both in close proximity to the 

vertical adjustment screw, and where 

the vertical adjustment access point 

would typically be located in vehicles. 

Accordingly, it is possible for the 

horizontal adjustment screw to be 

mistaken for the vertical adjustment 

screw, resulting in an improper 

adjustment of the horizontal adjustment 

screw–which, as noted above, poses 

several safety risks. 

NHTSA’s Decision 

In consideration of the foregoing, 

NHTSA has decided that Automobili 

Lamborghini has not met its burden of 

persuasion that the subject FMVSS No. 

108 noncompliance is inconsequential 

to motor vehicle safety. Accordingly, 

Automobili Lamborghini’s petition is 

hereby denied and Automobili 

Lamborghini is consequently obligated 

to provide notification of and free 

remedy for that noncompliance under 

49 U.S.C. 30118 and 30120. 

(Authority: 49 U.S.C. 30118, 30120: 

delegations of authority at 49 CFR 1.95 and 

501.8) 

Anne L. Collins, 

Associate Administrator for Enforcement. 

[FR Doc. 2022–02825 Filed 2–9–22; 8:45 am] 

BILLING CODE 4910–59–P 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

Agency Information Collection 

Activities; Proposed Renewal; 

Comment Request; Renewal Without 

Change of Prohibition on 

Correspondent Accounts for Foreign 

Shell Banks; Records Concerning 

Owners of Foreign Banks and Agents 

for Service of Legal Process 

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 a currently approved information 

collection found in existing Bank 

Secrecy Act regulations. Specifically, 

the regulations prohibit covered 

financial institutions from maintaining 

correspondent accounts for or on behalf 

of a foreign shell bank. The regulations 

require that a covered financial 

institution take reasonable steps to 

ensure that any correspondent account 

that it maintains in the United States for 

a foreign bank is not used by the foreign 

bank to indirectly provide banking 

services to a foreign shell bank. The 

regulations also mandate that a covered 

financial institution maintaining 

correspondent accounts in the United 

States for foreign banks retain records in 

the United States identifying: The 

owners of each such foreign bank whose 

shares are not publicly traded, unless 

the foreign bank files a Form FR–Y with 

the Federal Reserve Board identifying 

the current owners of the foreign bank; 

and the name and address of a person 

who resides in the United States who is 

authorized to serve as each such foreign 

bank’s agent for service of legal process 

for records regarding each such 


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1The AML Act was enacted as Division F, 

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

National Defense Authorization Act for Fiscal Year 

2021, Public Law 116–283, 134 Stat 3388 (2021). 

2Section 358 of the USA PATRIOT Act added 

language expanding the scope of the BSA to 

intelligence or counter-intelligence activities to 

protect against international terrorism. Section 6101 

of the AML Act added language further expanding 

the scope of the BSA but did not amend these 

longstanding purposes. 

3Treasury Order 180–01 (re-affirmed Jan. 14, 

2020). 

4A covered financial institution is any financial 

institution described in subparagraphs (A) through 

(G) of 31 U.S.C. 5312(a)(2), including an insured 

bank, as defined in section 3(h) of the Federal 

Deposit Insurance Act (12 U.S.C. 1813(h)); a 

commercial bank or trust company; a private 

banker; an agency or branch of a foreign bank in the 

United States; any credit union; a thrift institution; 

and a broker or dealer registered with the Securities 

and Exchange Commission (SEC) under the 

Securities Exchange Act of 1934 (15 U.S.C. 78a et 

seq.). 31 U.S.C. 5318(j)(1). 

5See 31 CFR 1010.605(e)(2) for the definition of 

a covered financial institution for purposes of 31 

CFR 1010.630: (i) An insured bank (as defined in 

section 3(h) of the Federal Deposit Insurance Act 

(12 U.S.C. 1813(h))); (ii) a commercial bank or trust 

company; (iii) a private banker; (iv) an agency or 

branch of a foreign bank in the United States; (v) 

a credit union; (vi) a savings association; (vii) a 

corporation acting under section 25A of the Federal 

Reserve Act (12 U.S.C. 611 et seq.); and (viii) a 

broker or dealer in securities registered, or required 

to be registered, with the Securities and Exchange 

Commission under the Securities Exchange Act of 

1934 (15 U.S.C. 78a, et seq.), except persons who 

register pursuant to section 15(b)(11) of the 

Securities Exchange Act of 1934. 

6 31 CFR 1010.605(c). For purposes of 31 CFR 

1010.630, a correspondent account is defined as an 

account established for a foreign bank to receive 

deposits from, or to make payments or other 

disbursements on behalf of, the foreign bank, or to 

handle other financial transactions related to such 

foreign bank. 

7 31 CFR 1010.605(g). Foreign shell bank means 

a foreign bank without a physical presence in any 

country. 

8 31 CFR 1010.100(u). A foreign bank is defined 

as a bank organized under foreign law, or an 

agency, branch or office located outside the United 

States of a bank. The term does not include an 

agent, agency, branch or office within the United 

States of a bank organized under foreign law. 

9 31 CFR 1010.630(a)(1)(iii) clarifies that covered 

financial institutions are not prohibited from 

providing correspondent account or banking 

services to a regulated affiliate. 

10According to 31 CFR 1010.630(a)(2)(iii), 

publicly traded refers to shares that are traded on 

an exchange or on an organized over-the-counter 

market that is regulated by a ‘‘foreign securities 

authority’’ as defined in section 3(a)(50) of the 

Securities Exchange Act of 1934 (15 U.S.C. 

