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individual also holds an interest in the DEPARTMENT OF THE TREASURY SUPPLEMENTARY INFORMATION: partnership that is not an interest in a I. Background limited partnership as a limited partner 31 CFR Chapter X (as defined in paragraph (e)(3)(i) of this RIN 1506–AB16 A. Statutory Provisions section), such as a state-law general On October 26, 2001, the President partnership interest, at all times during Financial Crimes Enforcement signed into law the Uniting and the entity’s taxable year ending with or Network; Amendment to the Bank Strengthening America by Providing within the individual’s taxable year (or Secrecy Act Regulations—Imposition Appropriate Tools Required to Intercept the portion of the entity’s taxable year of Special Measure Against the Islamic and Obstruct Terrorism Act of 2001 (the during which the individual (directly or Republic of Iran as a Jurisdiction of ‘‘USA PATRIOT Act’’), Public Law 107– indirectly) owns such interest in a Primary Money Laundering Concern 56. Title III of the USA PATRIOT Act limited partnership as a limited AGENCY: amends the anti-money laundering partner). Financial Crimes Enforcement Network, Treasury (‘‘FinCEN’’), provisions of the Bank Secrecy Act (4) Effective/applicability date. This Treasury. (‘‘BSA’’), codified at 12 U.S.C. 1829b and 1951–1959, and 31 U.S.C. 5311– section applies to taxable years ACTION: Notice of proposed rulemaking. beginning on or after the date of 5314, and 5316–5332, to promote the publication of the Treasury decision SUMMARY: In a notice of finding prevention, detection, and prosecution adopting these rules as a final regulation published elsewhere in this issue of the of international money laundering and in the Federal Register. Federal Register, the Secretary of the the financing of terrorism. Regulations * * * * * Treasury, through his delegate, the implementing the BSA appear at 31 CFR Director of FinCEN, found that Chapter X. The authority of the Par. 4. Section 1.469–5T paragraph (e) reasonable grounds exist for concluding Secretary of the Treasury (the is revised to read as follows: that the Islamic Republic of Iran (‘‘Iran’’) ‘‘Secretary’’) to administer the BSA and § 1.469–5T Material participation is a jurisdiction of primary money its implementing regulations has been (temporary). laundering concern pursuant to 31 delegated to the Director of FinCEN.1 Section 311 of the USA PATRIOT Act * * * * * U.S.C. 5318A. FinCEN is issuing this notice of proposed rulemaking to (‘‘section 311’’) added section 5318A to (e) Treatment of Limited Partners. impose a special measure against Iran. the BSA, granting the Secretary the [Reserved]. See § 1.469–5(e) for rules DATES: Written comments on the notice authority, upon finding that reasonable relating to this paragraph (e). of proposed rulemaking must be grounds exist for concluding that a * * * * * submitted on or before January 27, 2012. foreign jurisdiction, institution, class of transaction, or type of account is of Par. 5. Section 1.469–9 paragraph ADDRESSES: You may submit comments, ‘‘primary money laundering concern,’’ (f)(1) is revised to read as follows: identified by RIN 1506–AB16, by any of to require domestic financial the following methods: § 1.469–9 Rules for certain rental real • Federal E-rulemaking Portal: institutions and financial agencies to estate activities. http:/www.regulations.gov. Follow the take certain ‘‘special measures’’ against * * * * * instructions for submitting comments. the primary money laundering concern. (f) Limited partnership interests in Include 1506–AB16 in the submission. Section 311 identifies factors for the rental real estate activities—(1) In Refer to Docket Number FINCEN–2011– Secretary to consider and Federal general. If a taxpayer elects under 0008. agencies to consult before the Secretary paragraph (g) of this section to treat all • Mail: The Financial Crimes may conclude that a jurisdiction, interests in rental real estate as a single Enforcement Network, P.O. Box 39, institution, class of transaction, or type rental real estate activity, and at least Vienna, VA 22183. Include RIN 1506– of account is of primary money one interest in rental real estate is held AB16 in the body of the text. Please laundering concern. The statute also by the taxpayer as an interest in a submit comments by one method only. provides similar procedures, i.e., factors limited partnership as a limited partner Comments submitted in response to this and consultation requirements, for (within the meaning of § 1.469–5(e)(3)), NPRM will become a matter of public selecting the specific special measures the combined rental real estate activity record. Therefore, you should submit to be imposed against the primary of the taxpayer will be treated as an only information that you wish to make money laundering concern. Taken as a whole, section 311 interest in a limited partnership as a publicly available. provides the Secretary with a range of limited partner for purposes of Inspection of comments: Public options that can be adapted to target determining material participation. comments received electronically or specific money laundering and terrorist Accordingly, the taxpayer will not be through the U. S. Postal Service sent in financing concerns most effectively. treated under this section as materially response to a notice and request for These options give the Secretary the participating in the combined rental real comment will be made available for authority to bring additional pressure on estate activity unless the taxpayer public review as soon as possible on those jurisdictions and institutions that materially participates in the activity http://www.regulations.gov. Comments pose money laundering threats. Through under the tests listed in § 1.469–5(e)(2) received may be physically inspected in the imposition of various special (dealing with the tests for determining the FinCEN reading room located in measures, the Secretary can gain more the material participation of a limited Vienna, Virginia. Reading room information about the jurisdictions, partner). appointments are available weekdays institutions, transactions, or accounts of * * * * * (excluding holidays) between 10 a.m. and 3 p.m., by calling the Disclosure concern; can more effectively monitor Steven T. Miller, Officer at (703) 905–5034 (not a toll-free the respective jurisdictions, institutions, Deputy Commissioner for Services and call). 1 Enforcement. FOR FUTHER INFORMATION CONTACT: Therefore, references to the authority of the The Secretary of the Treasury under section 311 of the [FR Doc. 2011–30611 Filed 11–25–11; 8:45 am] FinCEN regulatory helpline at (800) USA PATRIOT Act apply equally to the Director of BILLING CODE 4830–01–P 949–2732 and select Option 6. FinCEN.

