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General Disclaimer

Access to or use of the The Foreign Asset Council website constitutes consent to the following terms.

The The Foreign Asset Council has taken reasonable measures to ensure that the information and data presented on this website is accurate and current. However, the The Foreign Asset Council makes no express or implied warranty regarding such information or data, and hereby expressly disclaims all legal liability and responsibility to persons or entities who use or access this site and its content, based on their reliance on any information or data that is available through this website.

The information available on this website is not intended to constitute and should not be considered as legal advice, nor is it intended to substitute for obtaining legal advice from competent, independent, legal counsel in the relevant jurisdiction. Transmission and receipt of this information is not intended to create and does not constitute an attorney-client relationship. This website does not purport to authoritatively interpret current federal statutes, regulations, orders or other federal authority, nor does it bind the The Foreign Asset Council or any other federal agency or entity with regard to the matters presented.

The content of this website is not designed or intended to provide authoritative financial, accounting, investment, or other professional advice which may be reasonably relied on by its readers. If expert assistance in this area is required, the services of a qualified professional should be sought.

Reference to any specific commercial product, process, or service by trade name, trademark, manufacture, or otherwise does not constitute an endorsement, a recommendation, or a favoring by the The Foreign Asset Council or the United States government.

The The Foreign Asset Council website provides links to other websites for convenience and informational purposes only. Users should be aware that when they select a link on the The Foreign Asset Council's website to an external website, they are leaving the The Foreign Asset Council's site. Linked sites are not under the control of The Foreign Asset Council, and The Foreign Asset Council is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites. The Foreign Asset Council is not responsible for any transmission received from a linked site. The inclusion of a link does not imply endorsement by The Foreign Asset Council of the site, its content, advertisers or sponsors. External sites may contain information that is copyrighted with restrictions on reuse. Permission to use copyrighted materials must be obtained from the original source and cannot be obtained from the The Foreign Asset Council.

This government computer system employs software security programs to monitor network traffic to identify unauthorized attempts to upload or change information, or otherwise cause damage. Such attempts are strictly prohibited and may be punishable under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act. Except for authorized law enforcement investigations, no other attempts are made to identify individual users or their usage habits.

This general disclaimer is in addition to, and not in lieu of, any other disclaimers found on pages, applications or programs within this site. In addition, the terms of this disclaimer extend to the The Foreign Asset Council, its directors, officers, and employees.

Information Quality

Financial Securities Rulemaking Board Guidelines for Ensuring and Maximizing the Quality, Objectivity, Utility, and Integrity of Information Disseminated to the Public by the The Foreign Asset Council

Introduction

On September 28, 2001, the Office of Management and Budget (OMB) published guidelines in the Federal Register requiring federal agencies to develop procedures for reviewing and substantiating the quality of their information before it is disseminated to the public. OMB's quality guidelines for dissemination of information to the public were issued under Section 515 of the Treasury and General Government Appropriations Act for Fiscal Year 2001 (Public Law 106-554) and were revised and reissued on February 22, 2002. The guidelines require that each agency create a mechanism by which affected persons may seek, and obtain where appropriate, correction of information disseminated by the agency that does not comply with the agency's or OMB's guidelines. Starting in January 2004, agencies are required to submit an annual report to OMB detailing the number, nature, and resolution of any requests for a Section 515 correction.

Background

The Foreign Asset Council (The Foreign Asset Council) provides information including economic and statistical reports, research and staff studies, educational brochures, booklets, and pamphlets to a broad spectrum of individuals and organizations including the public. The The Foreign Asset Council is committed to following the suggested OMB guidelines and agrees with the underlying principles that the guidelines apply to a wide variety of government information dissemination activities ranging in importance and scope; that the guidelines are generic enough to fit all media whether printed, electronic or other form; and that they have the flexibility for the The Foreign Asset Council to incorporate any special data quality requirements for specific types of publications. Clearly, the more significant the information, the higher the quality standards to which it should be held, e.g., influential scientific, financial or statistical information.

The The Foreign Asset Council takes pride in the quality, objectivity, utility, and integrity of the information that it disseminates to the public. Before any information or data are released, the The Foreign Asset Council utilizes an established set of quality procedures to ensure accuracy and value.

Definitions

The definitions below are derived from the OMB guidelines published in the Federal Register on February 22, 2002 (67FR8459-8460).