78C(a)(50)). 

11According to 31 CFR 1010.630(2)(ii), a covered 

financial institution is not required to maintain 

records of the owner of a non-publicly traded 

foreign bank if the foreign bank is required to file 

with the Federal Reserve Board a Form FR–Y that 

identifies the current owners of the foreign bank. 

12Available at https://www.fincen.gov/sites/ 

default/files/shared/Certification%

20Regarding%20Correspondent%2

0Accounts%20for%20Foreign%20Banks.pdf. 

correspondent account. Although no 

changes are proposed to the information 

collection, this request for comments 

covers a future expansion of the scope 

of the annual hourly burden and cost 

estimate associated with these 

regulations. This request for comments 

is made pursuant to the Paperwork 

Reduction Act of 1995. 

DATES: Written comments are welcome, 

and must be received on or before April 

11, 2022. 

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–2022– 

0003 and the specific Office of 

Management and Budget (OMB) control 

number 1506–0043. 

• Mail: Policy Division, Financial 

Crimes Enforcement Network, P.O. Box 

39, Vienna, VA 22183. Refer to Docket 

Number FINCEN–2022–0003 and OMB 

control number 1506–0043. 

Please submit comments by one 

method only. Comments will be 

reviewed consistent with the Paperwork 

Reduction Act of 1995 and applicable 

OMB regulations and guidance. 

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. 

FOR FURTHER INFORMATION CONTACT: The 

FinCEN 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 

Financial 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 most recently the 

Anti-Money Laundering Act of 2020 

(AML Act).1 The BSA is codified at 12 

U.S.C. 1829b, 12 U.S.C. 1951–1960, 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, inter alia, 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 

counter-intelligence activities to protect 

against international terrorism, and to 

implement AML programs and 

compliance procedures.2 Regulations 

implementing the BSA appear at 31 CFR 

chapter X. The authority of the 

Secretary to administer the BSA has 

been delegated to the Director of 

FinCEN.3

31 U.S.C. 5318(j) prohibits covered 

financial institutions 4 from maintaining 

correspondent accounts in the United 

States for, or on behalf of, foreign banks 

that do not have a physical presence in 

any country. In addition, under 31 

U.S.C. 5318(k), a covered financial 

institution maintaining a correspondent 

account in the United States for a 

foreign bank, must retain records 

identifying (i) the owners of record and 

the beneficial owners of the foreign 

bank, and (ii) 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. The 

regulations implementing 31 U.S.C. 

5318(j) and 31 U.S.C. 5318(k) appear at 

31 CFR 1010.630. 

31 CFR 1010.630(a)(1) prohibits 

covered financial institutions 5 from 

establishing, maintaining, 

administering, or managing 

correspondent accounts 6 in the United 

States for, or on behalf of, foreign shell 

banks.7 Covered financial institutions 

must take reasonable steps to ensure 

that any correspondent account 

managed by a covered financial 

institution in the United States is not 

being used by a foreign bank 8 to 

indirectly provide banking services to a 

foreign shell bank.9

31 CFR 1010.630(a)(2) implements 31 

U.S.C. 5318(k) and requires covered 

financial institutions that maintain 

correspondent accounts in the United 

States for foreign banks to retain records 

in the United States identifying: (i) The 

owners of each such foreign bank whose 

shares are not publicly traded,10 with 

one exception; 11 and (ii) the name and 

street address of a person who resides 

in the United States and is authorized, 

and has agreed, to be an agent to accept 

service of legal process for records 

regarding each such account. 

31 CFR 1010.630(b) clarifies that a 

covered financial institution will be 

deemed to be in compliance with the 

requirements of 31 CFR 1010.630(a) 

with respect to a foreign bank if the 

covered financial institution obtains, at 

least once every three years, a 

certification or recertification from the 

foreign bank. FinCEN has developed an 

optional certification form 12 that 

includes a request to the foreign bank 

for the information required under 31 

CFR 1010.630(a). Covered financial 


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Federal Register / Vol. 87, No. 28 / Thursday, February 10, 2022 / Notices 7921 

13 31 CFR 1010.630(d)(2). 

14 31 CFR 1010.630(d)(3). 

15Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

16 Data are from the Federal Reserve’s Structured 

Data for U.S. Banking Offices (see FRB: Structure 

Data for U.S. Banking Offices of Foreign Entities 

(federalreserve.gov)) and quarterly call report bank 

data (specifically, Schedule RC–E: Deposit 

liabilities, line 5: liabilities of banks in foreign 

countries) from the Financial Institution Retrieval 

Data System (FINDRS). Using these two sources, 

FinCEN determines that as of Q3 2021, 

approximately 5,164 banking organizations 

(national and state banks, trusts, thrifts and savings 

and loans, branches and agencies of foreign banking 

organizations, representative offices, Edge Act 

corporations, and agreement corporations) will be 

affected by this rule on any given year. Specifically, 

we determine that there are approximately: 190 

Branches and agencies of foreign banks; 115 

representative offices, Edge Act corporations, and 

agreement corporations; and 4,859 U.S. banks 

(national and state chartered, trusts, savings and 

loans, thrifts) that report values for deposit 

liabilities of banks in foreign countries. Deposit 

liabilities in a foreign country is an indication that 

a bank maintains at least one correspondent 

account with a foreign financial institution. 