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transactions, or accounts; or can protect provides a range of special measures jurisdiction of primary money U.S. financial institutions from that can be imposed individually, laundering concern.6 involvement with jurisdictions, jointly, in any combination, and in any II. Imposition of Special Measure institutions, transactions, or accounts sequence.3 The Secretary’s imposition Against the Islamic Republic of Iran as that are of money laundering concern. of special measures requires additional a Jurisdiction of Primary Money Before making a finding that consultations to be made and factors to Laundering Concern, Including the reasonable grounds exist for concluding be considered. The statute requires the Central Bank of Iran Within the that a jurisdiction is of primary money Secretary to consult with appropriate Definition of Iranian Banking laundering concern, the Secretary is federal agencies and other interested Institution required to consult with both the parties 4 and to consider the following Secretary of State and the Attorney specific factors: As a result of that finding, and based General. The Secretary is also required • Whether similar action has been or upon the additional consultations and by section 311, as amended,2 to is being taken by other nations or the consideration of all relevant factors consider ‘‘such information as the multilateral groups; discussed in the finding and in this • Secretary determines to be relevant, Whether the imposition of any notice of proposed rulemaking, the including the following potentially particular special measures would Director of FinCEN has determined that relevant factors,’’ which extend the create a significant competitive reasonable grounds exist for the Secretary’s consideration beyond disadvantage, including any undue cost imposition of the fifth special measure traditional money laundering concerns or burden associated with compliance, authorized by section 5318A(b)(5).7 to issues involving, inter alia, terrorist for financial institutions organized or That special measure authorizes a licensed in the United States; prohibition against the opening or financing and weapons proliferation: • • Evidence that organized criminal The extent to which the action or maintaining of correspondent accounts 8 groups, international terrorists, or the timing of the action would have a by any domestic financial institution or entities involved in the proliferation of significant adverse systemic impact on agency for or on behalf of a foreign weapons of mass destruction or the international payment, clearance, banking institution, if the correspondent missiles, have transacted business in and settlement system, or on legitimate account involves the targeted that jurisdiction; business activities involving the jurisdiction. A discussion of the section • The extent to which that particular jurisdiction; and 311 factors relevant to imposing this • The effect of the action on United jurisdiction or financial institutions particular special measure follows. operating in that jurisdiction offer bank States national security and foreign policy. 1. Whether Similar Actions Have Been secrecy or special regulatory advantages or Will Be Taken by Other Nations or to nonresidents or nondomiciliaries of B. Finding Multilateral Groups Against Iran that jurisdiction; • Today, as detailed elsewhere in this The substance and quality of part,5 based upon a review and analysis The United Nations Security Council administration of the bank supervisory of the administrative record in this has adopted multiple resolutions and counter-money laundering laws of matter, consultations with relevant imposing sanctions on Iran for its that jurisdiction; refusal to comply with international • Federal agencies and departments, and The relationship between the after consideration of the factors nuclear obligations and proliferation volume of financial transactions enumerated in section 311, the Director sensitive activities, including United occurring in that jurisdiction and the of FinCEN has determined that Nations Security Council resolutions size of the economy of the jurisdiction; (‘‘UNSCRs’’) 1696,9 1737,10 1747,11 • reasonable grounds exist for concluding The extent to which that that the Islamic Republic of Iran is a jurisdiction is characterized as an 6 Classified information used in support of a section 311 finding and measure(s) may be offshore banking or secrecy haven by 3 Available special measures include requiring: submitted by Treasury to a reviewing court ex parte credible international organizations or (1) Recordkeeping and reporting of certain financial and in camera. See section 376 of the Intelligence transactions; (2) collection of information relating to multilateral expert groups; Authorization Act for fiscal year 2004, Public Law • Whether the United States has a beneficial ownership; (3) collection of information relating to certain payable-through accounts; (4) 108–177 (amending 31 U.S.C. 5318A by adding new mutual legal assistance treaty with that collection of information relating to certain paragraph (f)). jurisdiction, and the experience of correspondent accounts; and (5) prohibition or 7 In connection with this action, FinCEN United States law enforcement officials conditions on the opening or maintaining of consulted with staffs of the Federal functional regulators, the Department of Justice, and the and regulatory officials in obtaining correspondent or payable through accounts. 31 U.S.C. 5318A(b)(l)–(5). For a complete discussion of Department of State. information about transactions the range of possible countermeasures, see 68 FR 8 For purposes of the proposed rule, a originating in or routed through or to 18917 (April 17, 2003) (proposing special measures correspondent account is defined as an account such jurisdiction; and against Nauru). established to receive deposits from, or make • The extent to which that 4 Section 5318A(a)(4)(A) requires the Secretary to payments or other disbursements on behalf of, a foreign bank, or handle other financial transactions jurisdiction is characterized by high consult with the Chairman of the Board of Governors of the Federal Reserve System, any other related to the foreign bank. levels of official or institutional appropriate Federal banking agency, the Secretary 9 For a complete discussion of the sanctions corruption. of State, the Securities and Exchange Commission adopted by UNSCR 1696, see ‘‘Resolution 1696,’’ (SEC), the Commodity Futures Trading Commission United Nations Security Council, July 31, 2006 If the Secretary determines that _ reasonable grounds exist for concluding (CFTC), the National Credit Union Administration (http://www.un.org/Docs/sc/unsc (NCUA), and, in the sole discretion of the Secretary, resolutions06.htm). that a jurisdiction is of primary money ‘‘such other agencies and interested parties as the 10 For a complete discussion of the sanctions laundering concern, the Secretary must Secretary may find to be appropriate.’’ The adopted by UNSCR 1737, see ‘‘Resolution 1737,’’ determine the appropriate special consultation process must also include the Attorney United Nations Security Council, December 23, _ measure(s) to address the specific General, if the Secretary is considering prohibiting 2006 (http://www.un.org/Docs/sc/unsc or imposing conditions on domestic financial resolutions06.htm). money laundering risks. Section 311 institutions opening or maintaining correspondent 11 For a complete discussion of the sanctions account relationships with the designated adopted by UNSCR 1747, see ‘‘Resolution 1747,’’ 2 31 U.S.C. 5318A was amended by section 501 jurisdiction. United Nations Security Council, March 24, 2007 of the Iran Freedom Support Act of 2006, Public 5 See the notice of this finding published (http://www.un.org/Docs/sc/unsc_ Law 109–293. elsewhere today in the Federal Register. resolutions07.htm).

