5Department of the Treasury bureaus such as FinCEN renew their System of Records Notices every three years unless there is cause to amend them more frequently. FinCEN's System of Records Notice for BSA Reports System was most recently published at 77 FR 60014-60022 (October 1, 2012).
Current Action:FinCEN is renewing without change the OMB-approved electronic data elements currently supporting the reporting of suspicious financial activities. All filings (discrete, batch, and computer-to-computer) will be accessed through the BSA E-Filing system using current registration and login procedures.
Type of Review:Renewal without change of the electronic data elements of the FinCEN SAR that support the electronic filing of a dynamic SAR.
Affected public:Business or other for-profit and not-for-profit financial institutions.
Estimated Reporting Burden:Average of 60 minutes per report and 60 minutes recordkeeping per filing. (The reporting burden of the regulations 31 CFR 1020.320, 1021.320, 1022.320, 1023.320, 1024.320, 1025.320, and 1026.320 is reflected in the burden for the form.)
Estimated Recordkeeping and Reporting Burden:120 minutes (60 reporting and 60 minutes recordkeeping, for a total of 2 hours).6
6FinCEN believes this burden estimate to be high, but insufficient collection data exist to reduce the number at this time.
Estimated number of respondents:84,655 (Broker-Dealers, Casinos and Card Clubs, Depository Institutions, Future Commission Merchants, Insurance Companies, Money Services Businesses, Mutual Funds, and Non-Bank Residential Mortgage Lenders and Originators).
Estimated Total Annual Responses:1,127,928.7
7Numbers are based on actual 2012 filings as reported to the IRS Enterprise Computing Center-Detroit (EEC-D) as of 09/30/2012. This number reflects the projected total number of SAR filings for the year.
Estimated Total Annual Reporting and Recordkeeping Burden:2,255,856 hours.
A joint filing8
will increase the burden to 90 minutes reporting and 60 minutes recordkeeping for a total of 2 and1/2hours per report.
8Two separate financial institutions filing a single SAR. This type of filing constitutes less than 1% of total filings.
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.
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 agencys 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: November 16, 2012.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.