8930 Federal Register / Vol. 87, No. 32 / Wednesday, February 16, 2022 / Notices 

1U.S. Dept. of Labor, Bureau of Labor Statistics, 

May 2020 National Occupational Employment and 

Wage Estimates, accessed June 2021, from https:// 

www.bls.gov/oes/current/oes_nat.htm#00-0000. 

Description of the Need for the 

Information and Proposed Use of the 

Information: The NSUBS is conducted 

to respond to Section 14(i) of the 

Transportation Recall Enhancement, 

Accountability, and Documentation 

(TREAD) Act of 2000. The Act directs 

the Department of Transportation to 

reduce deaths and injuries among 

children in the 4- to 8-year old age 

group that are caused by failure to use 

a booster seat by twenty-five percent. 

Conducting the National Survey of the 

Use of Booster Seats provides the 

Department with invaluable information 

on use and non-use of booster seats, 

helping the Department to improve its 

outreach programs to ensure that 

children are protected to the greatest 

extent possible when they ride in motor 

vehicles. The survey data will allow 

programs to better reach the caretakers 

whose children are unrestrained or not 

using the best restraint choice for their 

children’s sizes. The findings may also 

be of interest to State legislatures 

wanting to strengthen their child 

restraint laws by enacting mandatory or 

enhanced booster seat use provisions. 

Affected Public: Motorists in 

passenger vehicles with children under 

13 who are approached at gas stations, 

fast food restaurants, day care centers, 

and recreation centers frequented by 

children and asked to participate in the 

survey. 

Estimated Number of Respondents: 

Based on the average number of 

respondents from the last three survey 

years (2017, 2019, 2021), we estimate 

that there will be approximately 5,300 

respondents (i.e., 5,300 adult motorists 

in passenger vehicles with children 

under 13 at gas stations, fast food 

restaurants, day care centers, and 

recreation centers who agree to be 

interviewed for the survey). 

Frequency: Biennial. 

Estimated Total Annual Burden 

Hours: NHTSA estimates that the data 

collection will, on average, take 

approximately 4.25 minutes per 

respondent. A respondent in this case is 

an adult motorist providing information 

about children in their vehicle. 

Therefore, NHTSA estimates the total 

burden for the 5,300 respondents to be 

376 hours, rounded ((4.25 minutes × 

5,300 respondents) ÷ 60 min/hr = 375.42 

hours). Since NSUBS data are collected 

biennially, dividing the 376 total burden 

hours by two yields an annual burden 

of 188 hours. Table 1 provides a 

summary of the burden hour estimates. 

TABLE 1—BURDEN ESTIMATES

Responses per survey 

Estimated burden 

per response 

(minutes) 

Total burden hours 

per survey Total annual responses Total annual burden hours 

5,300 4.25 376 2,650 188 

To represent the value of the 

respondents’ time, NHTSA uses the 

average hourly wage for the United 

States, which is estimated to be $27.07.1

Using this estimate, NHTSA estimates 

the total opportunity costs to 

respondents to be $10,178.32 (376 × 

$27.07) or $5,089.16 annually. 

TABLE 2—OPPORTUNITY COSTS ESTIMATES

Responses per 

survey 

Estimated burden 

per response 

(minutes) 

Average hourly 

opportunity cost 

Opportunity cost 

per response 

Total burden 

hours per survey 

(hours) 

Total opportunity 

cost per survey 

Total annual 

opportunity cost 

5,300 4.25 $27.07 $1.92 376 $10,178.32 $5,089.16 

Estimated Total Annual Burden Cost: 

Participation in this study is voluntary, 

and there are no costs to respondents 

beyond the time spent taking part in the 

survey. 

Public Comments Invited: You are 

asked to comment on any aspects of this 

information collection, including (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Department, including whether the 

information will have practical utility; 

(b) the accuracy of the Department’s 

estimate of the burden of the proposed 

information collection; (c) ways to 

enhance the quality, utility and clarity 

of the information to be collected; and 

(d) ways to minimize the burden of the 

collection of information on 

respondents, including the use of 

automated collection techniques or 

other forms of information technology. 

