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OMB Control No: 1506-0074	ICR Reference No: 201910-1506-001
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Imposition of Fifth Special Measure against the Islamic Republic of Iran as a Jurisdiction of Primary Money Laundering Concern
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 10/25/2019
OIRA Conclusion Action: Preapproved	Conclusion Date: 10/25/2019
	Date Received in OIRA: 10/25/2019
Terms of Clearance: FinCEN will expeditiously issue a notice and work with OIRA to review the collection within the normal PRA process.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2020	6 Months From Approved
Responses	23,615	0	0
Time Burden (Hours)	47,230	0	0
Cost Burden (Dollars)	0	0	0

Abstract: FinCEN is issuing this final rule, pursuant to Section 311 of the USA PATRIOT Act, to prohibit the opening or maintaining of correspondent accounts in the United States for, or on behalf of, Iranian financial institutions, and the use of foreign financial institutions’ correspondent accounts at covered U.S. financial institutions to process transactions involving Iranian financial institutions.

Emergency Justfication: The Financial Crimes Enforcement Network (FinCEN) is requesting immediate emergency processing of a collection concerning disclosure and recordkeeping requirements created by the promulgation of the finale rule – Imposition of Special Measure Related to a Foreign Jurisdiction of Primary Money Laundering Concern, 31 CFR Chapter X. FinCEN requests that emergency processing be concluded by Friday, September 27, 2019. FinCEN’s mission is to safeguard the financial system from illicit use, to combat money laundering, and to promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities. The potential misuse of the U.S. financial system to evade domestic criminal, tax, and regulatory laws has been a long-held congressional and law enforcement concern. See 31 U.S.C. § 5311 The instant matter involves a top national security priority and will further U.S. foreign policy goals. FinCEN has determined that a foreign jurisdiction is of primary money laundering concern, and that the imposition of the special measure selected ‒ restricting domestic financial institutions from maintaining foreign correspondent accounts with the foreign jurisdiction’s financial institutions 31 U.S. Code § 5318A(b)(5) - is a necessary step to ensure it is not able to access the U.S. financial system for terrorist financing or money laundering, or for any other illicit purpose. FinCEN has determined that this particular foreign jurisdiction is of immediate concern, and ensuring that the foreign jurisdiction’s financial institutions are denied access to the U.S. financial system must be done as soon as possible. Public harm is reasonably likely if normal clearance procedures were followed. The collection of information in the rule relates to both disclosure and recordkeeping. The information required to be disclosed by domestic financial institutions to a third-party‒i.e., a one-time notice to correspondent account holders‒is intended to ensure cooperation from correspondent account holders in denying access to the U.S. financial system, as well as to increase awareness within the international financial community of the anti-money laundering (AML) risks and deficiencies associated with the foreign jurisdiction. The inability to require financial institutions to transmit such notice in a timely manner would delay FinCEN’s ability to protect the U.S. financial system. For this reason, normal clearance procedures cannot be followed. Because this rule involves a foreign affairs function, the provisions of Executive Order 12866 and the Administrative Procedures Act (APA) requiring notice of proposed rulemaking, opportunity for public participation, and delay in effective date, as well as the provisions of Executive Order 13771, are inapplicable. Because no notice of proposed rulemaking is required for this rule, the Regulatory Flexibility Act (RFA) (5 U.S.C. 601-612) also does not apply.

Authorizing Statute(s): US Code: 31 USC 5318A Name of Law: USA PATRIOT Act Pub. L. 107-56

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1506-AB16	Final or interim final rulemaking

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Notice to Correspondent Accountholders

ICR Summary of Burden

	Total Request	Change Due to Agency Discretion
Annual Number of Responses	23,615	23,615
Annual Time Burden (Hours)	47,230	47,230
Annual Cost Burden (Dollars)	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: FinCEN is issuing a final rule under the authority of section 5318A of Title 31, United States Code, to impose a special measure against a Jurisdiction of Primary Money Laundering Concern. FinCEN has determined that a jurisdiction is of primary money laundering concern, and that the imposition of the special measure selected ‒ restricting domestic financial institutions from maintaining foreign correspondent accounts with a foreign jurisdiction 31 U.S.C. 5318(b)(5) - is a necessary step to ensure it is not able to access the U.S. financial system for terrorist financing or money laundering, or for any other illicit purpose.

Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: FinCEN Resource Center 800 767-2825 frc@fincen.gov

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