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1803,12 and 1929.13 All resolutions were jurisdictions to apply effective counter- the FATF stated that, if Iran fails to take reaffirmed in 2008, 2009, and 2010 measures to protect their financial concrete steps to improve its AML/CFT through UNSCRs 1835,14 1887,15 and sectors from the terrorist financing risks regime, the FATF will consider calling 1929,16 respectively. emanating from Iran.18 In addition, the on its members and urging all Iran’s serious deficiencies with FATF advised jurisdictions to protect jurisdictions to strengthen respect to anti-money laundering/ correspondent relationships from being countermeasures in February 2012.24 countering the financing of terrorism used to bypass or evade counter- The numerous calls by the FATF for (‘‘AML/CFT’’) controls have long been measures and risk mitigation practices, Iran to urgently address its terrorist highlighted by numerous international and to take into account money financing vulnerability, coupled with bodies and government agencies. laundering and financing of terrorism the extensive record of Iranian entities Starting in October 2007, the Financial risks when considering requests by using the financial system to finance Action Task Force (‘‘FATF’’) has issued Iranian financial institutions to open terrorism, proliferation activities, and a series of public statements expressing branches and subsidiaries in their other illicit activity,25 raises significant its concern that Iran’s lack of a jurisdictions.19 The FATF also called on concern over the willingness or ability comprehensive AML/CFT regime its members and other jurisdictions to of Iran to establish adequate controls to represents a significant vulnerability advise their financial institutions to give counter terrorist financing. within the international financial special attention to business Although none of these actions to system. The statements further called relationships and transactions with Iran, sanction Iran prohibit domestic upon Iran to address those deficiencies including Iranian companies and financial institutions and agencies from with urgency, and called upon FATF- financial institutions.20 Over the past opening or maintaining a correspondent member countries to advise their three years, the FATF has repeatedly account for or on behalf of any financial institutions to conduct enhanced due reiterated these concerns and reaffirmed institution in Iran, or require the type of diligence with respect to the risks its call for FATF-member countries and special due diligence outlined in this associated with Iran’s deficiencies.17 all jurisdictions to implement proposed rulemaking, FinCEN The FATF has been particularly countermeasures to protect the encourages other countries or concerned with Iran’s failure to address international financial system from the multilateral groups to take similar the risk of terrorist financing, and terrorist financing risk emanating from action based on the findings contained starting in February 2009, the FATF Iran. In response, numerous countries, in this rulemaking. called upon its members and urged all including all G7 countries, have issued 2. Whether the Imposition of the Fifth advisories to their financial Special Measure Would Create a 12 For a complete discussion of the sanctions institutions.21 Significant Competitive Disadvantage, adopted by UNSCR 1803, see ‘‘Resolution 1803,’’ The FATF’s most recent statement in Including Any Undue Cost or Burden United Nations Security Council, March 3, 2008 October 2011 reiterated, with a renewed (http://www.un.org/Docs/sc/unsc_ Associated With Compliance, for resolutions08.htm). urgency, its concern regarding Iran’s Financial Institutions Organized or 13 For a complete discussion of the sanctions failure to address the risk of terrorist Licensed in the United States adopted by UNSCR 1929, see ‘‘Resolution 1929,’’ financing and the serious threat this United Nations Security Council, June 9, 2010 poses to the integrity to the The fifth special measure sought to be _ (http://www.un.org/Docs/sc/unsc international financial system.22 The imposed by this rulemaking would resolutions10.htm). FATF reaffirmed its February 2009 call prohibit covered financial institutions 14 See ‘‘Resolution 1835,’’ United Nations from opening and maintaining Security Council, September 27, 2008 (http://www. to apply effective countermeasures to un.org/Docs/sc/unsc_resolutions08.htm). protect their financial sectors from ML/ correspondent accounts for, or on behalf 15 See ‘‘Resolution 1887,’’ United Nations FT risks emanating from Iran, and of, Iranian banking institutions. As a Security Council, September 24, 2009 (http://www. further called upon its members to corollary to this measure, covered un.org/Docs/sc/unsc_resolutions09.htm). financial institutions also would be 16 See ‘‘Resolution 1929,’’ United Nations consider the steps already taken and possible additional safeguards or required to take reasonable steps to Security Council, June 9, 2010 (http://www.un.org/ apply special due diligence, as set forth Docs/sc/unsc_resolutions10.htm). strengthen existing ones.23 In addition, 17 In response to concerns raised by these FATF below, to all of their correspondent accounts to help ensure that no such and IMF reports, FinCEN issued an advisory on 18 See ‘‘FATF Statement on Iran,’’ The Financial October 16, 2007 to financial institutions regarding Action Task Force, February 25, 2009 (http://www. account is being used indirectly to the heightened risk of Iranian ‘‘money laundering, fatf-gafi.org/dataoecd/18/28/42242615.pdf). provide services to an Iranian banking terrorist financing, and weapons of mass 19 Id. destruction proliferation financing.’’ The advisory institution. FinCEN does not expect the 20 further cautioned institutions that there may be an Id. burden associated with these increased effort by Iranian entities to circumvent 21 See ‘‘Circular 13/2008 (GW)—Statement of the requirements to be significant given that international sanctions and related financial FATF of 16 October 2008,’’ November 7, 2008 _ _ U.S. financial institutions have long community scrutiny through the use of deceptive (http://www.bafin.de/cln 171/nn 721228/Shared _ practices. See ‘‘Guidance to Financial Institutions Docs/Veroeffentlichungen/EN/Service/Circulars/rs been subject to sanctions regulations _ _ on the Increasing Money Laundering Threat 0813 gw.html? nnn=true); ‘‘February 27, 2009 prohibiting the provision of Involving Illicit Iranian Activity,’’ FinCEN, October FINTRAC Advisory,’’ February 27, 2009 (http:// correspondent account services for 16, 2007 (http://www.fincen.gov/statutes_regs/ www.fintrac-canafe.gc.ca/publications/avs/2009- banking institutions in Iran. There is a _ _ _ _ 02-27-eng.asp); ‘‘HM Treasury warns businesses of guidance/pdf/guidance fi increasing mlt minimal burden involved in iranian.pdf). The FATF simultaneously published serious threats posed to the international financial guidance to assist countries with implementation of system,’’ March 11, 2009 (http://webarchive.nation transmitting a one-time notice to certain UNSCRs 1737 and 1747. See ‘‘Guidance Regarding alarchives.gov.uk/+/http://www.hm-treasury.gov. correspondent account holders _ _ the Implementation of Activity-Based Financial uk/press 26 09.htm); ‘‘Letter from French Minister concerning the prohibition on indirectly Prohibitions of United Nations Security Council of Economy,’’ (http://www2.economie.gouv.fr/ _ providing services to Iranian banking Resolution 1737,’’ October 12, 2007 (http://www. directions services/dgtpe/sanctions/sanctions fatf-gafi.org/dataoecd/43/17/39494050.pdf) and iran.php); and ‘‘Bank of Italy Circular,’’ (http:// institutions. In addition, U.S. financial _ _ ‘‘Guidance Regarding the Implementation of www.dt.tesoro.it/it/prevenzione reati finanziari/). Financial Provisions of the United Nations Security 22 See ‘‘FATF Public Statement,’’ The Financial 24 Id. Council Resolutions to Counter the Proliferation of Action Task Force, October 28, 2011 (http://www. 25 ‘‘Update on the Continuing Illicit Finance Weapons of Mass Destruction,’’ September 5, 2007 fatf-gafi.org/document/55/0,3746,en_32250379_ Threat Emanating From Iran,’’ FinCEN, June 22, (http://www.fatf-gafi.org/dataoecd/23/16/ 32236992_48966519_1_1_1_1,00.html). 2010 (http://www.fincen.gov/statutes_regs/ 39318680.pdf). 23 Id. guidance/html/fin-2010-a008.html).

