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View ICR - OIRA Conclusion

OMB Control No: 1506-0046	ICR Reference No: 202408-1506-001
Status: Active	Previous ICR Reference No: 202011-1506-006
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/02/2024
	Date Received in OIRA: 08/30/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2027	36 Months From Approved	11/30/2024
Responses	16,232	0	16,938
Time Burden (Hours)	32,464	0	33,876
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	16,232	16,938	-706
Annual Time Burden (Hours)	32,464	33,876	-1,412
Annual Cost Burden (Dollars)	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: The estimated total annual burden hours decreased from 33,876 hours in the 2020 renewal of this control number to 32,464 hours in 2024. The estimated burden to maintain and update a due diligence program remained at two hours per covered financial institution. The decrease in burden is a result of a decrease in the estimated number of covered financial institutions from 16,938 in the 2020 renewal of this control number to 16,232 in 2024.

Annual Cost to Federal Government: $0

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? No

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

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