[Federal Register Volume 79, Number 154 (Monday, August 11, 2014)]
[Notices]
[Pages 46903-46904]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-18859]
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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 Electronic Data Fields
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: FinCEN invites all interested parties to comment on its
proposed renewal without change to the collection of information
filings by financial institutions required to file such reports under
the Bank Secrecy Act (``BSA''). This notice does not propose any new
regulatory 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. This request for
comments covers 31 CFR 1020.320, 1021.320, 1022.320, 1023.320,
1024.320, 1025.320, 1026.320, and 1029.320. This request for comments
is being made pursuant to the Paperwork Reduction Act (``PRA'') 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
October 10, 2014.
ADDRESSES: Written comments should be submitted to: Policy 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 Resource Center at 800-767-
2825.
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,
1026.320, and 1029.320).
OMB Number: 1506-0065.\1\
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\1\ 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
including Mutual Funds), 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, among other things, 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.\2\
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.\3\
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\2\ 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.
\3\ 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, 1026.320, 1029.320. 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.\4\
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\4\ 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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[[Page 46904]]
Current Action: FinCEN is renewing without change the 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 a currently approved
collection.
Affected Public: Businesses 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 at 31 CFR 1020.320, 1021.320, 1022.320, 1023.320, 1024.320,
1025.320, 1026.320, and 1029.320 is reflected in the burden for the
form.)
Estimated Number of Respondents: 84,655 (Broker-Dealers, Casinos
and Card Clubs, Depository Institutions, Future Commission Merchants,
Introducing brokers in commodities, Insurance Companies, Money Services
Businesses, Mutual Funds, and Non-Bank Residential Mortgage Lenders and
Originators).
Estimated Total Annual Responses: 1,458,689.\5\
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\5\ Numbers are based on actual 2013 filings as reported by the
BSA E-Filing system as of 12/31/2013. This number reflects the
average total number of SAR filings for the year.
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Estimated Total Annual Reporting and Recordkeeping Burden:
2,917,378 hours.
Note: A joint filing will increase the burden to 90 minutes
reporting and 60 minutes recordkeeping for a total of 2 and \1/2\
hours per report.\6\ 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
agency's 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.
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\6\ Two separate financial institutions filing a single SAR.
This type of filing constitutes less than 1% of total filings.
Dated: August 5, 2014.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2014-18859 Filed 8-8-14; 8:45 am]
BILLING CODE 4810-02-P