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jspears on DSK121TN23PROD with PROPOSALS1

Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Proposed Rules basis, to be determined at the time a request is made, for the following reasons:
a From subsection c3 and 4
Accounting for Disclosures because release of the accounting of disclosures could alert the subject of an investigation of an actual or potential criminal, civil, or regulatory violation to the existence of that investigation and reveal investigative interest on the part of DHS as well as the recipient agency.
Disclosure of the accounting would therefore present a serious impediment to law enforcement efforts and efforts to preserve national security. Disclosure of the accounting would also permit the individual who is the subject of a record to impede the investigation, to tamper with witnesses or evidence, and to avoid detection or apprehension, which would undermine the entire investigative process. When an investigation has been completed, information on disclosures made may continue to be exempted if the fact that an investigation occurred remains sensitive after completion.
b From subsection d Access and Amendment to Records because access to the records contained in this system of records could inform the subject of an investigation of an actual or potential criminal, civil, or regulatory violation to the existence of that investigation and reveal investigative interest on the part of DHS or another agency. Access to the records could permit the individual who is the subject of a record to impede the investigation, to tamper with witnesses or evidence, and to avoid detection or apprehension.
Amendment of the records could interfere with ongoing investigations and law enforcement activities and would impose an unreasonable administrative burden by requiring investigations to be continually reinvestigated. In addition, permitting access and amendment to such information could disclose security-sensitive information that could be detrimental to homeland security.
c From subsection e1 Relevancy and Necessity of Information because in the course of investigations into potential violations of federal law, the accuracy of information obtained or introduced occasionally may be unclear, or the information may not be strictly relevant or necessary to a specific investigation. In the interest of effective law enforcement, it is appropriate to retain all information that may aid in establishing patterns of unlawful activity.
d From subsection e2 Collection of Information from Individuals because requiring that information be collected from the subject of an investigation would alert the subject to the nature or existence of the investigation, thereby interfering with that investigation and related law enforcement activities.
e From subsection e3 Notice to Subjects because providing such detailed information could impede law enforcement by compromising the existence of a confidential investigation or reveal the identity of witnesses or confidential informants.
f From subsections e4G through I
Agency Requirements and f Agency
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Rules, because portions of this system are exempt from the individual access provisions of subsection d for the reasons noted above, and therefore DHS is not required to establish requirements, rules, or procedures with respect to such access. Providing notice to individuals with respect to the existence of records pertaining to them in the system of records or otherwise setting up procedures pursuant to which individuals may access and view records pertaining to themselves in the system would undermine investigative efforts and reveal the identities of witnesses, potential witnesses, and confidential informants.
g From subsection e5 Collection of Information because, with the collection of information for law enforcement purposes, it is impossible to determine in advance what information is accurate, relevant, timely, and complete. Compliance with subsection e5
would preclude DHS agents from using their investigative training and exercise of good judgment to both conduct and report on investigations.
h From subsection e8 Notice on Individuals because compliance would interfere with DHSs ability to obtain, serve, and issue subpoenas, warrants, and other law enforcement mechanisms that may be filed under seal and could result in the disclosure of investigative techniques, procedures, and evidence.
j From subsection g1 Civil Remedies to the extent that the system is exempt from other specific subsections of the Privacy Act.

Lynn Parker Dupree, Chief Privacy Officer, Department of Homeland Security.
FR Doc. 202126478 Filed 12721; 8:45 am
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network 31 CFR Chapter X
RIN 1506AB54

Anti-Money Laundering Regulations for Real Estate Transactions Financial Crimes Enforcement Network FinCEN, Treasury.
ACTION: Advance notice of proposed rulemaking.
AGENCY:

FinCEN is issuing this advance notice of proposed rulemaking ANPRM to solicit public comment on potential requirements under the Bank Secrecy Act BSA for certain persons involved in real estate transactions to collect, report, and retain information.
The systemic money laundering vulnerabilities presented by the U.S.
real estate sector, and consequently, the ability of illicit actors to launder criminal proceeds through the purchase
SUMMARY:

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of real estate, threatens U.S. national security and the integrity of the U.S.
financial system. Accordingly, FinCEN
intends to begin the rulemaking process to address such vulnerabilities. As a first step in this rulemaking process, FinCEN is issuing this ANPRM to seek initial public comment on questions that will assist FinCEN in the consideration and preparation of a proposed rule.
DATES: Written comments on this advance notice of proposed rulemaking may be submitted on or before February 7, 2022.
ADDRESSES: Comments may be submitted, identified by Regulatory Identification Number RIN 1506
AB54, by any of the following methods:
Federal E-rulemaking Portal: http
www.regulations.gov. Follow the instructions for submitting comments.
Include 1506AB54 in the submission.
Refer to Docket Number FINCEN2021
0007.
Mail: Financial Crimes Enforcement Network, Global Investigations Division, P.O. Box 39, Vienna, VA 22183. Include 1506AB54 in the body of the text. Refer to Docket Number FINCEN20210007.
Please submit comments by one method only.
FOR FURTHER INFORMATION CONTACT:
FinCEN: The FinCEN Regulatory Support Section at 18007672825 or electronically at frc@fincen.gov.
SUPPLEMENTARY INFORMATION:
I. Background
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The goal of this rulemaking process is to implement an effective system to collect and permit authorized uses of information concerning potential money laundering associated with nonfinanced transactions 1 in the United States real estate market. FinCEN
expects that doing so will strengthen the United States national security and the integrity of the U.S. financial system.
With this ANPRM, FinCEN seeks input on how it should implement such a system, consistent with the Bank Secrecy Act BSA, to maximize benefits while minimizing burdens on reporting financial institutions and nonfinancial trades or businesses.
1 For the purposes of this ANPRM, the terms non-financed purchase, non-financed transaction, all-cash purchase, and all-cash transaction refer to any real estate purchase or transaction that is not financed via a loan, mortgage, or other similar instrument, issued by a bank or non-bank residential mortgage lender or originator, and that is made, at least in part, using currency or value that substitutes for currency including convertible virtual currency CVC, or a cashiers check, a certified check, a travelers check, a personal check, a business check, a money order in any form, or a funds transfer.

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