17According to the Securities and Exchange 

Commission (SEC), as of March 31, 2021, there were 

3,532 brokers or dealers in securities registered with 

the SEC. FinCEN conservatively estimates that each 

of these brokers or dealers in securities maintain at 

least one correspondent account with a foreign 

financial institution. 

institutions may use the certification 

form to obtain the necessary information 

for an initial certification and a 

recertification. 

31 CFR 1010.630(c) requires a covered 

financial institution to request that a 

foreign bank verify or correct the 

information provided in such bank’s 

certification or recertification, if the 

covered financial institution knows, 

suspects, or has reason to suspect that 

such information is incorrect or no 

longer accurate. Additionally, the 

covered financial institution may take 

other appropriate measures to ascertain 

the accuracy of the information or 

obtain the correct information. 

If a covered financial institution has 

not obtained a certification, 

recertification, or information needed 

for a certification or recertification 

within 30 calendar days after the date 

the account is established, and at least 

once every three years thereafter, the 

covered financial institution must close 

all such foreign bank’s correspondent 

accounts within a commercially 

reasonable time, and must restrict the 

foreign bank’s ability to execute any 

new transactions other than those 

necessary to close the account.13

Furthermore, if a covered financial 

institution conducting an interim 

verification pursuant to 31 CFR 

1010.630(c), has not obtained 

verification of the information or 

corrected information within 90 

calendar days after the date of 

undertaking the interim verification, the 

covered financial institution must 

follow the same account closure 

procedures set out above.14

31 CFR 1010.630(d)(4) prohibits 

covered financial institutions from: (i) 

Re-establishing any account closed 

pursuant to 31 CFR 1010.630(d); and (ii) 

establishing any other correspondent 

account with the foreign bank whose 

account was closed, unless the foreign 

bank provides the appropriate 

certification or recertification. 31 CFR 

1010.630(d)(5) states that a covered 

financial institution will not be held 

liable for terminating a correspondent 

account in accordance with 31 CFR 

1010.630(d). 

31 CFR 1010.630(e) requires covered 

financial institutions to retain any 

original document provided by a foreign 

bank, and the original or a copy of any 

document otherwise relied upon by a 

covered financial institution for 

purposes of complying with 31 CFR 

1010.630, for at least five years after the 

date that a covered financial institution 

no longer maintains any correspondent 

account for such foreign bank. 

II. Paperwork Reduction Act of 1995 

(PRA) 15

Title: Prohibition on correspondent 

accounts for foreign shell banks; records 

concerning owners of foreign banks and 

agents for service of legal process (31 

CFR 1010.630). 

OMB Control Number: 1506–0043. 

Report Number: Optional form— 

certification regarding correspondent 

accounts for foreign banks. 

Abstract: FinCEN is issuing this 

notice to renew the OMB control 

number for regulations prohibiting 

covered financial institutions from 

maintaining correspondent accounts for 

foreign shell banks; and requiring 

covered financial institutions to 

maintain records concerning the owners 

of certain foreign banks, and agents 

based in the United States who have 

agreed to accept service of legal process 

for records regarding the foreign bank’s 

correspondent accounts. 

Affected Public: Businesses or other 

for-profit institutions. 

Type of Review: 

• Renewal without change of a 

currently approved information 

collection. 

• Propose for review and comment a 

renewal of the portion of the PRA 

burden that has been subject to notice 

and comment in the past (the 

‘‘traditional annual PRA burden’’). 

• Propose for review and comment a 

future expansion of the scope of the 

PRA burden (the ‘‘supplemental annual 

PRA burden’’). 

Frequency: As required. 

Estimated Number of Respondents: 

8,696 covered financial institutions 

maintain correspondent accounts with 

foreign banks.16 17

Estimated Recordkeeping Burden: 

In Part 1, FinCEN proposes for review 

and comment a renewal of the estimate 

of the traditional annual PRA hourly 

burden, which includes a scope and 

methodology similar to that used in the 

past, with the incorporation of a more 

robust cost estimate. The scope and 

methodology used in the past was 

limited to estimating the time necessary 

for a covered financial institution to: (i) 

Obtain a certification form from a 

foreign bank; (ii) obtain a recertification 

form from a foreign bank; and (iii) 

maintain records provided by a foreign 

bank for the certification or 

recertification. In Part 2, FinCEN 

proposes for review and comment a 

methodology to estimate the hourly 

burden and the cost of a future estimate 

of a supplemental annual PRA burden 

that includes the burden and cost of (i) 

conducting due diligence on 

correspondent accounts to determine if 

an interim verification is warranted; (ii) 

conducting an interim verification; and 

(iii) determining if closing a 

correspondent account is warranted. 

Finally, in Part 3, FinCEN solicits input 

from the public about: (a) The accuracy 

of the estimate of the traditional annual 

PRA burden; (b) the additional steps 

proposed to be included in the future 

supplemental annual PRA burden; (c) 

the criteria, metrics, and most 

appropriate questions FinCEN should 

consider when researching the 

information to estimate the future 

traditional and supplemental annual 

PRA burden, according to the 

methodology proposed; and (d) any 

other comments about the regulations 

and the current and proposed future 

hourly burden and cost estimates of 

these requirements. 

