Bank Secrecy Act Suspicious Activity Report (BSA-SAR)

Forms and Documents

Document Name	Status
Form FinCEN 111 Bank Secrecy Act Suspicious Activity Report (BSA-SAR) Form and Instruction	Unchanged
FinCEN_SAR_1-16-2013_83Isupp[1].doc Supporting Statement A	2013-04-18

IC Document Collections

IC ID	Document Title	Status
206621	Primary Money Laundering Concern Temporary Measure	New
197532	Bank Secrecy Act Suspicious Activity Report (BSA-SAR) Form and Instruction	Unchanged

ICR Details

OMB Control No: 1506-0065	ICR Reference No: 201304-1506-001
Status: Historical Active	Previous ICR Reference No: 201301-1506-003
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Bank Secrecy Act Suspicious Activity Report (BSA-SAR)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 04/23/2013
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/03/2014
	Date Received in OIRA: 04/23/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2014	6 Months From Approved	04/30/2016
Responses	1,643,160	0	1,642,160
Time Burden (Hours)	3,284,820	0	3,284,320
Cost Burden (Dollars)	0	0	0

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Abstract: In 1992, the Treasury was granted broad authority to require suspicious transaction reporting under the Bank Secrecy Act (31 U.S.C. 5318(g)). FinCEN, which has been delegated authority to administer the Bank Secrecy Act, joined with the bank regulators in 1996 in requiring, on a consolidated form (the SAR form), reports of suspicious transactions (31 CFR 1020.320). FinCEN and the bank regulators adopted the suspicious activity report ("SAR") in 1996 to simplify the process through which depository institutions ("banks") inform their regulators and law enforcement about suspected criminal activity. The SAR was updated in 1999 and again in 2003, (§1020.320) In separate actions FinCEN expanded the SAR reporting to money services businesses (March, 2000, 31 CFR 1022.320), broker dealers in securities (July, 2002, 31CFR 1023.320), casinos (September 2002, §1021.320) certain futures commission merchants (November, 2003, §1026.320), life insurance companies (November 2005, §1025.320), mutual funds (May, 2006, §1024.320), and non-bank residential mortgage lenders and originators (31 CFR 1029.320). All reporting financial institutions are required to retain a copy of any SAR filed and supporting documentation for the filing of the SAR for five years. See the above listed 31 CFR references and 31 CFR 1010.430. These documents are necessary for criminal investigations and prosecutions. The filing of a SAR is necessary to prevent and detect the laundering of money and other funds at the filing institutions.

Emergency Justfication: FinCEN is requesting emergency clearance of a new information collection under OMB Control Number 1506-0065. The information required to be reported will be used by the U.S. Government to monitor the activities of institutions of primary money laundering concern. The collection of information is mandatory. FinCEN is requiring that financial institutions report only the information they have in their possession or can obtain from their immediate counter-party regarding twenty-three fields derived from a transmittal of funds record. The information contained in the transmittal of funds record will overlap significantly with information obtained and maintained in the ordinary course of business, and reportable transactions other than transmittals of funds usually include the same required information. Financial institutions will be required to report this information to FinCEN in a comma separate value (csv) file. This information pertains to ongoing investigations and involves entities identified as a primary money laundering concern for their involvement in laundering the proceeds of drug trafficking and being affiliated with international terrorist organizations. Because of the sensitive nature of this collection and the potential that advanced notice of the collection will provide the target entities to change their flow of operations, prior notice of this collection and opportunity to comment is impractical and against the U.S. government’s interests.

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Authorizing Statute(s): US Code: 31 USC 5311-5332 Name of Law: Money and Finance
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Primary Money Laundering Concern Temporary Measure
Bank Secrecy Act Suspicious Activity Report (BSA-SAR)	FinCEN 111	FinCEN Suspicious Activity Report

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	1,643,160	1,642,160	0	1,000	0	0
Annual Time Burden (Hours)	3,284,820	3,284,320	0	500	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The additional hours are for a new temporary measure identifying particular money laundering concerns under the Patriot Act. The 500 hours of new burden will continue for 120 days and then be removed.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 04/23/2013

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