Reports by insurance companies of suspicious transactions

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form FinCEN 111 Suspicious Activity Report	Form and Instruction	Modified	Available
Form FinCEN 111 Reports by insurance companies of suspicious transactions	Form and Instruction	Modified	Repair queued
SAR Supporting Statement 5_30_2024 FINAL.docx	Supporting Statement A	Uploaded 2024-05-30	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
15337	Reports by insurance companies of suspicious transactions	Form and Instruction	Modified	Suspicious Activity Report
15337	Reports by insurance companies of suspicious transactions	Form and Instruction	Modified

ICR Details

OMB Control No: 1506-0029	ICR Reference No: 202405-1506-010
Status: Active	Previous ICR Reference No: 202007-1506-009
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Reports by insurance companies of suspicious transactions
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/24/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/31/2024
Terms of Clearance: FinCEN and OIRA will continue to work together on a comprehensive analysis of the cost and benefits of its various collections.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2027	36 Months From Approved	09/30/2024
Responses	1	0	1
Time Burden (Hours)	1	0	1
Cost Burden (Dollars)	0	0	0

---

Abstract: Under 31 U.S.C. 5318(g), the Secretary 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. The regulations and related form correspond to the following OMB control numbers: 1506-0001, 1506-0006, 1506-0015, 1506-0019, 1506-0029, 1506-0061, and 1506-0065. This supporting statement is being issued in connection with the renewal of all seven of these OMB control numbers. An administrative burden of one hour is assigned to each of the six SAR regulation OMB control numbers to maintain the requirements in force. The full reporting and recordkeeping burden associated with the reporting requirement is accounted for in the SAR – FinCEN Form 111 under OMB control number 1506-0065. The rationale for assigning the nominal amount of one burden hour to the six SAR regulation OMB control numbers is that the annual burden hours would be double counted if FinCEN estimated the full burden of reporting in each SAR regulation OMB control number and in the SAR – FinCEN Form 111 OMB control number.

---

Authorizing Statute(s): US Code: 31 USC 5318(g) Name of Law: Bank Secrecy Act
  

Citations for New Statutory Requirements: None

---

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

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 9913	02/12/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 47239	05/31/2024
Did the Agency receive public comments on this ICR? Yes

---

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

table that charts list of burden

IC Title	Form No.	Form Name
Reports by insurance companies of suspicious transactions	FinCEN 111	Suspicious Activity Report

---

ICR Summary of Burden

table that charts list 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	1	0	0	0	0
Annual Time Burden (Hours)	1	1	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement:

---

Annual Cost to Federal Government: $0

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.     Yes

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? No

---

Common Form ICR:  No

---

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: 05/31/2024

---