Part 1. Traditional Annual PRA Burden 

and Cost 

There are practical challenges to 

determining the total number of covered 

financial institutions that maintain 

correspondent accounts for foreign 

banks, as well as estimating the total 

number of correspondent accounts for 

foreign banks that each of those covered 

financial institutions maintains. In 

addition, there are practical challenges 

in estimating how many covered 

financial institutions need to obtain 

certification or recertification forms 

from foreign banks annually, along with 

estimating how often covered financial 


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18When FinCEN renewed OMB control number 

1506–0043 in 2018 it estimated that there were 

2,000 coved financial institutions with 

correspondent accounts for 9,000 foreign banks. See 

83 FR 42555, Aug. 22, 2018. 

19The estimated annual recordkeeping burden 

associated with certification and recertification, 

which requires that a covered financial institution 

maintain such records for five years after a foreign 

bank’s correspondent account is closed, is 

incorporated within the estimates for both 

certification and recertification. 

20When FinCEN renewed OMB control number 

1506–0043 in 2018 the estimate included an annual 

estimate of the following three items: (i) 20 hours 

to complete a certification for a foreign bank; (ii) 5 

hours to complete a recertification for a foreign 

bank; and (iii) 9 hours to maintain records on the 

foreign bank’s certification/recertification. In this 

notice, FinCEN has revised its estimate to 

incorporate the recordkeeping component of the 

burden estimate within the certification and 

recertification process. FinCEN also has revised its 

assessment of the time necessary to conduct a 

recertification, as the process is identical to a 

certification. For those reasons, FinCEN is 

estimating the burden for a certification and 

corresponding recordkeeping is 15 hours; and the 

burden for a recertification and corresponding 

recordkeeping is also 15 hours. 

institutions need to conduct interim 

verifications for foreign banks for which 

they suspect the current information is 

no longer correct. Further, FinCEN 

cannot estimate how frequently covered 

financial institutions need to determine 

if correspondent account closure is 

necessary. Because of these challenges, 

in the past FinCEN has generally 

estimated the number of covered 

financial institutions that maintain 

correspondent accounts for foreign 

banks, and limited the burden estimate 

to the annual burden on covered 

financial institutions to obtain 

certification forms and recertification 

forms, and maintain records of the 

forms and any supporting 

documentation provided by foreign 

banks.18

FinCEN estimates that the annual 

hourly burden for a covered financial 

institution to obtain and maintain an 

initial certification form from a foreign 

bank for which it maintains a 

correspondent account is 15 hours. This 

estimate covers the burden to a covered 

financial institution to: (i) Obtain 

assurances from the foreign bank that it 

is not providing banking services, 

directly or indirectly, to a foreign shell 

bank; (ii) obtain ownership information 

from the foreign bank, if necessary; (iii) 

obtain the name of an agent based in the 

United States who has agreed to accept 

service of legal process for records 

regarding such correspondent account; 

(iv) review all documentation submitted 

by the foreign bank; and (v) maintain 

records of all documentation associated 

with the certification process for the 

foreign bank.19 As noted above, FinCEN 

maintains an optional certification form 

that a covered financial institution can 

send to a foreign bank to obtain all of 

the information noted directly above, as 

required under 31 CFR 1010.630(a). 

FinCEN estimates the annual hourly 

burden for a covered financial 

institution to obtain and maintain a 

recertification form from a foreign bank 

for which it maintains a correspondent 

account is also 15 hours. FinCEN 

believes the hourly burden estimate for 

a recertification is the same as for a 

certification because the covered 

financial institution can use the same 

certification form to reconfirm all of the 

information required in the initial 

certification.20

As noted above, a covered financial 

intuition is required to obtain an initial 

certification and recertification every 

three years from each foreign bank for 

which it maintains a correspondent 

account. FinCEN estimates that there are 

approximately 8,696 covered financial 

institutions that maintain at least one 

correspondent account for a foreign 

bank. FinCEN is using this number to 

approximate the number of 

certifications and recertifications 

covered financial institutions need to 

conduct annually. 

FinCEN does not have a way to 

determine the total number of 

correspondent accounts each covered 

financial institution maintains for 

foreign banks. In addition, there are 

practical challenges in estimating how 

often a covered financial institution 

needs to obtain certification or 

recertification forms from foreign banks 

annually, because certifications are only 

required when a new correspondent 

account is opened and recertifications 

are only required every three years. For 

those reasons, FinCEN estimates that 

each covered financial institution will 

conduct one certification and one 

recertification annually, for two of the 

foreign banks for which it maintains 

correspondent accounts. FinCEN 

recognizes that some covered financial 

institutions may only maintain a few 

correspondent accounts for foreign 

banks, while other covered financial 

institutions may maintain multiple 

correspondent accounts for foreign 

banks. 