Authority: The Paperwork Reduction 

Act of 1995; 44 U.S.C. Chapter 35, as 

amended; 49 CFR 1.49; and DOT Order 

1351.29. 

Issued on February 11, 2022 

Chou-Lin Chen, 

Associate Administrator for National Center 

for Statistic and Analysis. 

[FR Doc. 2022–03304 Filed 2–15–22; 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 Reporting Obligations on 

Foreign Bank Relationships With 

Iranian-Linked Financial Institutions 

Designated Under IEEPA and IRGCLinked Persons Designated Under 

IEEPA 

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, 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 32 / Wednesday, February 16, 2022 / Notices 8931 

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). 

4 31 CFR 1010.100(d). A bank is defined as each 

agent, agency, branch or office within the United 

States of any person doing business in one or more 

of the capacities listed below: (1) A commercial 

bank or trust company organized under the laws of 

any State or of the United States; (2) a private bank; 

(3) a savings and loan association or a building and 

loan association organized under the laws of any 

State or of the United States; (4) an insured 

institution as defined in section 401 of the National 

Housing Act; (5) a savings bank, industrial bank or 

other thrift institution; (6) A credit union organized 

under the law of any State or of the United States; 

(7) any other organization (except a money services 

business) chartered under the banking laws of any 

state and subject to the supervision of the bank 

supervisory authorities of a State; (8) a bank 

organized under foreign law; (9) any national 

banking association or corporation acting under the 

provisions of section 25(a) of the Act of Dec. 23, 

1913, as added by the Act of Dec. 24, 1919, ch. 18, 

41 Stat. 378, as amended (12 U.S.C. 611–32). 

5 31 CFR 1010.605(c)(1)(ii). 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. 

6 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. 

7For purposes of 31 CFR 1060.300, ‘‘Iranianlinked financial institution designated under 

IEEPA’’ means a financial institution designated by 

the U.S. Government pursuant to IEEPA (or listed 

in an annex to an Executive order issued pursuant 

to IEEPA) in connection with Iran’s proliferation of 

weapons of mass destruction or delivery systems for 

weapons of mass destruction, or in connection with 

Iran’s support for international terrorism. 

8For purposes of 31 CFR 1060.300, an ‘‘IRGClinked person designated under IEEPA’’ means the 

IRGC or any of its agents or affiliates designated by 

the United States Government pursuant to IEEPA 

(or listed in an annex to an Executive order issued 

pursuant to IEEPA). 

of a currently approved information 

collection found in an existing Bank 

Secrecy Act regulation. Specifically, the 

regulation requires that upon receiving 

a written request from FinCEN, a U.S. 

bank that maintains a correspondent 

account for a specified foreign bank 

must ask the foreign bank, and report to 

FinCEN, about transactions or other 

financial services provided by that 

foreign bank to Iranian-linked financial 

institutions designated under the 

International Emergency Economic 

Powers Act (IEEPA) and Islamic 

Revolutionary Guard Corps (IRGC)- 

linked persons designated under IEEPA. 

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 

18, 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– 

0005 and the specific Office of 

Management and Budget (OMB) control 

number 1506–0066. 

• Mail: Policy Division, Financial 

Crimes Enforcement Network, P.O. Box 

39, Vienna, VA 22183. Refer to Docket 

Number FINCEN–2022–0005 and OMB 

control number 1506–0066. 

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 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

The Comprehensive Iran Sanctions, 

Accountability, and Divestment Act of 

2010 (CISADA) amended the Iran 

Sanctions Act of 1996 by expanding 

economic sanctions against Iran. To 

comply with the Congressional mandate 

to prescribe regulations under section 

104(e) of CISADA and consistent with 

its statutory mission under 31 U.S.C. 

