The Financial Crimes Enforcement
Network (FinCEN) of the U.S. Department of the Treasury issued a
notice of proposed rulemaking under the authority of section 5318A
of Title 31, United States Code, to impose a special measure
against Bank of Dandong. FinCEN has determined that Bank of Dandong
is a financial institution of primary money laundering concern, and
that the imposition of the special measure selected—prohibiting
covered financial institutions from maintaining correspondent
accounts for, or on behalf of, Bank of Dandong. In addition,
covered financial institutions would be required to apply special
due diligence to their foreign correspondent accounts to ensure
that they are not used to process transactions involving Bank of
Dandong. These additional due diligence steps are necessary to help
ensure that Bank of Dandong cannot continue accessing the U.S.
financial system indirectly.
US Code:
31
USC 5318A Name of Law: Money and Finance
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.