View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1505-0170
ICR Reference No:
202207-1505-004
Status:
Historical Active
Previous ICR Reference No:
201909-1505-001
Agency/Subagency:
TREAS/DO
Agency Tracking No:
OFAC
Title:
Form for OFAC License Applications to Unblock Funds Transfers
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
09/26/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/29/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2025
36 Months From Approved
09/30/2022
Responses
9,700
0
3,000
Time Burden (Hours)
4,850
0
1,500
Cost Burden (Dollars)
0
0
0
Abstract:
Assets blocked pursuant to sanctions administered by Office of Foreign Assets Control (OFAC) may be released only through a specific license issued by OFAC. Since February 2000, use of this form to apply for the unblocking of funds transfers has been mandatory pursuant to 31 C.F.R. 501.801(b)(2). Use of this form greatly facilitates and speeds applicants' submissions and OFAC's processing.
Authorizing Statute(s):
US Code:
50 USC 1701 et seq.
US Code:
50 USC App. 1-4
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
87 FR 24223
04/22/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 45851
07/29/2022
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
2022 Revision - Application for the Release of Blocked Funds
TD F 90-22.54
Application for the Release of Blocked Funds
Form for OFAC License Applications to Unblock Funds Transfers
TD F 90-22.54
Application for the Release of Blocked Funds
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
9,700
3,000
0
0
6,700
0
Annual Time Burden (Hours)
4,850
1,500
0
0
3,350
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Based on recent data received and current trends, OFAC estimates that it will receive approximately 6,700 Applications for the Release of Blocked Funds each year for the next three years, taking into account a recent surge in applications received thus far in 2022 due primarily to the imposition of additional sanctions related to Russia’s unlawful war against Ukraine. OFAC estimates an annual frequency of approximately 1 application per respondent, based on average transaction volume. OFAC estimates that the completion of the form takes approximately 30 minutes per applicant on average. Therefore, OFAC estimates that the total annual reporting burden is approximately 201,000 minutes or 3,350 hours.
Annual Cost to Federal Government:
$1,204,258
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.
Yes
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?
No
Agency Contact:
Katherine Gupta 202 622-2148 katherine.gupta@treasury.gov
Common Form ICR:
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:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(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;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
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.
Certification Date:
07/29/2022
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