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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:
1506-0043
ICR Reference No:
202501-1506-001
Status:
Active
Previous ICR Reference No:
202204-1506-001
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Prohibition on Correspondent Accounts for Foreign Shell Banks; Records Concerning Owners of Foreign Banks and Agents for Service of Legal Process
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:
09/17/2025
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/31/2025
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2028
36 Months From Approved
09/30/2025
Responses
18,408
0
17,392
Time Burden (Hours)
73,632
0
260,880
Cost Burden (Dollars)
0
0
0
Abstract:
31 U.S.C. 5318(j) prohibits a covered financial institution from maintaining correspondent accounts in the United States for, or on behalf of, foreign banks that do not have a physical presence in any country. In addition, under 31 U.S.C. 5318(k), a covered financial institution maintaining a correspondent account in the United States for a foreign bank, must retain records identifying: (i) the owners of record and the beneficial owners of the foreign bank, and (ii) the name and address of a person residing in the United States who is authorized to accept service of legal process for the foreign bank. The covered financial institution must provide the information to any Federal law enforcement officer who has submitted a written request for such information, not later than 7 days after receipt of the request. The regulations implementing 31 U.S.C. 5318(j) and 31 U.S.C. 5318(k) appear at 31 CFR 1010.630.
Authorizing Statute(s):
US Code:
31 USC 5318(j) and (k)
Name of Law: Bank Secrecy Act
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:
90 FR 21987
05/22/2025
30-day Notice:
Federal Register Citation:
Citation Date:
90 FR 35963
07/30/2025
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Obtain and record a certification per foreign bank
N/A
CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS
Obtain and record a recertification per foreign bank
N/A
CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS
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
18,408
17,392
0
0
1,016
0
Annual Time Burden (Hours)
73,632
260,880
0
0
-187,248
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:
The estimated total annual burden hours decreased by 187,248 hours, from 260,880 hours in 2022 to 73,632 hours in 2025. As a result, the corresponding estimated total cost decreased by $16,208,640, from $25,044,480 to $8,835,840. These changes reflect adjustments in FinCEN’s methodological approach to its estimates which include: (1) a reduction in the number of expected respondents, (2) an increase in the number of expected responses per respondent, and (3) a decrease in the assigned incremental burden per response. This decrease is due to FinCEN incorporating additional data into the 2025 renewal. When FinCEN renewed this information collection request, under the Office of Management and Budget (OMB) control number 1506-0043, in 2022, FinCEN estimated that 8,696 covered financial institutions would obtain and maintain 17,392 certification and recertification forms from foreign banks, and estimated the burden per certification/recertification form would be 15 hours per form. Due to the lack of data on the likely number of foreign correspondent accounts in 2022, FinCEN applied a conservative estimate of the hourly burden for certification and recertification in order to avoid underestimating the total burden. However, FinCEN has updated its estimation methodology and believes the updated estimate (including the hourly burden for certification and recertification) to be a more accurate reflection of the cost profile associated with this requirement. Most U.S. banks do not maintain foreign correspondent accounts, and those that do, generally maintain more than one such account. In 2025, FinCEN updated its estimation methodology, estimating that both the time required to conduct a certification process and maintain its associated recordkeeping requirement would be 4 hours. The same 4-hour estimate was applied to both the time required to conduct to the recertification process and maintain its corresponding recordkeeping requirement. The reduction in burden is the result of a combination of a decrease in the estimated number of likely respondents and a decrease in the estimated hourly burden of certification and recertification. Although the estimate of the average number of accounts per respondent was revised significantly upwards, a reduction in these two factors (i.e., the likely respondents and the hourly certification/recertification burden) resulted in a decrease to the overall burden.
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
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:
07/31/2025
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