Reporting Obligations on Foreign Bank Relationships with Iranian-Linked Financial Institutions Designated under IEEPA and IRGC-Linked Persons Designated under IEEPA (31 CFR 1060.300)
Reporting Obligations on
Foreign Bank Relationships with Iranian-Linked Financial
Institutions Designated under IEEPA and IRGC-Linked Persons
Designated under IEEPA (31 CFR 1060.300)
Extension without change of a currently approved collection
No
Regular
04/29/2022
Requested
Previously Approved
36 Months From Approved
04/30/2022
1,040
1,150
1,820
2,825
0
0
FinCEN, to comply with the
congressional mandate to prescribe regulations under section 104(e)
of the Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010 ("CISADA") and consistent with its statutory mission
under 31 U.S.C. 310, issued regulations that would require a U.S.
bank that maintains a correspondent account for a foreign bank to
inquire of the foreign bank, and report to FinCEN, with respect to
whether the foreign bank maintains a correspondent account for, or
has processed one or more transfers of funds within the preceding
90 calendar days, other than through a correspondent account,
related to any financial institution designated by the U.S.
Government 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. In addition, FinCEN is requiring a U.S. bank that
maintains a correspondent account for a foreign bank to inquire of
the foreign bank, and report to FinCEN, with respect to whether the
foreign bank has processed one or more transfers of funds within
the preceding 90 calendar days related to Iran's Islamic
Revolutionary Guard Corps ("IRGC") or any of its agents or
affiliates designated by the U.S. Government. Under the
regulations, U.S. banks will only be required to report this
information to FinCEN upon receiving a specific written request
from FinCEN.
The estimated total annual
burden hours decreased by 1,005 hours from 2,825 hours in 2018 to
1,820 hours in 2022. The burden per CISADA-related report from U.S.
banks that maintain correspondent accounts for specified foreign
banks remained at 3 hours per response. The burden per
CISADA-related report from U.S. banks that do not maintain
correspondent accounts for specified foreign banks remained at 30
minutes per response. The reduction in burden is a result of a
combination of a decrease in the estimated total number of
CISADA-related reports from 1,150 in 2018 to 1,040 in 2022, and a
decrease in the estimated number of CISADA-related reports from
U.S. banks that maintain correspondent accounts for specified
foreign banks from 900 in 2018 to 520 in 2022.
$0
No
No
No
No
No
No
No
FinCEN Resource Center 800
767-2825 frc@fincen.gov
No
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.
Form CISADA Model Form Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Model Certification)
1506-0066 CISADA Supporting Statement April 22 2022 Final.docx
Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Other Means of Submission)