Financial Crimes Enforcement Network; Agency Information Collection; Comment Request; Renewal Without Change of the Suspicious Activity Report by Money Services Businesses, 35203 [E8-13936]

Agencies

• DEPARTMENT OF THE TREASURY
• Department of Treasury

[Federal Register Volume 73, Number 120 (Friday, June 20, 2008)]
[Notices]
[Page 35203]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-13936]



[[Page 35203]]

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DEPARTMENT OF THE TREASURY


Financial Crimes Enforcement Network; Agency Information 
Collection; Comment Request; Renewal Without Change of the Suspicious 
Activity Report by Money Services Businesses

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: As part of its continuing effort to reduce paperwork and 
respondent burden, FinCEN invites comment on the proposed renewal 
without change of the form, Suspicious Activity Report by Money 
Services Businesses, FinCEN Form 109. The form will be used by money 
transmitters, issuers, sellers, and redeemers of money orders and 
traveler's checks, and currency dealers and exchangers to report 
suspicious activity to the Department of the Treasury. This request for 
comments is being made pursuant to the Paperwork Reduction Act of 1995, 
Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).

DATES: Written comments are welcome and must be received on or before 
August 19, 2008.

ADDRESSES: Written comments should be submitted to: Office of 
Regulatory Policy and Programs Division, Financial Crimes Enforcement 
Network, Department of the Treasury, P.O. Box 39, Vienna, Virginia 
22183, Attention: PRA Comments--Suspicious Activity Report by Money 
Services Business, FinCEN Form 109. Comments also may be submitted by 
electronic mail to the following Internet address: 
regcomments@fincen.gov, again with a caption, in the body of the text, 
``Attention: PRA Comments-SAR-MSB Form''.
    Inspection of comments. Comments may be inspected, between 10 a.m. 
and 4 p.m., in the FinCEN reading room in Vienna, VA. Persons wishing 
to inspect the comments submitted must request an appointment with the 
Disclosure Officer by telephoning (703) 905-5034 (Not a toll free 
call).

FOR FURTHER INFORMATION CONTACT: The FinCEN Regulatory helpline at 
(800) 949-2732 and select Option 1.

SUPPLEMENTARY INFORMATION:
    Title: Suspicious Activity Report by Money Services Businesses and 
31 CFR 103.20.
    OMB Number: 1506-0015.
    Form Number: FinCEN Form 109.
    Abstract: The statute generally referred to as the ``Bank Secrecy 
Act,'' Titles I and II of Public Law 91-508, as amended, codified at 12 
U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5332, 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.\1\ Regulations implementing Title II of the Bank Secrecy 
Act appear at 31 CFR Part 103. The authority of the Secretary to 
administer the Bank Secrecy Act has been delegated to the Director of 
FinCEN.
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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 (USA PATRIOT ACT) Act of 2001 (the 
``USA Patriot Act''), Pub. L. 107-56.
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    The Secretary of the Treasury was granted authority in 1992, with 
the enactment of 31 U.S.C. 5318(g), to require financial institutions 
to report suspicious transactions. On March 14, 2000, FinCEN issued a 
final rule requiring certain categories of money services businesses, 
including money transmitters and issuers, sellers, and redeemers of 
money orders and traveler's checks, to report suspicious transactions 
(65 FR 13683). The final rule can be found at 31 CFR 103.20. FinCEN 
amended the suspicious transaction reporting rule for money services 
businesses by notice in the Federal Register dated February 10, 2003, 
(68 FR 6613), to also apply to currency dealers and exchangers. 
Currently, money services businesses report suspicious activity by 
filing FinCEN Form 109.
    The information collected on Form 109 is required to be provided 
pursuant to 31 U.S.C. 5318(g) and 31 CFR 103.20. This information will 
be made available, in accordance with strict safeguards, to appropriate 
criminal law enforcement and regulatory personnel for use in official 
performance of their duties, for regulatory purposes, and in 
investigations and proceedings involving terrorist financing, domestic 
and international money laundering, tax violations, fraud, and other 
financial crimes.
    Suspicious activity reports required to be filed by money services 
businesses under 31 CFR 103.20, and any suspicious activity reports 
filed by money services businesses on a voluntary basis will be subject 
to the protection from liability contained in 31 U.S.C. 5318(g)(3) and 
the provision contained in 31 U.S.C. 5318(g)(2) which prohibits 
notification of any person involved in the transaction that a 
suspicious activity report has been filed.
    Current Actions: There are no proposed changes to the current SAR-
MSB, FinCEN Form 109. The form is available on the FinCEN Web site at: 
https://www.fincen.gov/forms/files/fin109_sarmsb.pdf .
    Type of Review: Renewal without change of a currently approved 
information collection.
    Affected public: Business or other for-profit institutions.
    Frequency: As required.
    Estimated Burden: Reporting average of 45 minutes per response and 
15 minutes recordkeeping for a total of 1 hour.
    Estimated Number of Respondents: 42,000.
    Estimated Total Annual Responses: 585,000.
    Estimated Total Annual Burden Hours: 585,000 hours.
    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 Office of Management and Budget control 
number. Records required to be retained under the Bank Secrecy Act 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 Office of 
Management and Budget 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: June 13, 2008.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. E8-13936 Filed 6-19-08; 8:45 am]
BILLING CODE 4810-02-P