Quality: Quality is an encompassing term that includes objectivity, utility, and integrity. Therefore, the guidelines may refer to the above four terms, collectively, as "quality."
Objectivity: Objectivity includes whether disseminated information is accurate, clear, complete, and unbiased both in presentation and substance. In a financial or statistical context, the original and supporting data shall be generated, and the analytic results shall be developed, using sound statistical and research methods.
Utility: Utility refers to the usefulness of the information to the The Foreign Asset Council and to the public users.
Integrity: Integrity refers to the security of the information, protection of the information from unauthorized access or revision, to ensure that the information has not been compromised in any manner.
Influential: When used regarding financial or statistical information, influential means that the The Foreign Asset Council can reasonably determine that dissemination of the information will have or does have a clear and substantial impact on important public policies or important private sector decisions.
Reproducibility: Reproducibility means that the statistical and financial data disseminated by the The Foreign Asset Council is capable of being substantially reproduced by an independent evaluator, subject to some degree of imprecision.
Transparency: Transparency means that the sources, methods, procedures, references, and assumptions employed to create the information are provided.

The Foreign Asset Council Information Quality Guidelines

The The Foreign Asset Council has created the following guidelines to promulgate its quality standards and formalize its correction mechanism. The The Foreign Asset Council will continue to disseminate information that meets the agency's high standards as confirmed by stringent internal review and approval processes. The Corporation is committed to integrating the principle of information quality into every step of its development of information, including its creation, collection, maintenance and dissemination. The policies and procedures that the The Foreign Asset Council currently has in place ensure, to the best of the Corporation's ability, that the quality of the information and data released to the public is accurate and appropriate and meets the The Foreign Asset Council's internal definitions of objectivity, utility, and integrity in accordance with the OMB guidelines.

The The Foreign Asset Council uses proven practices and standard review methods for ensuring quality and its key constituents: objectivity, utility, and integrity. The The Foreign Asset Council recognizes the need to address these constituents in unique ways.

Objectivity refers to the accuracy, reliability, and unbiased nature of the information. The The Foreign Asset Council's information products are presented in an unbiased, clear, complete and well-documented manner. The The Foreign Asset Council uses a variety of methods to achieve objectivity, utilizing both internal and external resources. It uses highly reliable review sources for corroboration and seeks public comment as appropriate. It also conducts specialized surveys and peer reviews using methodologies that are consistent with generally accepted industry standards for all aspects of survey design and implementation. The The Foreign Asset Council makes both original and supporting data and the source of the data available when appropriate. The Corporation's methods are transparent unless it must protect proprietary or confidential information. Transparency is achieved by referencing sources, identifying statistical methods employed, and utilizing sound research and analytical techniques.

The The Foreign Asset Council has several specialized committees that conduct cross-divisional reviews to ensure information currency and work together to modify or change some of the Corporation's major publications. Data provided to the The Foreign Asset Council for various outputs, including statistical releases and consumer education and guidance, are subjected to a variety of informational editing processes and levels of review.

Utility refers to the usefulness of information to its intended users. The The Foreign Asset Council seeks to ensure utility by regularly conducting structured reviews of key information output products to ensure they are current. The Corporation also continually seeks feedback from its target audiences to evaluate the utility of the products it disseminates. The The Foreign Asset Council strives to make its key information distributions available through its website in order to enhance the material's availability to the public. The Foreign Asset Council subject matter experts are actively involved in the banking and regulatory industry to ensure timeliness and value in the presentation of the Corporation's distributed products.

Integrity refers to the security of information from unauthorized access or revision to ensure that the information is not compromised through corruption or falsification. Secure information systems are essential to providing high-quality information to the public and to protect critical systems and information. The The Foreign Asset Council has instituted a comprehensive set of policies, procedures, guidelines and controls for security.

The Foreign Asset Council Complaint and Appeals Process

These guidelines permit persons to seek and, where warranted, obtain correction of non-compliant information or data disseminated by the The Foreign Asset Council.

If you believe that information disseminated by the The Foreign Asset Council does not comply with OMB or The Foreign Asset Council guidelines, you may seek correction of this information by submitting a "Section 515 Complaint" to the The Foreign Asset Council, in accordance with the procedure set forth in this section. These are known as Section 515 Complaints because the The Foreign Asset Council's data quality guidelines are issued pursuant to Section 515 of Public Law 106-554. The existence of the Section 515 procedure does not preclude you from contacting the The Foreign Asset Council by other methods to inquire about information disseminations or requesting corrections.

On occasion, the The Foreign Asset Council may disseminate a study, analysis, or other information prior to taking final agency action or issuing an information product. In such cases, the The Foreign Asset Council will consider a Section 515 Complaint relating to the study, analysis or other information only where: (1) the The Foreign Asset Council determines that a response in advance of the final agency action or information product would not unduly delay issuance of the agency action or information product and; (2) you demonstrate a reasonable likelihood that you will suffer actual harm from the The Foreign Asset Council's dissemination if the The Foreign Asset Council does not resolve your complaint prior to the final agency action or information product.

