[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Page 34298]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15400]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Proposed Information Collection; Comment Request; Renewal Without
Change of Bank Secrecy Act Regulations Requiring Money Services
Businesses To Report Suspicious Activity
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S.
Department of the Treasury.
ACTION: Notice and request for comments.
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SUMMARY: FinCEN, a bureau of the U.S. Department of the Treasury
(``Treasury''), invites all interested parties to comment on its
proposed renewal without change of the Bank Secrecy Act (``BSA'')
Suspicious Activity Reporting requirements for money services
businesses (``MSBs''). FinCEN intends to submit this requirement for
approval by the Office of Management and Budget (``OMB'') of a three-
year renewal of Control Number 1506-0015. This request for comments is
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 should be received on or before September 17,
2018 to be assured of consideration.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal E-rulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments. Refer to Docket Number
FINCEN-2018-0006 and the specific OMB control number 1506-0015.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2018-0006 and the specific OMB control number 1506-0015.
Please submit comments by one method only. Comments will also be
incorporated to FinCEN's retrospective regulatory review process, as
mandated by E.O. 12866 and 13563. All comments submitted in response to
this notice will become a matter of public record. Therefore, you
should submit only information that you wish to make publicly
available.
FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at 800-767-
2825 or electronically at [email protected].
SUPPLEMENTARY INFORMATION: The BSA, Titles I and II of Public Law 91-
508, as amended, codified at 12 U.S.C. 1829(b), 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 counter-money laundering
programs and compliance procedures.\1\ Regulations implementing Title
II of the BSA appear at 31 CFR Chapter X. The authority of the
Secretary of the Treasury to administer the BSA has been delegated to
the Director of FinCEN. The information collected and retained under
the regulation addressed in this notice assist Federal, state, and
local law enforcement as well as regulatory authorities in the
identification, investigation, and prosecution of money laundering and
other matters. In accordance with the requirements of the PRA, 44
U.S.C. 3506(c)(2)(A), and its implementing regulations, the following
information is presented concerning the recordkeeping requirements
listed below.
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\1\ Language expanding the scope of the Bank Secrecy Act 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, Public Law 107-56.
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1. Title: Suspicious Activity Report by Money Services Businesses.
OMB Number: 1506-0015.
Abstract: In accordance with 31 CFR 1022.320, covered financial
institutions are required to report suspicious activity and maintain
the records for a period of five years. Covered financial institutions
may satisfy these requirements by using their internal records
management system.
Current Action: Renewal without change to the existing regulations.
Type of Review: Renewal of currently approved reporting
requirement.
Affected Public: Businesses and other for-profit institutions.
Estimated Burden: The administrative burden of 1 hour is assigned
to maintain the requirement in force. The burden for actual reporting
is reflected in OMB Control number 1506-0065.
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. Generally,
information collected pursuant to the BSA is confidential, but may be
shared as provided by law with regulatory and law enforcement
authorities.
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.
Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2018-15400 Filed 7-18-18; 8:45 am]
BILLING CODE 4810-02-P