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institutions generally apply some degree and for other financial crimes enhances offers and the geographic locations of its of due diligence in screening their U.S. national security by making it more correspondents. transactions and accounts, often through difficult for terrorists and money A. 1010.657(a)—Definitions the use of commercially available launderers to access the substantial software such as that used for resources of the U.S. financial system. 1. Correspondent Account compliance with the economic To the extent that this action serves as Section 1010.657(a)(1) defines the sanctions programs administered by the an additional tool in preventing Iran term ‘‘correspondent account’’ by Office of Foreign Assets Control (OFAC) from accessing the U.S. financial reference to the definition contained in of the Department of the Treasury. As system, the proposed action supports 31 CFR 1010.605(c)(1)(ii). Section explained in more detail in the section- and upholds U.S. national security and 1010.605(c)(1)(ii) defines a by-section analysis below, financial foreign policy goals. More generally, the correspondent account to mean: institutions should, if necessary, be able imposition of the fifth special measure • to easily adapt their current screening would complement the U.S. An account established to receive procedures to comply with this special Government’s worldwide efforts to deposits from, or make payments or other disbursements on behalf of, a foreign bank, measure. Thus, the special due expose and disrupt international money or handle other financial transactions related diligence that would be required by this laundering and terrorist financing. to the foreign bank. rulemaking is not expected to impose a Therefore, pursuant to the finding of In the case of a U.S. depository significant additional burden upon U.S. the Director of FinCEN that Iran is a institution, this broad definition financial institutions. jurisdiction of primary money includes most types of banking laundering concern, and after 3. The Extent To Which the Proposed relationships between a U.S. depository conducting the required consultations Action or Timing of the Action Will institution and a foreign bank that are and weighing the relevant factors, Have a Significant Adverse Systemic established to provide regular services, FinCEN has determined that reasonable Impact on the International Payment, dealings, and other financial grounds exist for imposing the fifth Clearance, and Settlement System, or on transactions including demand deposit, special measure authorized by 31 U.S.C. Legitimate Business Activities of Iran savings deposit, or other transaction or 5318A(b)(5) against Iran. Banking institutions in Iran generally asset accounts, and credit accounts or are not major participants in the III. Section-by-Section Analysis other extensions of credit.27 In the case of securities broker- international payment system and are The proposed rule would prohibit dealers, futures commission merchants, not relied upon by the international covered financial institutions from introducing brokers in commodities, banking community for clearance or establishing, maintaining, or managing and investment companies that are settlement services. Additionally, given in the United States any correspondent open-end companies (mutual funds), we the preexisting OFAC and international account for, or on behalf of, banking are using the same definition of sanctions on Iran and certain Iranian institutions in Iran. As a corollary to ‘‘account’’ for purposes of this rule as banking institutions, it is unlikely that this prohibition, covered financial was established in the final rule these new measures or the timing of the institutions would be required to apply implementing section 312 of the USA new measures will have a significant special due diligence to their PATRIOT Act.28 impact on the international payment, correspondent accounts to guard against clearance, and settlement system. their improper indirect use by Iranian 2. Covered Financial Institution Financial transactions between the banking institutions. At a minimum, United States and Iran pertaining to Section 1010.657(a)(2) of the that special due diligence must include proposed rule defines ‘‘covered licensed agricultural and medical two elements. First, a covered financial exports to Iran, as well as other licensed financial institution’’ with the same institution must notify those definition used in the final rule transactions or transactions exempted or correspondent account holders that the not prohibited from the scope of OFAC implementing section 312 of the USA covered financial institution knows or PATRIOT Act,29 which in general sanctions, may continue under the rule has reason to know provide services to as proposed.26 Legitimate pre-existing includes the following: Iranian banking institutions, that such • personal investments held by Iranian An insured bank (as defined in correspondents may not provide Iranian section 3(h) of the Federal Deposit residents in the United States that do banking institutions with access to the not involve Iranian banking institutions Insurance Act (12 U.S.C. 1813(h)); correspondent account maintained at • will be unaffected. Consequently, in A commercial bank; the covered financial institution. • An agency or branch of a foreign light of the reasons for imposing this Second, a covered financial institution special measure, FinCEN does not bank in the United States; must take reasonable steps to identify • A federally insured credit union; believe that it will impose an undue any indirect use of its correspondent • burden on legitimate business activities. A credit union; accounts by Iranian banking • A savings association; 4. The Effect of the Proposed Action on institutions, to the extent that such • A corporation acting under section United States National Security and indirect use can be determined from 25A of the Federal Reserve Act (12 Foreign Policy transactional records maintained by the U.S.C. 611); covered financial institution in the The exclusion from the U.S. financial • A trust bank or trust company that normal course of business. A covered system of jurisdictions that serve as is federally regulated and is subject to financial institution should take a risk- conduits for significant money an anti-money laundering program based approach when deciding what, if laundering activity, for the financing of requirements; any, additional due diligence measures terrorism or weapons of mass • A broker or dealer in securities it should adopt to guard against the destruction or their delivery systems, registered, or required to be registered, improper indirect use of its 26 For a more complete discussion of prohibited correspondent accounts by Iranian 27 See 31 CFR 1010.605(c)(2)(i)(A)–(B). and non-prohibited transactions, see http:// banking institutions, based on risk 28 See 31 CFR 1010.605(c)(2)(ii)–(iv). www.treas.gov/ofac. factors such as the type of services it 29 See 31 CFR 1010.605(f)(1)–(2).

