Bank Secrecy Act Suspicious Activity Report (BSA-SAR)

ICR 201710-1506-002

OMB: 1506-0065

Federal Form Document

Forms and Documents
Supporting Statement A
IC Document Collections
ICR Details
1506-0065 201710-1506-002
Historical Active 201604-1506-006
Bank Secrecy Act Suspicious Activity Report (BSA-SAR)
Revision of a currently approved collection   No
Approved without change 03/22/2019
Retrieve Notice of Action (NOA) 12/01/2017
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
07/31/2020 36 Months From Approved 08/31/2019
2,019,022 0 1,642,160
4,038,044 0 3,284,320
0 0 0

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).

US Code: 31 USC 5311-5332 Name of Law: Money and Finance

Not associated with rulemaking

  82 FR 9109 02/02/2017
82 FR 56325 11/28/2017

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

  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
Miscellaneous Actions
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.

Russell Stephenson 202 354-6012


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:
    (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;
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.

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