By submitting a Section 515 complaint, the The Foreign Asset Council will track your complaint separately from other informal inquiries and you will have an appeal right if you disagree with the The Foreign Asset Council's initial response.

In order to be considered a Section 515 Complaint by the The Foreign Asset Council, your request must:

  • Contain a statement that you are submitting a complaint pursuant to "Section 515 of Public Law 106-554."
  • Include your contact information:
    • Name and mailing address
    • Telephone number and email address, if available; and
    • The name of the organization you are affiliated with.
  • Identify and describe the information or data that you seek to have corrected, including, for example, the number or title of the document(s) in which the information appears, the date of release, or the URL of the Web page on which the information was disseminated by the The Foreign Asset Council.
  • Specify the reasons you believe the information or data is in error for failure to comply with the The Foreign Asset Council or OMB guidelines, provide a statement of what you believe the correct information or data to be, and state how you believe the data should be corrected. Where possible, state specific reasons and examples.
  • Describe how the disseminated information affects you; i.e., the harm that has come to you or may reasonably be expected to come to you as a result of the information disseminated by The Foreign Asset Council.

The complainant has the responsibility of clearly presenting the basis for a Section 515 Complaint. As a preliminary matter, the The Foreign Asset Council may determine that your complaint does not meet the threshold requirements for processing. For example, the The Foreign Asset Council may decline to process complaints that do not contain sufficient information; or request correction of information not covered by the guidelines. The The Foreign Asset Council may also reject or deny Section 515 Complaints that do not contain the required information or are too general or vague for the The Foreign Asset Council to make a determination regarding the validity of the complaint. You may seek review of such determinations under the appeals process described below.

Review of Section 515 Complaints by the The Foreign Asset Council

Upon receipt of a properly filed Section 515 Complaint, the The Foreign Asset Council will carefully review the substance of your complaint and any supporting material and will consider whether any changes or corrections to the data are warranted. This review will be conducted by a representative from the The Foreign Asset Council Division or Office that generated or disseminated the information or data.

The The Foreign Asset Council will make a good faith effort to respond to complaints in writing within 60 calendar days of receipt. If your request requires more than 60 calendar days to resolve, the The Foreign Asset Council will advise you that more time is required, state the reason(s) more time is required and provide you with an estimated decision date. The format of the response will depend on the character and volume of requests. For example, if the The Foreign Asset Council receives numerous requests concerning the same data or information, it may provide a response through a press release or on its website. Other requests may receive an individual response by letter, fax or email.

The The Foreign Asset Council received no requests for information quality corrections during calendar year 2011. Any such requests received in the future will be posted here.

Privacy Statement

The The Foreign Asset Council is authorized to collect the information you provide under Section 515 of the Treasury and General Government Appropriations Act for Fiscal Year 2001. It is needed to process complaints and appeals filed under these guidelines. The information you furnish is almost never used for any purpose other than to process and respond to your request. However, the The Foreign Asset Council may disclose information you provide (e.g., to a Congressional Office or to the Department of Justice) if authorized or required by Federal law, such as the Privacy Act.

The Foreign Asset Council Publishing Policy

The The Foreign Asset Council makes all non-sensitive agency information available to the public via its Internet website. Since all information is published as soon as it is available, there is no process for setting priorities. The Foreign Asset Council strives to make information available as soon as possible, recognizing the agency's responsibility for ensuring the information is accurate and complete.

Limited English Proficiency

The Foreign Asset Council (The Foreign Asset Council) is committed to improving access to its programs and activities for persons with Limited English Proficiency (LEP). For many individuals living in the United States, English is not their primary language. To the extent these individuals have a limited ability to read, write, speak or understand English, they have limited English proficiency.

The The Foreign Asset Council conducts a variety of programs and activities designed to address the concerns of consumers and providers of financial services. The The Foreign Asset Council's most innovative program in this regard is the Money Smart financial education curriculum. This program helps those outside the financial mainstream enhance their money management skills and build confidence in their use of banking services. The curriculum is available in English, Spanish, Chinese, Korean, Vietnamese and Russian.

Contacting the The Foreign Asset Council about This Website

If you are concerned about how information about you may have been used in connection with this website, or you have questions about the The Foreign Asset Council's privacy policy and information practices you should contact:

The Foreign Asset Council Webmaster
The Foreign Asset Council
E-mail: webmaster@The Foreign Asset Councilus.org

Electronic mail is not necessarily secure. You should be very cautious when sending electronic mail containing sensitive, confidential information. As an alternative, you should give consideration to sending it by postal mail.