Bank Secrecy Act Suspicious Activity Report (BSA-SAR)

Forms and Documents

Document Name	Status
1506-0065_supporting_statement 07-28-2017.docx Supporting Statement A	2017-10-16

IC Document Collections

IC ID	Document Title	Status
197532	Bank Secrecy Act Suspicious Activity Report (BSA-SAR) Instruction	Modified

ICR Details

OMB Control No: 1506-0065	ICR Reference No: 201710-1506-002
Status: Historical Active	Previous ICR Reference No: 201604-1506-006
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: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/22/2019
	Date Received in OIRA: 12/01/2017
Terms of Clearance: FinCEN will work with the Office of Information and Regulatory Affairs during the next 15 months to develop a better process and methodology for accurately estimating the burden and practical utility associated with the collection of Suspicious Activity Reports, and how to report such information under the Paperwork Reduction Act for each industry subject to the relevant regulations issued in implementing the Bank Secrecy Act.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2020	36 Months From Approved	08/31/2019
Responses	2,019,022	0	1,642,160
Time Burden (Hours)	4,038,044	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, 31 CFR 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), non-bank residential mortgage lenders and originators (February 2012, 31 CFR 1029.320), and Government Sponsored Enterprises's (GSE's) ( February 2014, 31 CFR 1030.320). 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. This update applies to the SAR regulations in 31 CFR Chapter X (1010.320, 1020.320,1021.320,1022.320,1023.320,1025.320,1026.320, 1029.320, and 1030.320).

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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
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 9109	02/02/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 56325	11/28/2017
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Bank Secrecy Act Suspicious Activity Report (BSA-SAR)	FinCEN 111	BSA Suspicious Activity Repoprt

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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	2,019,022	1,642,160	0	376,862	0	0
Annual Time Burden (Hours)	4,038,044	3,284,320	0	753,724	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 burden increased by 753,822 hours and 376,911 responses to reflect the completion of several collections of information under a PATRIOT Act Section 311 action that was approved by OMB and the issuance of General Targeting Orders in New York, New York, and Miami Florida which resulted in increased SAR reporting.

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Annual Cost to Federal Government: $201,902

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 12/01/2017

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