[Federal Register Volume 84, Number 94 (Wednesday, May 15, 2019)]
[Notices]
[Pages 21777-21778]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09972]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Suspicious Activity Report (FR 2230; OMB No. 7100-0212).
DATES: The revisions were applicable as of July 27, 2018.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (202)
452-3829. Telecommunications Device for the Deaf (TDD) users may
contact (202) 263-4869, Board of Governors of the Federal Reserve
System, Washington, DC 20551.
Office of Management and Budget (OMB) Desk Officer--Shagufta
Ahmed--Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW,
[[Page 21778]]
Washington, DC 20503 or by fax to (202) 395-6974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collection of information requests and
requirements conducted or sponsored by the Board. Board-approved
collections of information are incorporated into the official OMB
inventory of currently approved collections of information. Copies of
the PRA Submission, supporting statements and approved collection of
information instrument(s) are placed into OMB's public docket files.
The Board may not conduct or sponsor, and the respondent is not
required to respond to, an information collection that has been
extended, revised, or implemented on or after October 1, 1995, unless
it displays a currently valid OMB control number.
Final approval under OMB delegated authority of the extension for
three years, with revision, of the following information collections:
Report title: Suspicious Activity Report.
Agency form number: FR 2230.
OMB control number: 7100-0212.
Effective Date: July 27, 2018.
Frequency: On occasion.
Respondents: State member banks, bank holding companies and their
nonbank subsidiaries, Edge and agreement corporations, and the U.S.
branches and agencies, representative offices, and nonbank subsidiaries
of foreign banks supervised by the Board.
Estimated number of respondents: 6,698.
Estimated average hours per response: 1.5.
Estimated annual burden hours: 439,520.
General description of report: Since 1996, the federal banking
agencies \1\ and the Department of the Treasury's Financial Crimes
Enforcement Network (FinCEN) have required certain types of financial
institutions to report known or suspected violations of law and
suspicious transactions. To fulfill these requirements, supervised
banking organizations file Bank Secrecy Act--Suspicious Activity
Reports (BSA-SARs).\2\ Law enforcement agencies use the information
submitted in the reports to initiate investigations and the Board uses
the information in the examination and oversight of supervised
institutions.
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\1\ These agencies include the Board, the Office of the
Comptroller of the Currency, the Federal Deposit Insurance
Corporation, and the National Credit Union Administration.
\2\ In 1996, the Board together with the other federal banking
agencies issued nearly identical regulations to implement the SAR
process for banking organizations.
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Legal authorization and confidentiality: The FR 2230 is authorized
pursuant to the Federal Reserve Act (12 U.S.C. 248(a)(1), 602, 625),
the Federal Deposit Insurance Act (12 U.S.C. 1818(s)), the Bank Holding
Company Act (12 U.S.C. 1844(c)), and the International Banking Act (12
U.S.C. 3105(c)(2) and 3106(a)). The FR 2230 is mandatory. SARs are
confidential and may be withheld pursuant to exemption 3 of the Freedom
of Information Act (5 U.S.C. 552(b)(3)), which protects information
``specifically exempted from disclosure'' by another statute, and by
the Bank Secrecy Act (31 U.S.C. 5319), which provides that SARs ``are
exempt from disclosure under section 552 of title 5.''
Current actions: On February 5, 2019, the Board published a notice
in the Federal Register (84 FR 1732) requesting public comment for 60
days on the extension, with revision, of the Suspicious Activity
Report.
The Board's has revised the FR 2230 to be consistent with changes
implemented by FinCEN, which had added, removed, or revised several
data fields on the electronically filed SAR. In addition, FinCEN had
changed the file format for electronic submission of the SAR by batch
filers from ASCII based fixed-length delimited file to an XML based
file. The Board has not adopted any changes to the SAR regulatory
reporting criteria. Institutions will continue to follow Regulation H
(12 CFR 208.62) and filing instructions in determining when to file a
report and what information should be included on the report.
The comment period for this notice expired on April 8, 2019. The
Board did not receive any comments.
Board of Governors of the Federal Reserve System, May 9, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-09972 Filed 5-14-19; 8:45 am]
BILLING CODE 6210-01-P