Treasury Department Submits Special Measures Information Collection Requirements to OMB for Review

The U.S. Department of the Treasury is submitting information collection requests to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995. These requests relate to information collection requirements imposed in connection with the application of 'special measures' — regulatory tools typically used under the Bank Secrecy Act (BSA) to combat money laundering and financial crimes by targeting specific foreign financial institutions or jurisdictions deemed to be of primary money laundering concern. The special measures framework allows Treasury (primarily through FinCEN) to require U.S. financial institutions to collect and report specific information about transactions and account relationships involving designated foreign banks or jurisdictions. These information collection requirements are being submitted for OMB approval as part of routine compliance with the Paperwork Reduction Act, which mandates federal agencies to seek public comment and OMB clearance before imposing new or continuing paperwork burdens on the public. The public is invited to submit comments on these information collection requests. Comments typically address the necessity of the information, accuracy of burden estimates, and ways to minimize compliance costs. This notice marks the beginning of the formal OMB review process, and collections may proceed on or after the publication date pending OMB clearance.

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