310, FinCEN issued a regulation 

requiring a U.S. bank 4 that maintains a 

correspondent account 5 for a specified 

foreign bank 6 to ask of the foreign bank, 

and report to FinCEN, certain 

information about transactions or other 

financial services provided by that 

foreign bank. Under the regulation, U.S. 

banks are only required to report this 

information to FinCEN upon receiving a 

specific written request from FinCEN 

(‘‘CISADA Request’’). The regulation 

implementing section 104(e) of CISADA 

appears at 31 CFR 1060.300. 

(a) General 

Upon receiving a CISADA Request, a 

U.S. bank that maintains a 

correspondent account for a specified 

foreign bank is required under 31 CFR 

1060.300(a) to inquire of the foreign 

bank, and report to FinCEN: (i) Any 

correspondent account maintained by 

such foreign bank for an Iranian-linked 

financial institution designated under 

IEEPA (‘‘Iranian-linked Financial 

Institution’’); 7 (ii) any direct or indirect 

transfer of funds for or on behalf of an 

Iranian-linked Financial Institution 

processed by such foreign bank within 

the preceding 90 calendar days, other 

than through a correspondent account; 

(iii) and any direct or indirect transfer 

of funds for or on behalf of an IRGClinked person designated under IEEPA 

(‘‘IRGC-linked Person’’) 8 processed by 

such foreign bank within the preceding 

90 calendar days. 

(b) Duty To Inquire 

31 CFR 1060.300(b) requires that, 

upon receiving a CISADA Request, a 

U.S. bank that maintains a 

correspondent account for a specified 

foreign bank must contact the foreign 

bank and request that the foreign bank 

certify whether it: (i) Maintains a 

correspondent account for an Iranianlinked Financial Institution; (ii) has 

processed one or more transfers of funds 

within the preceding 90 calendar days, 

directly or indirectly, for or on behalf of 

an Iranian-linked Financial Institution, 

other than through a correspondent 


jspears on DSK121TN23PROD with NOTICES1
8932 Federal Register / Vol. 87, No. 32 / Wednesday, February 16, 2022 / Notices 

9Available at https://www.fincen.gov/sites/ 

default/files/federal_register_notice/CISADA_

Certification.pdf. 10Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

account; and (iii) has processed one or 

more transfer of funds within the 

preceding 90 calendar days, directly or 

indirectly, for or on behalf of an IRGClinked Person. In addition, at the time 

the U.S. bank contacts the foreign bank, 

the U.S. bank is required to request that 

the foreign bank agree to notify the U.S. 

bank if the foreign bank subsequently 

establishes a new correspondent 

account for an Iranian-linked Financial 

Institution within 365 calendar days 

from the date of the foreign bank’s 

initial response. 

FinCEN has developed an optional 

certification form 9 that includes a 

request to the foreign bank for 

information required under 31 CFR 

1060.300. U.S. banks may use the 

certification form to obtain the 

necessary information from the foreign 

bank. 

(c) Filing Procedures 

Upon receiving a CISADA Request, 31 

CFR 1060.300(c)(1) requires that a U.S. 

bank report to FinCEN, in the format 

and manner prescribed by FinCEN, the 

following information for any specified 

foreign banks for which the U.S. bank 

maintains correspondent accounts: 

• The name of any foreign bank that 

certifies that it maintains a 

correspondent account for an Iranianlinked Financial Institution, and the 

following related information: The name 

of the Iranian-linked Financial 

Institution; the full name(s) on the 

correspondent account and the 

correspondent account number(s); any 

information regarding whether the 

correspondent account has been blocked 

or restricted; other applicable 

identifying information for the 

correspondent account; and the 

approximate value in U.S. dollars of 

transactions processed through the 

correspondent account within the 

preceding 90 calendar days; 