FinCEN’s estimate of the traditional 

annual PRA burden, therefore, is 

260,880 hours, as detailed in Table 1 

below: 

TABLE 1—HOURLY BURDEN FOR EACH COVERED FINANCIAL INSTITUTION TO OBTAIN ONE CERTIFICATION AND ONE

RECERTIFICATION ANNUALLY, ALONG WITH THE CORRESPONDING RECORDKEEPING BURDEN

Estimated number of 

covered financial 

institutions with 

one or more 

correspondent 

accounts for 

foreign banks 

Hourly burden to obtain and record a 

certification or recertification per foreign bank 

Total burden hours for covered financial 

institutions to obtain and record certification 

and recertification annually 

Grand total annual 

burden hours for covered financial institutions to comply with 

31 CFR 1010.630 

Certification and 

recordkeeping 

(in hours) 

Recertification and 

recordkeeping 

(in hours) 

Certification and 

recordkeeping 

Recertification and 

recordkeeping 

8,696 15 15 130,440 130,440 260,880 

To calculate the hourly costs of the 

burden estimate, FinCEN identified six 

roles and corresponding staff positions 

involved in obtaining, reviewing, and 

maintaining certification and 

recertification forms from foreign banks: 

(i) General oversight (providing 

institution-level process approval); (ii) 

general supervision (providing process 

oversight); (iii) direct supervision 

(reviewing operational-level work and 

cross-checking all or a sample of the 

work product against supporting 

documentation); (iv) clerical work 

(engaging in research and administrative 

review, and recordkeeping); (v) legal 

compliance (ensuring the certification/ 

recertification documents are in legal 

compliance); and (vi) computer support 

(ensuring certification/recertification 

documents can be properly stored and 

retrieved electronically if desired). 

FinCEN calculated the fully-loaded 

hourly wage for each of these six roles 

by using the mean wage estimated by 

the U.S. Bureau of Labor Statistics 


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21The U.S. Bureau of Labor Statistics, May 2020 

OEWS National Industry-Specific Occupational 

Employment and Wage Estimates (bls.gov). The 

most recent data from the BLS corresponds to May 

2021. For the benefits component of total 

compensation, see U.S. Bureau of Labor Statistics, 

‘‘Table 9. Private industry workers, by major 

occupational group: employer costs per hour 

worked for employee compensation and costs as a 

percentage of total compensation’’, available at 

Employer Costs for Employee Compensation 

Historical Tables—June 2021 (bls.gov). The ratio 

between benefits and wages for private industry 

workers is $10.83 (hourly benefits)/$25.80 (hourly 

wages) = 0.42, as of March 2021. The benefit factor 

is 1 plus the benefit/wages ratio, or 1.42. 

Multiplying each hourly wage by the benefit factor 

produces the fully-loaded hourly wage per position. 

22For each occupation, FinCEN took the average 

of reported mean hourly wage across 9 affected 

financial industries (as measured at the most 

granular NAICS code available, whether at the 2, 3, 

4 or 5 digit NAICS code; see the BLS May 2020 

OEWS National Industry-Specific Occupational 

Employment and Wage Estimates (bls.gov)). 

23 General oversight may include board of 

directors/trustees approval. 

24Chief executive officer is the highest paid 

category in the BLS Occupational Employment 

Statistics. For that reason, FinCEN is conservatively 

estimating the highest wage rate available for its 

cost analysis. 

25By ‘‘in general,’’ FinCEN means without regard 

to outliers (e.g., financial institutions that maintain 

correspondent accounts for foreign banks with 

complexities that are uncommonly higher or lower 

than those of the population at large). By ‘‘on 

average,’’ FinCEN means the mean of the 

distribution of each subset of the population. 

(BLS),21 and computing an additional 

benefits cost as follows: 

TABLE 2—FULLY-LOADED HOURLY WAGE BY ROLE AND BLS JOB POSITION FOR ALL FINANCIAL INSTITUTIONS COVERED

BY THIS NOTICE

Role BLS—code BLS—name Mean hourly 

wage 22 Benefit factor Fully-loaded hourly wage 

General oversight 23 .......................... 11–1010 Chief Executive 24 ............................. $107.12 1.42 $152.11 

General supervision .......................... 11–3031 Financial Manager ............................ 74.59 1.42 105.92 

Direct supervision ............................. 13–1041 Compliance Officer ........................... 35.81 1.42 50.85 

Clerical work (research, review, and 

recordkeeping).

43–3099 Financial Clerk ................................. 23.27 1.42 33.04 

Legal compliance .............................. 23–1010 Lawyers and Judicial Law Clerks .... 85.66 1.42 121.64 

Computer support ............................. 11–3021 Computer and Information Systems 

Managers.

77.77 1.42 110.43 

FinCEN estimates that, in general and 

on average,25 each role would spend 

different amounts of time on each 

portion of the traditional annual PRA 

burden, as follows: 

TABLE 3—WEIGHTED AVERAGE HOURLY COST OF FOREIGN BANK CERTIFICATIONS/RECERTIFICATIONS AND

RECORDKEEEPING

Role % Time Hourly cost 

General Oversight .................................................................................................................................................... 16.67 $25.35 

General Supervision ................................................................................................................................................ 16.67 17.65 

Direct Supervision .................................................................................................................................................... 16.67 8.48 

Clerical Work ........................................................................................................................................................... 16.67 5.51 

Legal Compliance .................................................................................................................................................... 16.67 20.27 

Computer Support ................................................................................................................................................... 16.67 18.41 

Equal Weighted Average Hourly Cost ............................................................................................................. ........................ * 95.67 

* $95.67 rounded to $96.00. 

