Agency Information Collection Activities: Proposed Collection; Comment Request; Monitoring Bank Secrecy Act Compliance

• Published date: 07 October 2019
• Citation: 84 FR 53476
• Record Number: 2019-21801
• Section: Notices
• Court: National Credit Union Administration

Federal Register, Volume 84 Issue 194 (Monday, October 7, 2019)

[Federal Register Volume 84, Number 194 (Monday, October 7, 2019)]
                [Notices]
                [Page 53476]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2019-21801]
                [[Page 53476]]
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                NATIONAL CREDIT UNION ADMINISTRATION
                Agency Information Collection Activities: Proposed Collection;
                Comment Request; Monitoring Bank Secrecy Act Compliance
                AGENCY: National Credit Union Administration (NCUA).
                ACTION: Notice and request for comment.
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                SUMMARY: The National Credit Union Administration (NCUA), as part of a
                continuing effort to reduce paperwork and respondent burden, invites
                the general public and other Federal agencies to comment on the
                following extension of a currently approved collection, as required by
                the Paperwork Reduction Act of 1995.
                DATES: Written comments should be received on or before December 6,
                2019 to be assured consideration.
                ADDRESSES: Interested persons are invited to submit written comments on
                the information collection to Mackie Malaka, National Credit Union
                Administration, 1775 Duke Street, Suite 6018, Alexandria, Virginia
                22314; Fax No. 703-519-8579; or email at [email protected].
                FOR FURTHER INFORMATION CONTACT: Address requests for additional
                information to Mackie Malaka at the address above or telephone 703-548-
                2704.
                SUPPLEMENTARY INFORMATION:
                 OMB Number: 3133-0108.
                 Title: Monitoring Bank Secrecy, 12 CFR Part Sec. 748.2.
                 Type of Review: Extension of a previously approved collection.
                 Abstract: Section 748.2 of NCUA's regulations, directs credit
                unions to establish a Bank Secrecy Act (BSA) compliance program that
                maintains procedures designed to assure and monitor compliance with the
                requirement of 31 U.S.C., Chap. 53, Subchapter II (sec. 5301-5329), the
                Bank Secrecy Act (31 U.S.C. 5318(g)), and 31 CFR Chapter X (parts 1000-
                1099), Financial Crimes Enforcement Network, Department of the
                Treasury. Each federally insured credit union (FICU) must develop and
                provide for the continued administration of a BSA compliance program to
                assure and monitor compliance with the recordkeeping and recording
                requirements prescribed by the BSA. At a minimum, a compliance program
                shall provide for a system of internal controls, independent testing
                for compliance, designation of an individual responsible for
                coordinating and monitoring day-to-day compliance; and training. NCUA
                examiners review the program to determine whether the credit union's
                procedures comply with all BSA requirements.
                 Affected Public: Private Sector: Not-for-profit institutions.
                 Estimated No. of Respondents: 5,308.
                 Estimated No. of Responses per Respondent: 1.
                 Estimated Total Annual Responses: 5,308.
                 Estimated Burden Hours per Response: 16.
                 Estimated Total Annual Burden Hours: 84,928.
                 Reason for change: Adjustment are being made to the number of
                respondents to accurately reflect the current number of federally
                insured credit unions (FICUs).
                 Request for Comments: Comments submitted in response to this notice
                will be summarized and included in the request for Office of Management
                and Budget approval. All comments will become a matter of public
                record. The public is invited to submit comments concerning: (a)
                whether the collection of information is necessary for the proper
                execution of the function of the agency, including whether the
                information will have practical utility; (b) the accuracy of the
                agency's estimate of the burden of the collection of information,
                including the validity of the methodology and assumptions used; (c)
                ways to enhance the quality, utility, and clarity of the information to
                be collected; and (d) ways to minimize the burden of the collection of
                the information on the respondents, including the use of automated
                collection techniques or other forms of information technology.
                 By Gerard Poliquin, Secretary of the Board, the National Credit
                Union Administration, on October 2, 2019.
                 Dated: October 2, 2019.
                Mackie I. Malaka,
                NCUA PRA Clearance Officer.
                [FR Doc. 2019-21801 Filed 10-4-19; 8:45 am]
                 BILLING CODE 7535-01-P