• The name of any foreign bank that 

certifies that it has processed one or 

more transfers of funds within the 

preceding 90 calendar days for or on 

behalf of, directly or indirectly, an 

Iranian-linked Financial Institution, 

other than through a correspondent 

account, and the following related 

information: The name of the Iranianlinked Financial Institution; the identity 

of the system or means by which such 

transfer(s) of funds was processed; the 

full name on the account(s) and the 

account number(s), other applicable 

identifying information for such 

transfer(s) of funds; and the 

approximate value in U.S. dollars of 

such transfer(s) of funds processed 

within the preceding 90 calendar days; 

• The name of any foreign bank that 

certifies that it has processed one or 

more transfers of funds within the 

preceding 90 calendar days directly or 

indirectly for or on behalf of an IRGClinked Person, and the following related 

information: The name of the IRGClinked Person; the identity of the system 

or means by which such transfer(s) of 

funds was processed; the full name on 

the account(s) and the account 

number(s); other applicable identifying 

information for such transfer(s) of funds; 

and the approximate value in U.S. 

dollars of such transfer(s) of funds 

processed within the preceding 90 

calendar days; 

• The name of any foreign bank that 

certifies that it does not maintain a 

correspondent account for an Iranianlinked Financial Institution; that 

certifies that to its knowledge it has not 

processed one or more transfers of funds 

within the preceding 90 calendar days 

for or on behalf of, directly or indirectly, 

an Iranian-linked Financial Institution, 

other than through a correspondent 

account; and/or that certifies that to its 

knowledge it has not processed one or 

more transfers of funds within the 

preceding 90 calendar days directly or 

indirectly for or on behalf of an IRGClinked Person; 

• The name of any foreign bank for 

which the U.S. bank is unable to 

determine if the foreign bank: (i) 

Maintains a correspondent account for 

an Iranian-linked Financial Institution; 

(ii) has processed one or more transfers 

of funds within the preceding 90 

calendar days directly or indirectly for 

or on behalf of an Iranian-linked 

Financial Institution, other than through 

a correspondent account; and/or (iii) has 

processed one or more transfers of funds 

within the preceding 90 calendar days 

directly or indirectly for or on behalf of 

an IRGC-linked Person. In addition, the 

U.S. bank must provide an explanation 

of the reason(s) the U.S. bank cannot 

determine if the foreign bank has 

provided financial services to an 

Iranian-linked Financial Institution or 

an IRGC-linked Person, for example, if 

the foreign bank fails to respond to a 

request from the U.S. bank; 

• The name of any foreign bank that 

notifies the U.S. bank that it has 

established a new correspondent 

account for an Iranian-linked Financial 

Institution at any time within 365 

calendar days from the date of the 

foreign bank’s initial response, and the 

following related information: The name 

of the Iranian-linked Financial 

Institution; the full name(s) on the 

correspondent account and the 

correspondent account number(s); 

applicable information regarding 

whether the correspondent account has 

been blocked or restricted; and other 

applicable identifying information for 

the correspondent account; 

• If applicable, confirmation that the 

U.S. bank does not maintain a 

correspondent account for the foreign 

bank(s), but only in instances in which 

FinCEN specifically requests that the 

U.S. bank report such information; and 

• If applicable, the name of any 

foreign bank that provides a certification 

to the U.S. bank more than 45 calendar 

days after the date of FinCEN’s request, 

along with all applicable related 

information associated with that 

certification. 

31 CFR 1060.300(c)(2) requires that a 

U.S. bank report to FinCEN within 45 

calendar days of receipt of a CISADA 

Request. U.S. banks must also report to 

FinCEN within 10 calendar days of 

receipt of any subsequent notifications 

received from a foreign bank regarding 

the establishment of a new 

correspondent account for an Iranianlinked Financial Institution. For reports 

based on certifications received from a 

foreign bank after the 45 calendar day 

deadline, U.S. banks are required to 

report to FinCEN within 10 calendar 

days of receipt of the certification. 

(d) Retention of Records 

31 CFR 1060.300(d) requires that U.S. 

banks maintain a copy of any report 

filed and the original or any business 

record equivalent of any supporting 

documentation for a report, including a 

foreign bank certification or other 

responses to a FinCEN inquiry pursuant 

to 31 CFR 1060.300, for a period five 

years. 

