Reporting Obligations on Foreign Bank Relationships with Iranian-Linked Financial Institutions Designated under IEEPA and IRGC-Linked Persons Designated under IEEPA (31 CFR 1060.300)

Forms and Documents

Document Name	Status
CISADA Reports when a U.S. bank does not maintain an account for a foreign bank Form and Instruction	Modified
CISADA Reports when a U.S. bank maintains an account for a foreign bank Form and Instruction	Modified
1506-0066 CISADA Supporting Statement_7_3_2025 Final.docx Supporting Statement A	2025-07-08

IC Document Collections

IC ID	Document Title	Status
199657	CISADA Reports when a U.S. bank does not maintain an account for a foreign bank Form and Instruction	Modified
199630	CISADA Reports when a U.S. bank maintains an account for a foreign bank Form and Instruction	Modified

ICR Details

OMB Control No: 1506-0066	ICR Reference No: 202507-1506-001
Status: Received in OIRA	Previous ICR Reference No: 202204-1506-003
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Reporting Obligations on Foreign Bank Relationships with Iranian-Linked Financial Institutions Designated under IEEPA and IRGC-Linked Persons Designated under IEEPA (31 CFR 1060.300)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 07/31/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	07/31/2025
Responses	72	1,040
Time Burden (Hours)	156	1,820
Cost Burden (Dollars)	0	0

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Abstract: The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA) amended the Iran Sanctions Act of 1996 by expanding economic sanctions against Iran, and required the Secretary to prescribe regulations to establish one or more specific requirements for U.S. financial institutions maintaining correspondent accounts for foreign financial institutions, in connection with certain statutory sanctionable activities. On October 11, 2011, pursuant to section 104(e) of CISADA, FinCEN issued a final rule requiring a bank operating within the United States (U.S. bank) that maintains a correspondent account for a specified foreign bank to make certain inquiries and report certain information about transactions or other financial services provided by that foreign bank. U.S. banks are only required to report this information upon receiving a specific written request from FinCEN (CISADA Request). Upon receiving a CISADA Request, a U.S. bank that maintains a correspondent account for a specified foreign bank is required to make certain inquiries and provide a report to FinCEN (CISADA Report) of: (i) any correspondent account maintained by such foreign bank for an Iranian-linked financial institution designated under the International Emergency Economic Powers Act (IEEPA) (“Iranian-linked Financial Institution”); (ii) any direct or indirect transfer of funds for or on behalf of an Iranian-linked financial institution processed by such foreign bank within the preceding 90 calendar days, other than through a correspondent account; (iii) and any direct or indirect transfer of funds for or on behalf of an Islamic Revolutionary Guard Corps (IRGC)-linked person designated under IEEPA (“IRGC-linked Person”) processed by such foreign bank within the preceding 90 calendar days. There is an optional CISADA certification form U.S. banks may use to obtain the necessary information from specified foreign banks. A U.S. bank must maintain a copy of any CISADA Report and the original or any business record equivalent of any supporting documentation for a CISADA Report, including a foreign bank certification or other responses to an inquiry for a period five years.

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Authorizing Statute(s): PL: Pub.L. 111 - 195 124 Stat. 1312 Name of Law: Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 195 124 Stat.1312 Name of Law: Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 14183	03/28/2025
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 35963	07/30/2025
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
CISADA Reports when a U.S. bank does not maintain an account for a foreign bank	N/A	Certification for Purposes of Section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 and 31 CFR § 1060.300
CISADA Reports when a U.S. bank maintains an account for a foreign bank	N/A	Certification for Purposes of Section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 and 31 CFR § 1060.300

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ICR Summary of Burden

	Total Request	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	72	1,040	0	0	-968	0
Annual Time Burden (Hours)	156	1,820	0	0	-1,664	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 1,664 hours from 1,820 hours in 2022 to 156 hours in 2025. The burden per CISADA-related report from U.S. banks that maintain correspondent accounts for specified foreign banks remained at 3 hours per response. The burden per CISADA-related report from U.S. banks that do not maintain correspondent accounts for specified foreign banks remained at 30 minutes per response. The decrease in burden is a result of a decrease in the estimated number of responses per potential respondent from 1,040 in 2022 to 72 in 2025, although the estimate of the number of entities that maintain correspondent accounts for foreign banks increased from 52 in 2022 to 72 in 2025. FinCEN believes that the estimate for the number of responses per entity for 2025 is a more accurate figure, as each U.S. bank will only provide one response to each request, and not every U.S. bank maintaining a foreign correspondent account will be required to respond to a request every year. Furthermore, FinCEN has exercised this authority on an infrequent basis, and believes that the updated burden estimate, now divided over the three-year renewal period, is a better reflection of the actual anticipated burden stemming from these requests.

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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

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Common Form ICR:  No

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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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