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with the Securities and Exchange institution will take such steps that a reason to know provide services to Commission under the Securities reasonable and prudent financial Iranian banking institutions: Exchange Act of 1934 (15 U.S.C. 78a et institution would take to protect itself Notice: Pursuant to U.S. regulations issued seq.), except persons who register from loan fraud or other fraud or loss under section 311 of the USA PATRIOT Act, pursuant to section 15(b)(11) of the based on misidentification of a person’s 31 CFR 1010.657, we are prohibited from Securities Exchange Act of 1934; status. establishing, maintaining, administering or • A futures commission merchant or managing a correspondent account for, or on 1. Prohibition on Direct Use of an introducing broker registered, or behalf of, an Iranian banking institution or Correspondent Accounts required to be registered, with the any of its subsidiaries. The regulations also Commodity Futures Trading Section 1010.657(b)(1) of the require us to notify you that you may not Commission under the Commodity provide an Iranian banking institution or any proposed rule requires all covered of its subsidiaries with access to the Exchange Act (7 U.S.C. 1 et seq.), except financial institutions to terminate any correspondent account you hold at our persons who register pursuant to section correspondent account that is financial institution other than for the 4(f)(a)(2) of the Commodity Exchange established, maintained, administered, purpose of processing transactions that are Act; or managed in the United States for, or authorized, exempt, or not prohibited • A private banker; and on behalf of, Iranian banking pursuant to any Executive Order issued • A mutual fund. institutions, provided that the account under the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) or 31 3. Iranian Banking Institution is not blocked under any Executive Order issued pursuant to the C.F.R. Chapter V. If we become aware that an Iranian banking institution or any of its Section 1010.657(a)(3) of the International Emergency Economic proposed rule defines a foreign bank as subsidiaries is indirectly using the Powers Act (50 U.S.C. 1701 et seq.) correspondent account you hold at our that term is defined in 1010.100(u). An (IEEPA) or under 31 CFR Chapter V. The financial institution for transactions other Iranian banking institution shall mean prohibition would require all covered than those specified above, we will be any foreign bank chartered by Iran, financial institutions to review their required to take appropriate steps to prevent including any branches, offices, or account records to ensure that they such access, including terminating your subsidiaries of such bank operating in maintain no accounts directly for, or on account. any jurisdiction, and any branch or behalf of, an Iranian banking institution. The purpose of the notice requirement office within Iran of any foreign bank 2. Special Due Diligence of is to help ensure cooperation from licensed by Iran. In addition, the Central correspondent account holders in Bank of Iran (Bank Markazi Iran),30 as Correspondent Accounts To Prohibit Improper Indirect Use denying Iranian banking institutions well as any foreign bank of which more access to the U.S. financial system. than 50 percent of the voting stock or As a corollary to the prohibition on However, FinCEN does not require or analogous interest is owned by two or maintaining correspondent accounts expect a covered financial institution to more foreign banks chartered by Iran, directly for Iranian banking institutions, obtain a certification from any of its shall be considered an Iranian banking proposed section 1010.657(b)(2) correspondent account holders that institution. For purposes of this rule, a requires a covered financial institution indirect access will not be provided in subsidiary shall mean a company of to apply special due diligence to its order to comply with this notice which more than 50 percent of the correspondent accounts 31 that is requirement. Instead, methods of voting stock or analogous interest is reasonably designed to guard against compliance with the notice requirement directly or indirectly owned by another their improper indirect use by Iranian could include, for example, transmitting company. banking institutions. At a minimum, a one-time notice by mail, fax, or email A covered financial institution should that special due diligence must include to certain of the covered financial take commercially reasonable measures notifying those correspondent account institution’s correspondent account to determine whether it maintains a holders that the covered financial customers, informing them that they correspondent account for an Iranian institution knows or has reason to know may not provide Iranian banking banking institution, including a branch, provide services to Iranian banking institutions with access to the covered office, or subsidiary of an Iranian institutions, that such correspondents financial institution’s correspondent banking institution. generally may not provide Iranian account, or including such information B. 1010.657(b)—Requirements for banking institutions with access to the in the next regularly occurring Covered Financial Institutions correspondent account maintained at transmittal from the covered financial the covered financial institution. A institution to those correspondent For purposes of complying with the covered financial institution would, for account holders. FinCEN specifically proposed rule’s prohibition on the example, have knowledge that the solicits comments on the form and opening or maintaining of correspondents provide such access to scope of the notice that would be correspondent accounts for, or on behalf Iranian banking institutions through required under the rule. FinCEN also of, Iranian banking institutions, FinCEN transaction screening software or requests comment as to whether a one- expects that a covered financial through the processing of Iranian time notice will be sufficient to ensure transactions under OFAC licenses. A 30 Prior regulations that have applied Section 311 cooperation from correspondent account special measures to jurisdictions of primary money covered financial institution may satisfy holders in denying Iranian banking laundering concern have not included the this requirement by transmitting the institutions access to the financial jurisdiction’s central bank within the scope of the following notice to its correspondent system, as well as the incremental costs regulation. However, in the case of the Islamic account holders that it knows or has Republic of Iran, this inclusion is justified due to that financial institutions would incur if the deceptive practices the Central Bank of Iran this rule required an annual notice. engages in and encourages among Iranian state- 31 Again, for purposes of the proposed rule, a A covered financial institution also owned banks. This behavior is discussed in the correspondent account is defined as an account would be required under this notice of finding that the Islamic Republic of Iran established to receive deposits from, or make is a jurisdiction of primary money laundering payments or other disbursements on behalf of, a rulemaking to take reasonable steps to concern published elsewhere today in the Federal foreign bank, or handle other financial transactions identify any indirect use of its Register. See footnote 5, supra. related to the foreign bank. correspondent accounts by Iranian