The total estimated cost of the 

traditional annual PRA burden is 

$25,044,480, as reflected in Table 4 

below: 

TABLE 4—TOTAL COST OF TRADITIONAL ANNUAL PRA BURDEN

Steps Hourly burden Hourly cost Total cost 

Time taken for covered financial institutions to obtain certification requirements from foreign 

banks, including recordkeeping. (divided between the roles listed in Table 2) ...................... 26 130,440 27 $96.00 $12,522,240 

Time taken for covered financial institutions to obtain recertification requirements from foreign 

banks, including recordkeeping. (divided between the roles listed in Table 2) ...................... 28 130,440 29 96.00 12,522,240 

Total cost .............................................................................................................................. ........................ ........................ 25,044,480 

Part 2. Supplemental Annual PRA 

Burden 


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26See Table 1. 

27See Table 3. 

28See Table 1. 

29See Table 3. 

30See 85 FR 61104, Sept. 29, 2020. 31OMB control number 1506–0046. 

32Net hourly burden and cost are the burden and 

cost a financial institution incurs to comply with 

requirements that are unique to the BSA, and that 

do not support any other business purpose or 

regulatory obligation of the financial institution. 

Burden for purposes of the PRA does not include 

the time and financial resources needed to comply 

with an information collection, if the time and 

resources are for things a business (or other person) 

does in the ordinary course of its activities if the 

agency demonstrates that the reporting activities 

needed to comply are usual and customary. 5 CFR 

1320.3(b)(2). For example, depending on the nature 

of the correspondent account, a covered financial 

institution may be collecting and maintaining some 

of the same information on the foreign bank 

correspondent account holder as is required by 31 

CFR 1010.630, in order to satisfy other obligations 

including: (i) Protecting the financial institution 

from fraud against itself or its customers; (ii) 

complying with other non-BSA regulatory 

requirements such as those imposed by the specific 

Federal functional regulator; or (iii) improving the 

financial institution’s marketing efforts, or the 

credit analysis of any lending facilities granted to 

the foreign bank. 

In the future, FinCEN intends to add 

a supplemental annual PRA burden 

calculation that will include the 

estimated hourly burden and cost to a 

covered financial institution to: (i) 

Conduct due diligence over 

correspondent accounts maintained for 

foreign banks to determine if an interim 

verification is warranted; (ii) conduct an 

interim verification; and (iii) determine 

if closing a correspondent account is 

warranted. 

As noted in Section I above, if a 

covered financial institution knows, 

suspects, or has reason to suspect that 

any information provided by a foreign 

bank in its certification or recertification 

is incorrect or no longer accurate, the 

covered financial institution must 

request that the foreign bank verify or 

correct the information. Additionally, 

the covered financial institution may 

take other appropriate measures to 

ascertain the accuracy of the 

information or obtain the correct 

information. 

As also noted in Section I above, if a 

covered financial institution has not 

obtained a certification, recertification, 

or documentation of the information 

necessary for the certification or 

recertification within 30 calendar days 

after the date the account is established, 

and at least once every three years 

thereafter, the covered financial 

institution must close all correspondent 

accounts with such foreign bank within 

a commercially reasonable time, and 

restrict the foreign bank from engaging 

in transactions, other than transactions 

necessary to close the account. 

Additionally, if a covered financial 

institution needs to conduct an interim 

verification and has not obtained, from 

the foreign bank or otherwise, 

verification of the information or 

corrected information within 90 

calendar days after the date of 

undertaking the interim verification, the 

covered financial institution must 

follow the same account closure 

procedures. 

On September 29, 2020, FinCEN 

issued a notice and request for comment 

on the proposed renewal without 

change of the due diligence programs 

for correspondent accounts for foreign 

financial institutions and for private 

bank accounts.30 That notice included 

renewing the OMB control number 

associated with 31 CFR 1010.610 (due 

diligence programs for foreign financial 

institutions),31 and outlined a future 

supplemental annual PRA burden 

calculation to include the estimated 

hourly burden and cost to maintain 

records and document compliance with 

the due diligence procedures and 

enhanced due diligence (EDD) 

procedures for foreign correspondent 

accounts. 

Under 31 CFR 1010.610(a), covered 

financial institutions are required to 

establish due diligence policies, 

procedures, and controls that include 

each of the following for any 

correspondent account established, 

maintained, administered, or managed: 

(i) Determining whether any such 

foreign correspondent account is subject 

to EDD; (ii) assessing the money 

laundering risks presented by each such 

foreign correspondent account; and (iii) 

applying risk-based procedures and 

controls to each such foreign 

correspondent account reasonably 

designed to detect and report known or 

suspected money laundering activity, 

including a periodic review of the 

correspondent account activity 

sufficient to determine consistency with 

information obtained about the type, 

purpose, and anticipated activity of the 

account. 

FinCEN believes that in the process of 

complying with 31 CFR 1010.610(a), 

covered financial institutions would 

identify instances in which an interim 

verification is warranted, as a result of 

receiving identifying information about 

a foreign bank for which the covered 

financial institution maintains a 

correspondent account that is no longer 

correct or accurate. Further FinCEN 

believes that the due diligence being 

conducted to comply with 31 CFR 

1010.610(a) would be coordinated with 

the identification of foreign banks that 

have not provided the required 

certification, recertification, or interim 

verification within the required 

timeframes, resulting in the closure of 

correspondent accounts with such 

foreign banks consistent with 31 CFR 

1010.610(d). 

FinCEN assesses that the provisions of 

31 CFR 1010.630 are in large part 

conducted in connection with the due 

diligence and EDD covered financial 

institutions conduct on foreign 

correspondent accounts as required by 

31 CFR 1010.610. In future 

supplemental annual PRA burden 

estimates for 31 CFR 1010.610 and 31 

CFR 1010.630, FinCEN will consider 

whether the burden estimates for these 

two regulatory requirements should be 

linked and estimated together. 

