FinCEN Report 111 - Suspicious Activity Report

ICR 202007-1506-002

OMB: 1506-0065

Federal Form Document

Forms and Documents
Supporting Statement A
IC Document Collections
197532 Modified
ICR Details
1506-0065 202007-1506-002
Active 201710-1506-002
FinCEN Report 111 - Suspicious Activity Report
Extension without change of a currently approved collection   No
Approved without change 09/16/2020
Retrieve Notice of Action (NOA) 07/30/2020
  Inventory as of this Action Requested Previously Approved
09/30/2023 36 Months From Approved 09/30/2020
2,751,694 0 2,019,022
5,462,026 0 4,038,044
0 0 0

Under 31 U.S.C. 5318(g), the Secretary of the Treasury is authorized to require financial institutions to report any suspicious transaction relevant to a possible violation of law or regulation. Regulations implementing 31 U.S.C. 5318(g) are found at 31 CFR 1020.320, 1021.320, 1022.320, 1023.320, 1024.320, 1025.320, 1026.320, 1029.320, and 1030.320. These transactions are reported on FinCEN Report 111- Suspicious Activity Report (SAR). Financial institutions submit SARs to FinCEN electronically via the BSA E-filing system. The SAR regulatory reporting requirements are currently covered under the following OMB control numbers: 1506-0001 (31 CFR 1020.320 – Reports by banks of suspicious transactions); 1506-0006 (31 CFR 1021.320 – Reports by casinos of suspicious transactions); 1506-0015 (31 CFR 1022.320 – Reports by money services businesses of suspicious transactions); 1506-0019 (31 CFR 1023.320 – Reports by brokers or dealers in securities of suspicious transactions, 31 CFR 1024.320 – Reports by mutual funds of suspicious transactions, and 31 CFR 1026.320 – Reports by futures commission merchants and introducing brokers in commodities of suspicious transactions); 1506-0029 (31 CFR 1025.320 – Reports by insurance companies of suspicious transactions); and 1506-0061 (31 CFR 1029.320 – Reports by loan or finance companies of suspicious transactions). OMB control number 1506-0065 applies to FinCEN Report 111 – SAR. An administrative burden of one hour is assigned to each of the SAR regulation OMB control numbers in order to maintain the requirements in force. The reporting and recordkeeping burdens are reflected in FinCEN Report 111 – Suspicious Activity Report (“SAR”) under OMB control number 1506-0065. The rationale for assigning one burden hour to each of the SAR regulation OMB control numbers is that the annual burden hours would be double counted if FinCEN estimated burden in the industry SAR regulation OMB control numbers and in the SAR OMB control number.

US Code: 31 USC 5318(g) Name of Law: Money and Finance

Not associated with rulemaking

  85 FR 31598 05/26/2020
85 FR 45959 07/30/2020

IC Title Form No. Form Name
FinCEN Report 111- Suspicious Activity Report FinCEN Report 111 Suspicious Activity Report

  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 2,751,694 2,019,022 0 0 732,672 0
Annual Time Burden (Hours) 5,462,026 4,038,044 0 0 1,423,982 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
In prior renewals, FinCEN limited its annual SAR burden estimate to the SAR filing process. In this renewal, FinCEN expanded the burden estimate to include the burden to (i) evaluate cases for potential SAR filing, and (ii) create and maintain records of cases that are not converted into SARs. More specifically, the burden estimate in this renewal includes the burden involved in evaluating cases to determine whether or not the event constitutes a suspicious activity that must be reported, and documenting the decision that led the financial institution to conclude that an event did not warrant filing a SAR. The burden estimate also includes the burden involved in the following aspects of the SAR filing process: (a) selecting supporting documentation; (b) completing the report, including drafting the narrative; (c) filing the report through batch or discrete filing; and (d) storing the filed report and supporting documentation in physical or electronic form. For a more detailed explanation of the methodology to estimate the burden associated with this renewal of the SAR regulations and report see 85 FR 31598 (May 26, 2020).

FinCEN Resource Center 800 767-2825 [email protected]


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.

© 2024 | Privacy Policy