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banking institutions, to the extent that authorized by the Office of Foreign denying Iranian banking institutions such indirect use can be determined Assets Control; (2), exempted from the access to the financial system, and the from transactional records maintained prohibitions of such authority; or (3) not incremental costs that financial by the covered financial institution in prohibited by such authority. institutions would incur if this rule the normal course of business. For A covered financial institution may required an annual notice; example, a covered financial institution afford the foreign bank a reasonable 2. The appropriate scope of the would be expected to apply an opportunity to take corrective action proposed requirement for a covered appropriate screening mechanism to be prior to terminating the correspondent financial institution to take reasonable able to identify a funds transfer order account. Should the foreign bank refuse steps to identify any indirect use of its that on its face listed an Iranian banking to comply, or if the covered financial correspondent accounts by Iranian institution as the originator’s or institution cannot obtain adequate banking institutions; beneficiary’s financial institution, or assurances that Iranian banking 3. The appropriate steps a covered otherwise referenced an Iranian banking institutions will no longer be able to financial institution should take once it institution in a manner detectable under improperly access the correspondent identifies an indirect use of one of its the financial institution’s normal account, the covered financial correspondent accounts by an Iranian screening processes. An appropriate institution must terminate the account banking institution; and screening mechanism could be the within a commercially reasonable time. 4. The impact of the proposed special mechanism used by a covered financial This means that the covered financial measure upon legitimate transactions institution to comply with various legal institution should not permit the foreign with Iran involving, in particular, U.S. requirements, such as the commercially bank to establish any new positions or persons and entities; foreign persons, available software programs used to execute any transactions through the entities, and governments; and comply with the economic sanctions account, other than those necessary to multilateral organizations doing programs administered by OFAC. close the account. A covered financial legitimate business with persons or FinCEN specifically solicits comments institution may reestablish an account entities operating in Iran. on the requirement under the proposed closed under the proposed rule if it V. Regulatory Flexibility Act rule that covered financial institutions determines that the account will not be take reasonable steps to screen their used to provide improper indirect It is hereby certified that this correspondent accounts in order to access to an Iranian banking institution. proposed rule will not have a significant identify any indirect use of such FinCEN specifically solicits comments economic impact on a substantial accounts by Iranian banking on the requirement under the proposed number of small entities. Given that institutions. rule that covered financial institutions U.S. financial institutions have long Notifying certain correspondent prevent improper indirect access to been subject to sanctions regulations account holders and taking reasonable Iranian banking institutions, once such prohibiting the provision of steps to identify any indirect use of its indirect access is identified. correspondent account services for correspondent accounts by Iranian banking institutions in Iran, FinCEN banking institutions in the manner 3. Reporting Not Required assesses that the prohibition on discussed above are the minimum due Section 1010.657(b)(3) of the maintaining such accounts will not have diligence requirements under the proposed rule clarifies that the rule does a significant impact on a substantial proposed rule. Beyond these minimum not impose any reporting requirement number of small entities. In addition, all steps, a covered financial institution upon any covered financial institution U.S. persons, including U.S. financial should adopt a risk-based approach for that is not otherwise required by institutions, currently must exercise determining what, if any, additional due applicable law or regulation. A covered some degree of due diligence in order to diligence measures it should implement financial institution must, however, comply with various legal requirements. to guard against the improper indirect document its compliance with the The tools used for such purposes, use of its correspondent accounts by requirement that it notify those including commercially available Iranian banking institutions, based on correspondent account holders that the software used to comply with the risk factors such as the type of services covered financial institution knows or economic sanctions programs it offers and the geographic locations of has reason to know provide services to administered by OFAC, can easily be its correspondent account holders. Iranian banking institutions, that such modified to monitor for the use of A covered financial institution that correspondents may not provide Iranian correspondent accounts by Iranian obtains knowledge that a correspondent banking institutions with improper banking institutions. Thus, the special account is being used by a foreign bank access to the correspondent account due diligence that would be required by to provide indirect access to an Iranian maintained at the covered financial this rulemaking—i.e., the one-time banking institution must take all institution. transmittal of notice to certain appropriate steps to prevent such correspondent account holders and the indirect access, including the IV. Request for Comments screening of transactions to identify any notification of its correspondent account FinCEN invites comments on all indirect use of correspondent accounts, holder per section 1010.657(b)(2)(i)(A) aspects of the proposal to prohibit the is not expected to impose a significant and, where necessary, terminating the opening or maintaining of additional economic burden upon small correspondent account. However, this correspondent accounts for or on behalf U.S. financial institutions. FinCEN provision does not require financial of Iranian banking institutions, and invites comments from members of the institutions to prevent indirect access to specifically invites comments on the public who believe there will be a correspondent accounts when such following matters: significant economic impact on small access is necessary to conduct 1. The form and scope of the notice entities. transactions involving Iranian banking to certain correspondent account institutions that are: (1) Authorized holders that would be required under VI. Paperwork Reduction Act pursuant to Executive Orders issued the rule and whether a one-time notice The collection of information under IEEPA or pursuant to 31 CFR will be sufficient to ensure cooperation contained in this proposed rule is being Chapter V, including transactions from correspondent account holders in submitted to the Office of Management

