[Federal Register Volume 85, Number 12 (Friday, January 17, 2020)]
[Notices]
[Pages 3079-3080]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00752]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Proposed Collection;
Comment Request; Suspicious Activity Report
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice and request for comment.
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SUMMARY: The National Credit Union Administration (NCUA), as part of a
continuing effort to reduce paperwork and respondent burden, invites
the general public and other Federal agencies to comment on the
following extension of a currently approved collection, as required by
the Paperwork Reduction Act of 1995.
DATES: Written comments should be received on or before March 17, 2020
to be assured consideration.
ADDRESSES: Interested persons are invited to submit written comments on
the information collection to Mackie Malaka, National Credit Union
Administration, 1775 Duke Street, Suite 6060, Alexandria, Virginia
22314; Fax No. 703-519-8579; or email at [email protected].
FOR FURTHER INFORMATION CONTACT: Address requests for additional
information to Mackie Malaka at the address above or telephone 703-548-
2704.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0094.
Title: Suspicious Activity Report, 12 CFR part 748.1.
[[Page 3080]]
Form: None.
Type of Review: Extension of a currently approved collection.
Abstract: The Financial Crimes Enforcement Network (FinCEN),
Department of the Treasury, was granted broad authority to require
suspicious transaction reporting under the Bank Secrecy Act (BSA) (31
U.S.C. 5318(g)). FinCEN joined with the bank regulators in adopting and
requiring reports of suspicious transactions on a consolidated
suspicious activity report (SARs) form. This simplified the process
through which banks inform their regulators and law enforcement about
suspected criminal activity. In 2011, FinCEN transitioned from industry
specific paper forms to one electronically filed dynamic and
interactive BSA-SAR for use by all filing institutions. Information
about suspicious transactions conducted or attempted by, at, through,
or otherwise involving credit unions are collected through FinCEN's BSA
E-filing system by credit unions. A SAR is to be filed no later than 30
calendar days from the date of the initial detection of facts that may
constitute a basis for filing a SAR. If no suspect can be identified,
the period for filing a SAR is extended to 60 days. FinCEN and law
enforcement agencies use the information on BSA-SARs and the supporting
documentation retained by the banks for criminal investigation and
prosecution purposes.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated No. of Respondents: 5,277.
Estimated No. of Responses per Respondent: 36.64.
Estimated Total Annual Responses: 193,364.
Estimated Burden Hours per Response: 1.
Estimated Total Annual Burden Hours: 193,364.
Reason for Change: The increase in the burden is due to the
increase in the number of Suspicious Activity Reports (SARs) filed by
federally insured credit unions.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the request for Office of Management
and Budget approval. All comments will become a matter of public
record. The public is invited to submit comments concerning: (a)
Whether the collection of information is necessary for the proper
execution of the function of the agency, including whether the
information will have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information,
including the validity of the methodology and assumptions used; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the collection of
the information on the respondents, including the use of automated
collection techniques or other forms of information technology.
By Gerard Poliquin, Secretary of the Board, the National Credit
Union Administration, on January 14, 2020.
Dated: January 14, 2020.
Mackie I. Malaka,
NCUA PRA Clearance Officer.
[FR Doc. 2020-00752 Filed 1-16-20; 8:45 am]
BILLING CODE 7535-01-P