(e) No Other Action Required 

31 CFR 1060.300(e) states that nothing 

under 31 CFR 1060.300 shall be 

construed to require a U.S. bank to take 

any action, or to decline to take any 

action, other than the requirements 

identified in 31 CFR 1060.300, with 

respect to an account established for, or 

a transaction engaged in with, a foreign 

bank. However, nothing in 31 CFR 

1060.300 relieves a U.S. bank of any 

other applicable regulatory obligations. 

II. Paperwork Reduction Act of 1995 

(PRA) 10

Title: Reporting obligations on foreign 

bank relationships with Iranian-linked 

financial institutions designated under 

IEEPA and IRGC-linked persons 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 32 / Wednesday, February 16, 2022 / Notices 8933 

11 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. 

12Table 1 below sets forth a breakdown of the 

number and type of responses by banks. 

13 5,164 U.S. banks multiplied by one percent 

equals 51.64, which is round to 52 U.S. banks. 

designated under IEEPA (31 CFR 

1060.300). 

OMB Control Number: 1506–0066. 

Report Number: Optional form— 

certification for purposes of section 

104(e) of CISADA and 31 CFR 1060.300. 

Abstract: FinCEN is issuing this 

notice to renew the OMB control 

number for the regulation that requires 

that upon receiving a CISADA Request, 

a U.S. bank that maintains a 

correspondent account for a specified 

foreign bank must inquire with the 

foreign bank, and report to FinCEN, 

with respect to transactions or other 

financial services provided by that 

foreign bank to Iranian-linked Financial 

Institutions and IRGC-linked Persons. 

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 Potential 

Respondents: 5,164 banks.11

Estimated Number of Responses: 

1,040 responses.12

Historically, since this regulation was 

implemented in 2011, FinCEN has used 

this authority in limited circumstances. 

For that reason, FinCEN conservatively 

estimates that on average around one 

percent of U.S. banks (i.e., 

approximately 52 U.S. banks) 13 that 

maintain correspondent accounts for 

foreign banks will maintain 

correspondent accounts for foreign 

banks that FinCEN may request 

information about under 31 CFR 

1060.300: This estimate is based on the 

fact that foreign banks generally only 

hold a limited number of correspondent 

account relationships with separate U.S. 

banks. In order to further reduce the 

number of affected banks, when 

possible, FinCEN relies on information 

available to Treasury, or publicly 

available, to help limit the number of 

U.S. banks requested to provide 

information with respect to the foreign 

banks that are the subject of specific 

requests. In turn, FinCEN intends to 

continue to send requests directly to 

U.S. banks that FinCEN, based on all 

available information, believes maintain 

correspondent accounts for the specified 

foreign bank(s). If FinCEN makes a 

CISADA Request relating to 

approximately 10 foreign banks per 

year, and on average 52 U.S. banks are 

required to respond to such a request, 

U.S. banks will provide 520 CISADArelated reports per year to FinCEN. Each 

time a U.S. bank receives a CISADA 

Request from FinCEN, the U.S. bank 

will incur: A reporting burden 

associated with 31 CFR 1060.300(b) 

(inquiry) and 31 CFR 1060.300(c) 

(reporting); and a recordkeeping burden 

associated with 31 CFR 1060.300(d) 

(record retention). FinCEN estimates 

that the average burden associated with: 

• 31 CFR 1060.300(b) is one hour per 

U.S. bank, because the U.S. bank can 

send the optional certification form to 

the foreign bank; 

• 31 CFR 1060.300(c) is one hour per 

U.S. bank, because the U.S. bank can 

submit the responses from the foreign 

bank to FinCEN electronically; and 

• 31 CFR 1060.300(d) is one hour per 

U.S. bank to maintain the records 

received from the foreign bank and 

transmitted to the U.S. bank. 