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and Budget for review in accordance (b) the accuracy of FinCEN’s estimate of (ii) The Central Bank of Iran (Bank with the Paperwork Reduction Act of the burden of the proposed collection of Markazi Iran); and 1995 (44 U.S.C. 3507(d)). Comments on information; (c) ways to enhance the (iii) Any foreign bank of which more the collection of information should be quality, utility, and clarity of the than 50 percent of the voting stock or sent to the Desk Officer for the information required to be maintained; analogous interest is owned by two or Department of Treasury, Office of (d) ways to minimize the burden of the more foreign banks chartered by Iran. Information and Regulatory Affairs, required collection of information, (5) Subsidiary means a company of Office of Management and Budget, including through the use of automated which more than 50 percent of the Paperwork Reduction Project (1506), collection techniques or other forms of voting stock or analogous interest is Washington, DC 20503 (or by email to information technology; and (e) owned by another company. [email protected]) with a estimates of capital or start-up costs and (b) Requirements for covered financial copy to FinCEN by mail or email at the costs of operation, maintenance, and institutions. addresses previously specified. purchase of services to maintain the (1) Prohibition on direct use of Comments should be submitted by one information. correspondent accounts. A covered method only. Comments on the financial institution shall terminate any collection of information should be VII. Executive Order 12866 correspondent account that is received by January 27, 2012. In The proposed rule is not a significant established, maintained, administered, accordance with the requirements of the regulatory action for purposes of or managed in the United States for, or Paperwork Reduction Act of 1995, 44 Executive Order 12866, ‘‘Regulatory on behalf of, an Iranian banking U.S.C. 3506(c)(2)(A), and its Planning and Review.’’ institution, provided that the account is implementing regulations, 5 CFR part not blocked under any Executive Order List of Subjects in 31 CFR Chapter X 1320, the following information issued pursuant to the International concerning the collection of information Administrative practice and Emergency Economic Powers Act (50 as required by 31 CFR 1010.657 is procedure, Banks and banking, Brokers, U.S.C. 1701 et seq.) (IEEPA) or under 31 presented to assist those persons Counter-money laundering, Counter- CFR Chapter V. wishing to comment on the information terrorism, Foreign banking, Iran. (2) Special due diligence of correspondent accounts to prohibit collection. Authority and Issuance The collection of information in this improper indirect use. proposed rule is in 1010.657(b)(2)(i) and For the reasons set forth in the (i) A covered financial institution 1010.657(b)(3)(i). The notification preamble, chapter X of title 31 of the shall apply special due diligence to its requirement in 1010.657(b)(2)(i) is Code of Federal Regulations is proposed correspondent accounts that is intended to ensure cooperation from to be amended as follows: reasonably designed to guard against correspondent account holders in Chapter X—Financial Recordkeeping and their improper indirect use by Iranian denying Iranian banking institutions Reporting of Currency and Financial banking institutions. At a minimum, access to the U.S. financial system. The Transactions that special due diligence must include: information required to be maintained 1. The authority citation for chapter X (A) Notifying those correspondent by 1010.657(b)(3)(i) will be used by is amended to read as follows: account holders that the covered federal agencies and certain self- financial institution knows or has Authority: 12 U.S.C. 1829b and 1951– reason to know provide services to regulatory organizations to verify 1959; 31 U.S.C. 5311–5314, 5316–5332 Title compliance by covered financial III, secs. 311, 312, 313, 314, 319, 326, 352, Iranian banking institutions, that such institutions with the provisions of 31 Pub. L. 107–56, 115 Stat. 307. correspondents generally may not CFR 1010.657. The class of financial provide Iranian banking institutions 2. Subpart F of Chapter X is amended with access to the correspondent institutions affected by the notification by adding new § 1010.657 under the requirement is identical to the class of account maintained at the covered undesignated center heading ‘‘SPECIAL financial institution; and financial institutions affected by the DUE DILIGENCE FOR recordkeeping requirement. The (B) Taking reasonable steps to identify CORRESPONDENT ACCOUNTS AND any indirect use of its correspondent collection of information is mandatory. PRIVATE BANKING ACCOUNTS’’ to Description of Affected Financial accounts by Iranian banking read as follows: Institutions: Banks, broker-dealers in institutions, to the extent that such securities, futures commission § 1010.657 Special measures against the indirect use can be determined from merchants and introducing brokers, and Islamic Republic of Iran. transactional records maintained in the mutual funds maintaining (a) Definitions. For purposes of this covered financial institution’s normal correspondent accounts. section: course of business. Estimated Number of Affected (1) Correspondent account has the (ii) A covered financial institution Financial Institutions: 5,000. same meaning as provided in shall take a risk-based approach when Estimated Average Annual Burden § 1010.605(c)(1)(ii). deciding what, if any, other due Hours per Affected Financial (2) Covered financial institution has diligence measures it should adopt to Institution: The estimated average the same meaning as provided in guard against the improper indirect use burden associated with the collection of § 1010.605(f)(1)–(2). of its correspondent accounts by Iranian information in this proposed rule is one (3) Foreign bank has the same banking institutions. hour per affected financial institution. meaning as 1010.100(u). (iii) A covered financial institution Estimated Total Annual Burden: (4) Iranian banking institution means that obtains knowledge that a 5,000 hours. the following: correspondent account is being used by FinCEN specifically invites comments (i) Any foreign bank chartered by Iran, the foreign bank to provide indirect on: (a) Whether the proposed collection including any branches, offices, or access to an Iranian banking institution, of information is necessary for the subsidiaries of such bank operating in shall take all appropriate steps to proper performance of the mission of any jurisdiction, and any branch or prevent such indirect access, including FinCEN, including whether the office within Iran of any foreign bank the notification of its correspondent information shall have practical utility; licensed by Iran; account holder under paragraph

