[Federal Register Volume 77, Number 227 (Monday, November 26, 2012)]
[Notices]
[Pages 70545-70546]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-28520]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network; Proposed Collection;
Comment Request; Renewal without Change of the FinCEN Suspicious
Activity Reports Currently Approved Electronic Data Fields
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: FinCEN is proposing to renew without change the OMB-approved
list of current data fields within the database that are required to
support the FinCEN Suspicious Activity Report (``SAR'') filings by
financial institutions required to file such reports under the Bank
Secrecy Act (``BSA''). This notice does not propose any new regulatory
[[Page 70546]]
requirements or changes to the requirements related to suspicious
activity reporting. The data fields reflect the filing requirement for
all filers of SARs under the BSA. The FinCEN SAR is an e-filed dynamic
and interactive report used by all BSA filing institutions to report
suspicious financial activities to the Department of the Treasury. This
request for comments covers 31 CFR 1020.320, 1021.320, 1022.320,
1023.320, 1024.320, 1025.320, and 1026.320. This request for comments
is being made pursuant to the Paperwork Reduction Act of 1995, Public
Law 104-13, 44 U.S.C. 3506(c)(2)(A).
DATES: Written comments are welcome and must be received on or before
January 25, 2013.
ADDRESSES: Written comments should be submitted to: Regulatory Policy
and Programs Division, Financial Crimes Enforcement Network, Department
of the Treasury, P.O. Box 39, Vienna, Virginia 22183, ``Attention: PRA
Comments--SAR Database.'' Comments also may be submitted by electronic
mail to the following Internet address: [email protected],
with the caption, ``Attention: SAR Database'' in the body of the text.
Please submit by one method only.
Inspection of comments: Comments may be inspected, between 10 a.m.
and 4 p.m., in the FinCEN reading room in Vienna, VA. Persons wishing
to inspect the comments submitted must request an appointment with the
Disclosure Officer by telephoning (703) 905-5034 (not a toll free
call).
FOR FURTHER INFORMATION CONTACT: The FinCEN Regulatory Helpline at 800-
949-2732, select option 7.
SUPPLEMENTARY INFORMATION: Title: FinCEN Suspicious Activity Report by
Financial Institutions (see 31 CFR 1020.320, 1021.320, 1022.320,
1023.320, 1024.320, 1025.320, and 1026.320).\1\
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\1\ This is a new title for this control number. The previously
approved title was ``Bank Secrecy Act Suspicious Activity Report
(BSA-SAR).''
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OMB Number: 1506-0065.\2\
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\2\ The SAR reporting requirements are currently covered under
the following OMB Control numbers: 1506-0001 (Depository
Institutions), 1506-0006 (Casinos and Card Clubs), 1506-0015 (Money
Services Business), 1506-0019 (Securities and Futures Industries),
1506-0029 (Insurance Companies), and 1506-0061 (Residential Mortgage
Lenders and Originators).
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Form Number: FinCEN 111.
Abstract: The statute generally referred to as the ``Bank Secrecy
Act,'' Titles I and II of Public Law 91-508, as amended, codified at 12
U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5332, authorizes
the Secretary of the Treasury, inter alia, to require financial
institutions to keep records and file reports that are determined to
have a high degree of usefulness in criminal, tax, and regulatory
matters, or in the conduct of intelligence or counter-intelligence
activities, to protect against international terrorism, and to
implement anti-money laundering programs and compliance procedures.\3\
Regulations implementing Title II of the BSA appear at 31 CFR Chapter
X. The authority of the Secretary to administer the BSA has been
delegated to the Director of FinCEN.\4\
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\3\ Language expanding the scope of the BSA to intelligence or
counter-intelligence activities to protect against international
terrorism was added by Section 358 of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (the USA PATRIOT Act), Public Law
107-56.
\4\ Treasury Order 180-01 (Sept. 26, 2002).
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The information collected on the ``report'' is required to be
provided pursuant to 31 U.S.C. 5318(g), as implemented by FinCEN
regulations found at 31 CFR 1020.320, 1021.320, 1022.320, 1023.320,
1024.320, 1025.320, and 1026.320. The information collected under this
requirement is made available to appropriate agencies and organizations
as disclosed in FinCEN's Privacy Act System of Records Notice relating
to BSA Reports.\5\
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\5\ Department of the Treasury bureaus such as FinCEN renew
their System of Records Notices every three years unless there is
cause to amend them more frequently. FinCEN's System of Records
Notice for BSA Reports System was most recently published at 77 FR
60014-60022 (October 1, 2012).
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Current Action: FinCEN is renewing without change the OMB-approved
electronic data elements currently supporting the reporting of
suspicious financial activities. All filings (discrete, batch, and
computer-to-computer) will be accessed through the BSA E-Filing system
using current registration and login procedures.
Type of Review: Renewal without change of the electronic data
elements of the FinCEN SAR that support the electronic filing of a
dynamic SAR.
Affected public: Business or other for-profit and not-for-profit
financial institutions.
Frequency: As required.
Estimated Reporting Burden: Average of 60 minutes per report and 60
minutes recordkeeping per filing. (The reporting burden of the
regulations 31 CFR 1020.320, 1021.320, 1022.320, 1023.320, 1024.320,
1025.320, and 1026.320 is reflected in the burden for the form.)
Estimated Recordkeeping and Reporting Burden: 120 minutes (60
reporting and 60 minutes recordkeeping, for a total of 2 hours).\6\
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\6\ FinCEN believes this burden estimate to be high, but
insufficient collection data exist to reduce the number at this
time.
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Estimated number of respondents: 84,655 (Broker-Dealers, Casinos
and Card Clubs, Depository Institutions, Future Commission Merchants,
Insurance Companies, Money Services Businesses, Mutual Funds, and Non-
Bank Residential Mortgage Lenders and Originators).
Estimated Total Annual Responses: 1,127,928.\7\
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\7\ Numbers are based on actual 2012 filings as reported to the
IRS Enterprise Computing Center-Detroit (EEC-D) as of 09/30/2012.
This number reflects the projected total number of SAR filings for
the year.
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Estimated Total Annual Reporting and Recordkeeping Burden:
2,255,856 hours.
Note: A joint filing \8\ will increase the burden to 90 minutes
reporting and 60 minutes recordkeeping for a total of 2 and \1/2\
hours per report.
\8\ Two separate financial institutions filing a single SAR.
This type of filing constitutes less than 1% of total filings.
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An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Records required to be
retained under the BSA must be retained for five years.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agencys estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance and purchase of services to provide information.
Dated: November 16, 2012.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2012-28520 Filed 11-23-12; 8:45 am]
BILLING CODE 4810-02-P