[Federal Register Volume 85, Number 147 (Thursday, July 30, 2020)]
[Notices]
[Pages 45959-45960]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16481]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple Financial Crimes Enforcement Network 
Information Collection Requests

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments should be received on or before August 31, 2020 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Molly Stasko by emailing [email protected], calling (202) 
622-8922, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Financial Crimes Enforcement Network (FinCEN)

    1. Title: Suspicious Activity Report (SAR) by Financial 
Institutions.
    OMB Control Numbers: 1506-0001, 1506-0006, 1506-0015, 1506-0019, 
1506-0029, 1506-0061, and 1506-0065.\1\
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    \1\ 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). The PRA does 
not apply to reports by one government entity to another government 
entity. For that reason, there is no OMB control number associated 
with 31 CFR 1030.320-- Reports of suspicious transactions by housing 
government sponsored enterprises. OMB control number 1506-0065 
applies to FinCEN Report 111-- SAR.
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    Type of Review: Extension without change of a currently approved 
collection.
    Description: The legislative framework generally referred to as the 
Bank Secrecy Act (BSA) consists of the Currency and Financial 
Transactions Reporting Act of 1970, as amended by the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) (Pub. L. 
107-56) and other legislation. The BSA is codified at 12 U.S.C. 1829b, 
12 U.S.C. 1951-1959, 31 U.S.C. 5311-5314 and 5316-5332, and notes 
thereto, with implementing regulations at 31 CFR Chapter X. The BSA 
authorizes the Secretary of the Treasury, inter alia, to require 
financial institutions to keep records and file reports that are 
determined to have a high degree of usefulness in criminal, tax, and 
regulatory matters, or in the conduct of intelligence or counter-
intelligence activities, to protect against international terrorism, 
and to implement counter-money laundering programs and compliance 
procedures. Regulations implementing Title II of the BSA appear at 31 
CFR Chapter X. The authority of the Secretary to administer the BSA has 
been delegated to the Director of FinCEN. 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.
    Under the Bank Secrecy Act regulations, financial institutions are 
required to report suspicious transactions using FinCEN Report 111--
Suspicious Activity Report. The information collected under these 
requirements are made available to appropriate agencies and 
organizations as disclosed in FinCEN's Privacy Act System of Records 
Notice relating to BSA Reports.
    Form: FinCEN Report 111.
    Affected Public: Business or other for-profit institutions, and 
non-profit institutions.
    Estimated Number of Respondents: 12,148 financial institutions for 
all SAR regulations.
    Frequency of Response: As required.
    Estimated Total Number of Annual Responses: 2,751,694 SARs filed 
for all SAR regulations.
    Estimated Time per Response: Varies.\2\
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    \2\ See Table 12 PRA burden, per report, by type of process at 
85 FR 31611, May 26, 2020. https://www.govinfo.gov/content/pkg/FR-2020-05-26/pdf/2020-11247.pdf.
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    Estimated Total Annual Burden Hours: 5,462,026 for all SAR 
regulations.\3\
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    \3\ 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 burden is 
reflected in FinCEN Report 111--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 FinCEN Report 111--SAR OMB 
control number.
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    2. Title: Currency Transaction Reports (CTR).
    OMB Control Number: 1506-0004, 1506-0005, and 1506-0064.\4\
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    \4\ The reports of transactions in currency regulatory 
requirements are currently covered under the following OMB control 
numbers: 1506- 0004 (General provisions--31 CFR 1010.310-- Reports 
of transactions in currency, 31 CFR 1010.311--Filing obligations for 
reports of transactions in currency, 31 CFR 1010.312-- 
Identification required, 31 CFR 1010.313-- Aggregation, and 31 CFR 
1010.314--Structured transactions), and 1506-0005 (Rules for casinos 
and card clubs--31 CFR 1021.311--Reports of transaction in currency, 
and 31 CFR 1021.313-- Aggregation). OMB control number 1506-0064 
applies to FinCEN Report 112--CTR.
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    Type of Review: Extension without change of a currently approved 
collection.
    Description: The legislative framework generally referred to as the 
Bank Secrecy Act (BSA) consists of the Currency and Financial 
Transactions Reporting Act of 1970, as amended by the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) (Pub. L. 
107-56) and other legislation. The BSA is codified at 12 U.S.C. 1829b, 
12 U.S.C. 1951-1959, 31 U.S.C. 5311-5314 and 5316-5332, and notes 
thereto, with implementing

[[Page 45960]]

regulations at 31 CFR Chapter X. The BSA authorizes the Secretary of 
the Treasury, inter alia, to require financial institutions to keep 
records and file reports that are determined to have a high degree of 
usefulness in criminal, tax, and regulatory matters, or in the conduct 
of intelligence or counter-intelligence activities, to protect against 
international terrorism, and to implement counter-money laundering 
programs and compliance procedures. Regulations implementing Title II 
of the BSA appear at 31 CFR Chapter X. The authority of the Secretary 
to administer the BSA has been delegated to the Director of FinCEN. 
Under 31 U.S.C. 5313, the Secretary of the Treasury is authorized to 
require financial institutions to report currency transactions 
exceeding $10,000. Regulations implementing 31 U.S.C. 5313 are found at 
31 CFR 1010.310 through 1010.314, 31 CFR 1021.311, and 31 CFR 1021.313.
    Under Bank Secrecy Act regulations, financial institutions are 
required to report transactions in currency of more than $10,000 using 
FinCEN Report 112--Currency Transaction Report. Generally, information 
collected pursuant to the BSA is confidential, but may be shared as 
provided by law with regulatory and law enforcement authorities.
    Form: FinCEN Report 112.
    Affected Public: Business or other for-profit institutions, and 
non-profit institutions.
    Estimated Number of Respondents: 14,276 financial institutions for 
all CTR regulations.
    Frequency of Response: As required.
    Estimated Total Number of Annual Responses: 16,087,182 filed for 
all CTR regulations.
    Estimated Time per Response: 8 minutes.\5\
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    \5\ See Table 11--Total annual PRA burden, per tranche, filing 
method, and filer type, expressed as minutes per report at 85 FR 
29029, May 14, 2020. https://www.govinfo.gov/content/pkg/FR-2020-05-14/pdf/2020-10310.pdf.
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    Estimated Total Annual Burden Hours: 2,124,992 hours for all CTR 
regulations.\6\
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    \6\ 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 burden is 
reflected in FinCEN Report 111--SAR, under OMB control number 1506-
0064. 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 FinCEN Report 111--SAR OMB 
control number.

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(Authority: 44 U.S.C. 3501 et seq.)

    Dated: July 24, 2020.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2020-16481 Filed 7-29-20; 8:45 am]
BILLING CODE 4810-02-P