These estimates result in a total 

estimated average burden of three hours 

per U.S. bank with respect to each 

CISADA Request. 

In certain instances, FinCEN may 

request that, if a U.S. bank receives a 

CISADA Request from FinCEN, and the 

U.S. bank does not maintain a 

correspondent account for the foreign 

bank specified in the CISADA Request, 

the U.S. bank report this information to 

FinCEN. As noted above, FinCEN 

intends to send CISADA Requests 

primarily to U.S. banks that FinCEN is 

already aware have a correspondent 

account for a specified foreign bank. In 

instances in which FinCEN is not aware 

of which U.S. banks maintain a 

correspondent account for a specified 

foreign bank, FinCEN may send 

CISADA Requests to those U.S. banks 

FinCEN believes might have a 

correspondent account for a specified 

foreign bank. In instances where 

FinCEN is sending a CISADA Request to 

a small number of U.S. banks that 

FinCEN believes might maintain a 

correspondent account for a specified 

foreign bank, FinCEN may request, in 

the CISADA Request, that the U.S. 

banks that do not maintain a 

correspondent account for the specified 

foreign bank report such information to 

FinCEN. FinCEN believes that the 

estimated average reporting burden for a 

bank to report to FinCEN that it does not 

maintain a correspondent account for 

the foreign bank specified in CISADA 

Request will be approximately 30 

minutes per request. Such responses can 

be submitted to FinCEN electronically. 

FinCEN also estimates that across the 10 

requests FinCEN anticipates making 

annually, on average one percent of U.S. 

banks (52 banks) will receive a CISADA 

Request from FinCEN regarding foreign 

banks for which the U.S. banks do not 

maintain correspondent accounts. This 

means that approximately 52 U.S. banks 

will be required to report that they do 

not maintain a correspondent account 

for a foreign bank specified in a CISADA 

Request in any given year. If FinCEN 

makes a CISADA Request relating to 

approximately 10 foreign banks per 

year, and on average 52 U.S. banks are 

required to respond to such a request, 

U.S. banks will provide 520 CISADArelated reports per year to FinCEN. 

Estimated Number of Responses: 

1,040 responses as described in Table 1. 


jspears on DSK121TN23PROD with NOTICES1
8934 Federal Register / Vol. 87, No. 32 / Wednesday, February 16, 2022 / Notices 

14One percent of banks (52) multiplied by 10 

CISADA Request per U.S. bank equals 520 CISADArelated reports. 

15One percent of banks (52) multiplied by 10 

CISADA Request per U.S. bank equals 520 CISADArelated reports. 

16The 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 

2020. 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. 

17For 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)). 

18 General oversight may include board of 

directors/trustees approval. 

19Chief 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. 

TABLE 1—BREAKDOWN OF THE ESTIMATED NUMBER OF U.S. BANKS THAT HAVE A CORRESPONDENT ACCOUNT WITH A

SPECIFIED FOREIGN BANK, VERSUS THE ESTIMATED NUMBER OF BANKS THAT DO NOT HAVE A CORRESPONDENT

ACCOUNT FOR A SPECIFIED FOREIGN BANK

Number of reports from U.S. banks that maintain a correspondent 

account for a specified foreign bank in a CISADA request 14

Number of reports from U.S. banks 

that do not maintain a correspondent 

account for a specified foreign bank 

in a CISADA request 15

Estimated number of CISADArelated reports submitted to FinCEN 

annually as a result of inquiries 

under 31 CFR 1060.300 

520 520 1,040 

Estimated Recordkeeping and 

Reporting Burden: 

FinCEN provides U.S. banks an 

optional certification form to send to the 

foreign banks to collect the information 

required to be reported to FinCEN 

pursuant to 31 CFR 1060.300. In 

addition, FinCEN has historically 

allowed U.S. banks to submit their 

responses to FinCEN electronically. 