FinCEN does not have the necessary 

information to provide a tentative 

estimate for these supplemental PRA 

hourly burdens and costs within the 

current notice. In addition, FinCEN does 

not have all the necessary information 

to precisely estimate the traditional 

annual PRA burden. For that reason, 

FinCEN is relying to some extent on 

estimates used in prior renewals of this 

OMB control number and the applicable 

regulations. FinCEN further recognizes 

that after receiving public comments as 

a result of this notice, future traditional 

annual PRA hourly burden and cost 

estimates may vary significantly. 

FinCEN intends to conduct more 

granular studies of the actions included 

in the proposed scope of the 

supplemental annual PRA burden in the 

near future, to arrive at more precise 

estimates of net BSA hourly burden and 

cost.32 The data obtained in these 

studies also may result in a significant 

variation of the estimated traditional 

annual PRA burden. 

Estimated Recordkeeping Burden: The 

average estimated annual PRA burden, 

measured in hours per correspondent 

account maintained by a covered 

financial institution for a foreign bank, 

is 15 hours per account for the purpose 

of fulfilling the covered financial 

institution’s initial certification and 

corresponding recordkeeping 

obligations, and 15 hours per account 

for the purpose of fulfilling the covered 

financial institution’s recertification and 

recordkeeping requirements every three 

years. 

Estimated Number of Respondents/ 

Responses: 8,696 covered financial 

institutions maintain correspondent 

accounts for foreign banks. 

Estimated Total Annual 

Recordkeeping Burden: The estimated 


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total annual PRA burden is 260,880 

hours, as set out in Table 1. 

Estimated Total Annual 

Recordkeeping Cost: The estimated total 

annual PRA cost is $25,044,480, as set 

out in Table 4. 

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. 

Part 3—Request for Comments 

(a) Specific request for comments on 

the traditional annual PRA hourly 

burden and cost. 

FinCEN invites comments on any 

aspect of the traditional annual PRA 

burden, as set out in Part 1 of this 

notice. In particular, FinCEN seeks 

comments on the adequacy of: (i) 

FinCEN’s assumptions underlying its 

estimate of the burden; (ii) the estimated 

number of hours required by each 

portion of the burden; and (iii) the 

organizational levels of the covered 

financial institution engaged in each 

portion of the burden, their estimated 

hourly remuneration, and the estimated 

proportion of participation by each role. 

FinCEN encourages commenters to 

include any publicly available sources 

for alternative estimates or 

methodologies. 

(b) Specific request for comments on 

the proposed criteria for determining 

the scope of a supplemental annual 

PRA hourly burden and cost estimate. 

FinCEN invites comments on any 

aspect of the criteria for a future 

estimate of the supplemental annual 

PRA burden, as set out in Part 2 of this 

notice. 

(c) Specific request for comments on 

the appropriate criteria and 

methodology required to obtain 

information to more precisely estimate 

the supplemental annual PRA hourly 

burden and cost. 

FinCEN invites comments on the most 

appropriate and comprehensive way to 

ask covered financial institutions about 

the annual hourly burden and cost 

attributable solely to: (i) Conducting due 

diligence over correspondent accounts 

maintained for foreign banks to 

determine if an interim verification is 

warranted; (ii) conducting an interim 

verification; and (iii) determining if 

closing a correspondent account is 

warranted. 

The supplemental annual PRA hourly 

burden and cost estimate of the 

recordkeeping necessary to comply with 

identifying and conducting interim 

verifications, and identifying and 

closing correspondent accounts, as 

appropriate, must take into 

consideration only the effort involved in 

obtaining those data elements that are 

used exclusively for complying with 

requirements under 31 CFR 1010.630. 

Given the complexity of determining 

what portion of the effort to include in 

the estimate, FinCEN seeks comments 

from the public regarding any questions 

we should consider posing in future 

notices, in addition to the specific 

questions for comment outlined directly 

below. Also, due to the evident 

difficulty involved in estimating: (i) The 

total number of covered financial 

institutions that maintain correspondent 

accounts for foreign banks; (ii) the 

number of such correspondent accounts 

per covered financial institution; and 

(iii) the frequency of certifications, 

recertifications, interim verifications, 

and account closures per covered 

financial institution, FinCEN welcomes 

any suggestions as to how to derive 

these estimates by using publicly 

available information. 

(d) Specific questions for comment 

associated with certification and 

recertification of foreign banks’ records: 

• Correspondent Accounts for Foreign 

Banks 

• On average, how many 

correspondent accounts does your 

financial institution maintain for foreign 

banks? 

• Is compliance with 31 CFR 

1010.630 conducted in conjunction with 

your financial institution’s overall due 

diligence over correspondent accounts 

for foreign financial institutions, as 

required by 31 CFR 1010.610? 

• On average, of the correspondent 

accounts maintained by your financial 

institution for foreign banks, how many 

are not publicly traded or do not file a 

Form FR–Y7 with the Federal Reserve? 

• What steps does your financial 

institution take to ascertain whether a 

foreign bank is publicly traded or has 

filed a Form FR–7? 

• Does your financial institution have 

a process to track correspondent 

accounts for foreign banks for reasons 

other than to comply with the BSA 

requirements? 