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(b)(2)(i)(A) of this section and, where hour ozone nonattainment area is (404) 562–9152 or by electronic mail necessary, terminating the hereinafter referred to as the ‘‘bi-state address [email protected]. correspondent account, except to the Charlotte Area.’’ In addition, South SUPPLEMENTARY INFORMATION: On March extent that such indirect access to the Carolina’s SIP revisions include 12, 2008, EPA issued a revised ozone correspondent accounts is necessary to negative declarations for certain source NAAQS. See 73 FR 16436. EPA conduct transactions involving Iranian categories for which EPA has control subsequently announced a banking institutions that are: (1) technique guidelines, meaning that SC reconsideration of the 2008 NAAQS, Authorized pursuant to Executive DHEC has concluded that no such and proposed new 8-hour ozone Orders issued under IEEPA or pursuant sources are located in that portion of the NAAQS in January 2010. See 75 Fr to 31 CFR Chapter V, including nonattainment area. EPA has evaluated 2938. In September 2011, EPA withdrew transactions authorized by the Office of the proposed revisions to South the proposed reconsidered NAAQS and Foreign Assets Control; (2), exempted Carolina’s SIP, and has preliminarily began implementation of the 2008 from the prohibitions of such authority; concluded that they are consistent with NAAQS. The current action, however, is or (3) not prohibited by such authority. statutory and regulatory requirements being taken to address requirements (3) Recordkeeping and reporting. and EPA guidance. under the 1997 ozone NAAQS for a (i) A covered financial institution is DATES: Written comments must be portion of York County, South Carolina. required to document its compliance received on or before December 28, Requirements for the bi-state Charlotte with the notice requirement set forth in 2011. Area under the 2008 NAAQS will be paragraph (b)(2)(i)(A) of this section. addressed in the future. (ii) Nothing in this section shall ADDRESSES: Submit your comments, For additional information see the require a covered financial institution to identified by Docket ID No. EPA–R04– direct final rule which is published in report any information not otherwise OAR–2010–0017 and EPA–R04–OAR– the Rules Section of this Federal required to be reported by law or 2010–0018 by one of the following Register. In the Final Rules Section of regulation. methods: this Federal Register, EPA is approving 1. http://www.regulations.gov: Follow the State’s SIP revision as a direct final Dated: November 18, 2011. the online instructions for submitting James H. Freis, Jr., rule without prior proposal because the comments. Agency views this as a noncontroversial Director, Financial Crimes Enforcement 2. Email: [email protected]. Network. submittal and anticipates no adverse 3. Fax: (404) 562–9019. comments. A detailed rationale for the [FR Doc. 2011–30331 Filed 11–25–11; 8:45 am] 4. Mail: ‘‘EPA–R04–OAR–2010–0017’’ approval is set forth in the direct final BILLING CODE 4810–02–P for comments regarding the RACT rule. If no adverse comments are demonstration and the negative received in response to this rule, no declarations for Groups I and I CTG. further activity is contemplated. If EPA ENVIRONMENTAL PROTECTION ‘‘EPA–R04–OAR–2010–0018’’ for receives adverse comments, the direct AGENCY comments regarding the negative final rule will be withdrawn and all declarations for Groups III and IV CTG. public comments received will be 40 CFR Part 52 Regulatory Development Section, Air addressed in a subsequent final rule [EPA–R04–OAR–2010–0017–201014(b) & Planning Branch, Air, Pesticides and based on this proposed rule. EPA will EPA–R04–OAR–2010–0018–201001(b); Toxics Management Division, U.S. not institute a second comment period FRL–9495–8] Environmental Protection Agency, on this document. Any parties Region 4, 61 Forsyth Street SW., interested in commenting on this Approval and Promulgation of Air Atlanta, Georgia 30303–8960. document should do so at this time. Quality Implementation Plans: South 5. Hand Delivery or Courier: Lynorae Carolina; Negative Declarations for Benjamin, Regulatory Development Dated: November 7, 2011. Groups I, II, III and IV Control Section, Air Planning Branch, Air, A. Stanley Meiburg, Techniques Guidelines; and Pesticides and Toxics Management Acting Regional Administrator, Region 4. Reasonably Available Control Division, U.S. Environmental Protection [FR Doc. 2011–30297 Filed 11–25–11; 8:45 am] Technology Agency, Region 4, 61 Forsyth Street BILLING CODE 6560–50–P SW., Atlanta, Georgia 30303–8960. Such AGENCY: Environmental Protection deliveries are only accepted during the Agency (EPA). Regional Office’s normal hours of FEDERAL COMMUNICATIONS ACTION: Proposed rule. operation. The Regional Office’s official COMMISSION hours of business are Monday through SUMMARY: EPA is proposing to approve 47 CFR Part 73 several State Implementation Plan (SIP) Friday, 8:30 to 4:30, excluding Federal revisions submitted by the South holidays. [MM Docket No. 99–325; DA 11–1832] Carolina Department of Health and Please see the direct final rule which Environmental Control (SC DHEC). is located in the Rules section of this FM Asymmetric Sideband Operation These revisions establish reasonably Federal Register for detailed and Associated Technical Studies available control technology (RACT) instructions on how to submit comments. AGENCY: Federal Communications requirements for the three major sources Commission. located in the portion of York County, FOR FURTHER INFORMATION CONTACT: Zuri ACTION: Proposed rule. South Carolina that is within the bi-state Farngalo, Regulatory Development Charlotte-Gastonia-Rock Hill, North Section, Air Planning Branch, Air, SUMMARY: In this document, the Federal Carolina-South Carolina 1997 8-hour Pesticides and Toxics Management Communications Commission seeks ozone nonattainment area that either Division, U.S. Environmental Protection comment on a request by certain private emit volatile organic compounds, Agency, Region 4, 61 Forsyth Street parties, identified below, that the nitrogen oxides or both. The bi-state SW., Atlanta, Georgia 30303–8960. Zuri Commission authorize voluntary Charlotte-Gastonia-Rock Hill 1997 8- Farngalo may be reached by phone at asymmetric digital sideband power for

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