FinCEN’s estimate of the annual PRA 

burden, therefore, is 1,820 hours, as 

detailed in Table 2 below: 

TABLE 2—ESTIMATED HOURLY BURDEN ASSOCIATED WITH COMPLYING WITH 31 CFR 1060.300 

Type of CISADA-related report 

Total number of 

CISADA-related 

reports per type 

Burden hours per 

U.S. bank 

Total burden 

hours per type 

of CISADA-related 

report 

Inquire with a foreign bank for which the U.S. bank maintains a correspondent account, and report the foreign bank’s responses to 

FinCEN.

520 3 hours .................. 1,560 

Report to FinCEN that the U.S. bank does not maintain a correspondent 

account for the specified foreign bank.

520 30 minutes ............ 260 

Total Burden Hours ............................................................................... .................................... ............................... 1,820 

To calculate the hourly costs of the 

burden estimate, FinCEN identified six 

roles and corresponding staff positions 

involved in obtaining, reviewing, and 

maintaining information 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 

documents are in legal compliance); and 

(vi) computer support (ensuring 

certification documents can be properly 

stored, retrieved, and electronically 

submitted to FinCEN). 

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 

(BLS),16 and computing an additional 

benefits cost as follows: 

TABLE 3—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 17

Benefit 

factor 

Fully-loaded 

hourly wage 

General oversight 18 .......................... 11–1010 Chief Executive 19 ............................. $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 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 32 / Wednesday, February 16, 2022 / Notices 8935 

20By ‘‘in general,’’ FinCEN means without regard 

to outliers (e.g., U.S. banks that maintain 

correspondent accounts for a large number of 

foreign banks that FinCEN may submit a CISADA 

Request for). By ‘‘on average,’’ FinCEN means the 

mean of the distribution of each subset of the 

population. 

21See Table 2. 

22See Table 4. 

23See Table 2. 

24See Table 4. 

FinCEN estimates that, in general and 

on average,20 each role would spend 

different amounts of time on each 

portion of the traditional annual PRA 

burden, as follows: 

TABLE 4—WEIGHTED AVERAGE HOURLY COST ASSOCIATED WITH COMPLYING WITH 31 CFR 1060.300 

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 annual 

PRA burden is 174,720, as reflected in 

Table 5 below. 

TABLE 5—TOTAL COST OF TRADITIONAL ANNUAL PRA BURDEN

Steps Hourly burden Hourly cost Total cost 

Inquire with a foreign bank for which the U.S. bank maintains a correspondent account, and 

report the foreign bank’s responses to FinCEN ...................................................................... 21 1,560 22 $96.00 $149,760 

Report to FinCEN that the U.S. bank does not maintain a correspondent account for the 

specified foreign bank .............................................................................................................. 23 260 24 96.00 24,960 

Total Cost ............................................................................................................................. ........................ ........................ 174,720 

Estimated Recordkeeping and 

Reporting Burden: The average 

estimated annual PRA burden, 

measured in hours per respondent, is 

three hours for a U.S. bank that 

maintains a correspondent account for a 

specified foreign bank about which 

FinCEN inquires, and thirty minutes per 

U.S. bank that does not maintain a 

correspondent account for a specified 

foreign bank about which FinCEN 

inquires. 

Estimated Total Annual Responses: 

1,040 responses, as set out in Table 1. 

Estimated Total Annual 

Recordkeeping Burden: The estimated 

total annual PRA burden is 1,820 hours, 

as set out in Table 2. 

Estimated Total Annual 

Recordkeeping Cost: The estimated total 

annual PRA cost is $174,720, as set out 

in Table 5. 

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. 

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. 2022–03266 Filed 2–15–22; 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 Additional Records To Be 

Made and Retained by Casinos 

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 require casinos to secure 

and maintain a record of the name, 

permanent address, and social security 

number of each person who deposits 

funds or opens an account at the casino, 

or to whom the casino extends a line of 

credit. The regulations also require that 

casinos retain originals or copies of 

specified documents relating to account 


jspears on DSK121TN23PROD with NOTICES1