• Certification and Recertification 

Procedures 

• Does your financial institution 

obtain an initial certification during 

customer onboarding of a foreign bank? 

• Does your financial institution open 

a correspondent account for a foreign 

bank, if it fails to provide the 

information required as part of the 

initial certification form at the time of 

onboarding? 

• Does your financial institution track 

when foreign banks are required to 

recertify? 

• Does your financial institution 

require foreign banks to certify or 

recertify as part of the periodic review 

or EDD process, as required under 31 

CFR 1010.610? 

• At what point prior to the due date 

of the recertification does your financial 

institution request recertification from a 

foreign bank? 

• Does your financial institution 

obtain recertification more often than 

every three years? 

• Does your financial institution use 

the sample certification form provided 

by FinCEN, or does your financial 

institution use a bespoke form or other 

method to obtain a statement of 

certification? 

• On average, how long does it take 

your financial institution to obtain 

certification or recertification from a 

foreign bank for which you maintain a 

correspondent account? 

• On average, how long does it take 

your financial institution to review the 

information provided by a foreign bank 

as part of its certification or 

recertification? 

• Does senior management play a role 

in reviewing the information that your 

financial institution obtains from 

foreign bank(s) as part of certification or 

recertification? 

• Interim Verification 

• If your financial institution has 

reason to suspect that the information 

provided by a foreign bank in its 

certification or recertification is 

incorrect, what steps are taken by your 

financial institution to obtain the correct 

information? 

• If it is determined by your financial 

institution that the information obtained 

for a foreign bank during the 

certification or recertification is 

incorrect, is senior management 

notified? 

• What steps are taken by the 

financial institution with respect to the 

foreign bank’s correspondent account if 

the correct information cannot be 

obtained? 

• On average, on an annual basis, 

how many interim verifications does 

your financial institution need to 

conduct, because it suspects a foreign 

bank’s current certification information 

is no longer correct? How long does the 

process take? 

• Account Closure 

• Are there instances where a foreign 

bank wishes to reestablish a 

correspondent banking relationship 

with your financial institution after the 

foreign bank’s account was closed due 

to a failure to certify or recertify? 


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• Does your financial institution have 

a review and approval process involving 

senior management to close a foreign 

bank’s correspondent account if it fails 

to certify or recertify? 

(e) General 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: (i) 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; 

(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. 

Himamauli Das, 

Acting Director, Financial Crimes 

Enforcement Network. 

[FR Doc. 2022–02885 Filed 2–9–22; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF THE TREASURY 

Agency Information Collection 

Activities; Submission for OMB 

Review; Comment Request; 

Employer’s Annual Employment Tax 

Return 

AGENCY: Departmental Offices, U.S. 

Department of the Treasury. 

ACTION: Notice. 

SUMMARY: The Department of the 

Treasury will submit the following 

information collection request to the 

Office of Management and Budget 

(OMB) for review and clearance in 

accordance with the Paperwork 

Reduction Act of 1995, on or after the 

date of publication of this notice. The 

public is invited to submit comments on 

these requests. 

DATES: Comments must be received on 

or before March 14, 2022. 

ADDRESSES: Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to www.reginfo.gov/public/do/ 

PRAMain. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. 

FOR FURTHER INFORMATION CONTACT: 

Copies of the submissions may be 

obtained from Molly Stasko by emailing 

PRA@treasury.gov, calling (202) 622– 

8922, or viewing the entire information 

collection request at www.reginfo.gov. 

SUPPLEMENTARY INFORMATION: 

Internal Revenue Service (IRS) 

Title: Employer’s Annual 

Employment Tax Return. 

OMB Control Number: 1545–2007. 

Type of Review: Revision of a 

currently approved collection. 

Description: The information on Form 

944 will be collected to ensure the 

smallest nonagricultural and nonhousehold employers are paying the 

correct amount of social security tax, 

Medicare tax, and withheld federal 

income tax. Information on line 13 will 

be used to determine if employers made 

any required deposits of these taxes. 

Form 944 (SP) is the Spanish version of 

the Form 944. Form 944–X and Form 

944–X(SP) are used to correct errors 

made on Form 944. 

Current Actions: Changes to the 

existing collection include: Lines added 

to Form 944–X and Form 944–X (SP) to 

match the changes made in the last 

revision of Form 944 and Form 944 (SP). 

The new lines are for reporting 

corrections of the credits allowed by 

provisions of the American Rescue Plan 

Act of 2021, Public Law 117–2, claimed 

on Form 944 and Form 944 (SP). 

Form Numbers: IRS Form 944, IRS 

Form 944 (SP), IRS Form 944–X, and 

IRS Form 944–X (SP). 

Affected Public: Individuals or 

households; Businesses or other forprofit institutions; Not-for-profit 

institutions; and State, Local and Tribal 

governments. 

Estimated Number of Respondents: 

135,884. 

Frequency of Response: Annually. 

Estimated Total Number of Annual 

Responses: 135,884. 

Estimated Time per Response: 23 

hours 36 minutes. 

Estimated Total Annual Burden 

Hours: 3,207,532 hours. 

Authority: 44 U.S.C. 3501 et seq. 

Dated: February 7, 2022. 

Molly Stasko, 

Treasury PRA Clearance Officer. 

[FR Doc. 2022–02861 Filed 2–9–22; 8:45 am] 

BILLING CODE 4830–01–P 


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