Imposition of Special Measure Against FBME Bank Ltd. as a Financial Institution of Primary Money Laundering Concern

(2) Indirect costs are a proportionate share of the following A&CC costs:
(i) Compensation and benefit hours worked in support of all A&CC activities; (ii) A&CC building and equipment depreciation costs; (iii) A&CC utilities, facility and equipment maintenance, and supplies and materials; and (iv) Information Technology and other services the Department of Labor provides to the A&CC. (c) Fees are charged for— (1) Application processing (e.g., administrative and technical review of applications, computer tracking, and status reporting); (2) Testing and evaluation (e.g., analysis of drawings, technical evaluation, testing, test set up and test tear down, and internal quality control activities); (3) Approval decisions (e.g., consultation on applications, records control and security, document preparation); and (4) Two post-approval activities:
changes to approvals and post-approval product audits. (d) Fees are not charged for— (1) Technical assistance not related to processing an approval application; (2) Technical programs, including development of new technology programs; (3) Participation in research conducted by other government agencies or private organizations; and (4) Regulatory review activities, including participation in the development of health and safety standards, regulations, and legislation. (e) Fee estimate. Except as provided in paragraphs (e)(1) and (2) of this
section, on completion of an initial
administrative review of the application, the A&CC will prepare a maximum fee estimate for each application. A&CC will begin the technical evaluation after the applicant authorizes the fee estimate. (1) The applicant may pre-authorize an expenditure for services, and may further choose to pre-authorize either a maximum dollar amount or an expenditure without a specified maximum amount. (i) All applications containing a pre￾authorization statement will be put in the queue for the technical evaluation on completion of an initial administrative review. (ii) MSHA will concurrently prepare a maximum fee estimate for applications containing a statement pre-authorizing a maximum dollar amount, and will provide the applicant with this estimate. (2) Where MSHA’s estimated maximum fee exceeds the pre￾authorized maximum dollar amount, the applicant has the choice of cancelling the action and paying for all work done up to the time of the cancellation, or authorizing MSHA’s estimate. (3) Under the Revised Acceptance Modification Program (RAMP), MSHA expedites applications for acceptance of minor changes to previously approved, certified, accepted, or evaluated products. The applicant must pre￾authorize a fixed dollar amount, set by MSHA, for processing the application. (f) If unforeseen circumstances are discovered during the evaluation, and MSHA determines that these circumstances would result in the actual costs exceeding either the pre￾authorized expenditure or the authorized maximum fee estimate, as appropriate, MSHA will prepare a revised maximum fee estimate for completing the evaluation. The applicant will have the option of either cancelling the action and paying for services rendered or authorizing MSHA’s revised estimate, in which case MSHA will continue to test and evaluate the product. (g) If the actual cost of processing the application is less than MSHA’s maximum fee estimate, MSHA will charge the actual cost. § 5.40 Fee administration. Applicants and approval holders will be billed for all fees, including actual travel expenses, if any, when approval program activities are completed. Invoices will contain specific payment instruction, including the address to mail payments and authorized methods of payment. § 5.50 Fee revisions. The hourly rate will remain in effect for at least one year and be subject to revision at least once every three years. [FR Doc. 2015–18617 Filed 7–28–15; 8:45 am] BILLING CODE 4510–43–P DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network 31 CFR Part 1010 RIN 1506–AB27 Imposition of Special Measure Against FBME Bank Ltd., Formerly Known as the Federal Bank of the Middle East Ltd., as a Financial Institution of Primary Money Laundering Concern AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Final rule. SUMMARY: In a Notice of Finding (NOF) published in the Federal Register on July 22, 2014, the Director of FinCEN found that reasonable grounds exist for concluding that FBME Bank Ltd.
(FBME), formerly known as the Federal Bank of the Middle East, Ltd., is a financial institution of primary money laundering concern pursuant to the United States Code (U.S.C.). On the same date, FinCEN also published in the Federal Register a Notice of Proposed Rulemaking (NPRM) to propose the imposition of a special measure authorized by the U.S.C. against FBME. FinCEN is issuing this final rule imposing the fifth special measure against FBME. DATES: This final rule is effective August 28, 2015. FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at (800) 767– 2825. SUPPLEMENTARY INFORMATION:
I. Background
A. Statutory Provisions On October 26, 2001, the President signed into law the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107–56 (the USA PATRIOT Act). Title III of the USA PATRIOT Act amends the anti-money laundering provisions of the Bank Secrecy Act (BSA), codified at 12 U.S.C. 1829b, 12 U.S.C. 1951–1959, and 31 U.S.C. 5311– 5314, 5316–5332, to promote the prevention, detection, and prosecution of international money laundering and the financing of terrorism. Regulations implementing the BSA appear at 31 CFR
chapter X. The authority of the
Secretary of the Treasury (the Secretary) to administer the BSA and its implementing regulations has been delegated to the Director of FinCEN.
Section 311 of the USA PATRIOT Act
(Section 311), codified at 31 U.S.C. 5318A, grants the Director of FinCEN the authority, upon finding that reasonable grounds exist for concluding that a foreign jurisdiction, financial institution, class of transaction, or type of account is of ‘‘primary money laundering concern,’’ to require domestic financial institutions and financial agencies to take certain ‘‘special measures’’ to address the primary money laundering concern. This rulemaking imposes the fifth special measure, codified at 31 U.S.C. 5318A(b)(5), against FBME. The fifth special measure allows the Director to prohibit or impose conditions on the opening or maintaining of