83 FR 5829 - Agency Information Collection Activities; Comment Request; Renewal Without Change of Bank Secrecy Act Regulations Requiring Depository Institutions and Insurance Companies To Report Suspicious Activity

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network

Federal Register Volume 83, Issue 28 (February 9, 2018)

FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on its proposed renewal without change of the Bank Secrecy Act (``BSA'') Suspicious Activity Reporting regulations for certain financial institutions, i.e., depository institutions and insurance companies. FinCEN intends to submit these requirements for approval by the Office of Management and Budget (``OMB'') of a three-year extension of Control Numbers 1506-0001, and 1506-0029. This request for comments is made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.

[Federal Register Volume 83, Number 28 (Friday, February 9, 2018)]
[Notices]
[Pages 5829-5830]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-02583]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Agency Information Collection Activities; Comment Request; 
Renewal Without Change of Bank Secrecy Act Regulations Requiring 
Depository Institutions and Insurance Companies To Report Suspicious 
Activity

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S. 
Department of the Treasury.

ACTION: Notice and request for comments.

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SUMMARY: FinCEN, a bureau of the U.S. Department of the Treasury 
(``Treasury''), invites all interested parties to comment on its 
proposed renewal without change of the Bank Secrecy Act (``BSA'') 
Suspicious Activity Reporting regulations for certain financial 
institutions, i.e., depository institutions and insurance companies. 
FinCEN intends to submit these requirements for approval by the Office 
of Management and Budget (``OMB'') of a three-year extension of Control 
Numbers 1506-0001, and 1506-0029. This request for comments is made 
pursuant to the Paperwork Reduction Act (``PRA'') of 1995.

DATES: Written comments should be received on or before April 10, 2018 
to be assured of consideration.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal E-rulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. Refer to Docket Number 
FINCEN-2017-0011 and the specific OMB control number affected.
     Mail: Policy Division, Financial Crimes Enforcement 
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2017-0011 and the specific OMB control number affected.
    Please submit comments by one method only. All comments submitted 
in response to this notice will become a matter of public record. 
Therefore, you should submit only information that you wish to make 
publicly available.

FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at 800-767-
2825 or electronically at [email protected].

SUPPLEMENTARY INFORMATION: The BSA, Titles I and II of Public Law 91-
508, as amended, codified at 12 U.S.C. 1829(b), 12 U.S.C.1951-1959, and 
31 U.S.C. 5311-5332, authorizes the Secretary of the Treasury, among 
other things, 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.\1\ Regulations implementing Title 
II of the BSA appear at 31 CFR Chapter X. The authority of the 
Secretary of the Treasury to administer the BSA has been delegated to 
the Director of FinCEN. The information collected and retained under 
the regulation addressed in this notice assist Federal, state, and 
local law enforcement, as well as regulatory authorities, in the 
identification, investigation, and prosecution of money laundering and 
other matters. In accordance with the requirements of the PRA, 44 
U.S.C. 3506(c)(2)(A), and its implementing regulations, the following 
information is presented concerning the recordkeeping requirements 
listed below.
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    \1\ Language expanding the scope of the Bank Secrecy Act to 
intelligence or counter-intelligence activities to protect against 
international terrorism was added by Section 358 of the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.
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    1. Title: Suspicious Activity Report by Depository Institutions.
    OMB Number: 1506-0001.
    Abstract: In accordance with 31 CFR 1020.320, covered financial 
institutions are required to report suspicious activity and maintain 
the records for a period of five years. Covered financial institutions 
may satisfy these requirements by using their internal records 
management system.
    Current Action: Renewal without change to the existing regulations.
    Type of Review: Extension of currently approved reporting 
requirement.
    Affected Public: Businesses or other for-profit institutions, and 
non-profit institutions.
    Burden: The administrative burden of 1 hour is assigned to maintain 
the requirement in force. The burden for actual reporting is reflected 
in OMB Control number 1506-0065.
    2. Title: Suspicious Activity Report by Insurance Companies.
    OMB Number: 1506-0029.
    Abstract: In accordance with 31 CFR 1025.320, covered financial 
institutions are required to report suspicious activity and maintain 
the records for a period of five years. Covered financial institutions 
may satisfy these requirements by using their internal records 
management system.
    Current Action: Renewal without change to the existing regulations.
    Type of Review: Extension of currently approved reporting 
requirement.
    Affected Public: Businesses or other for-profit institutions, and 
non-profit institutions.
    Burden: The administrative burden of 1 hour is assigned to maintain 
the requirement in force. The burden for actual reporting is reflected 
in OMB Control number 1506-0065.
    The following paragraph applies to the reporting and recordkeeping 
requirements addressed in this notice. An agency may not conduct or 
sponsor, and a person is not required to respond to, a collection of 
information unless the collection of information displays a valid OMB 
control number. Records required to be retained under the BSA must be 
retained for five years.

[[Page 5830]]

Generally, information collected pursuant to the BSA is confidential, 
but may be shared, as provided, by law with regulatory and law 
enforcement authorities.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance and purchase of services to provide information.

    Dated: February 5, 2018.
Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2018-02583 Filed 2-8-18; 8:45 am]
 BILLING CODE 4810-02-P