Proposed Information Collection; Comment Request; Renewal of Suspicious Activity Reporting Requirements by Brokers or Dealers in Securities and Futures Commission Merchants and Introducing Brokers in Commodities., 9506-9507 [2015-03584]
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Federal Register / Vol. 80, No. 35 / Monday, February 23, 2015 / Notices
program must be maintained for five
years.
Current Action: Renewal without
change to the existing regulations.
Affected Public: Businesses and other
for-profit institutions.
Burden: Estimated Number of
Respondents: 327,206.
31 CFR 1022.210 = 324,100.
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.
Estimated Number of Responses:
2,838,406.
31 CFR 1022.210 = 2,835,400.
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.
Estimated at one hour per respondent.
31 CFR 1022.210 = 252,100.4
31 CFR 1024.210 = 3,000.
31 CFR 1028.210 = 6.
Estimated Number of Hours: 255,106.
Estimated at two minutes per prepaid
card issued.
31 CFR 1022.210 = 86,110.5
Estimated Total Number of hours:
341,216
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a valid control
number assigned by OMB. Records
required to be retained under the BSA
must be retained for five years.
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
Rmajette on DSK2VPTVN1PROD with NOTICES
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
4 FinCEN estimates that it will take each MSB that
is not a prepaid provider one hour to respond to
this information collection, for a total of 252,100
hours. FinCEN estimates that it will take each MSB
that is a prepaid provider two minutes per prepaid
card issued, for a total of 86,100 hours. Combined,
the estimated hourly burden for MSBs is 338,210.
5 Ibid.
VerDate Sep<11>2014
14:19 Feb 20, 2015
Jkt 235001
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance and purchase of services to
provide information.
Dated: February 13, 2015.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement
Network.
[FR Doc. 2015–03586 Filed 2–20–15; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Proposed Information Collection;
Comment Request; Renewal of
Suspicious Activity Reporting
Requirements by Brokers or Dealers in
Securities and Futures Commission
Merchants and Introducing Brokers in
Commodities.
Financial Crimes Enforcement
Network (‘‘FinCEN’’), Treasury.
ACTION: Notice and request for
comments.
AGENCY:
FinCEN invites comment on
the renewal of an information collection
requirement for the recordkeeping and
reporting of suspicious activities by
brokers or dealers in securities and
futures commission merchants (FCMs)
and introducing brokers in commodities
(IBs).1 The Bank Secrecy Act Suspicious
Activity Report, (‘‘BSAR’’) 2 will be used
by these entities to report suspicious
activity to FinCEN. This request for
comments also covers 31 CFR 1023.320,
relating to reports by brokers or dealers
in securities of suspicious transactions,
and 31 CFR 1026.320, reports by futures
commission merchants and introducing
brokers in commodities of suspicious
transactions. This request for comments
is being made pursuant to the
Paperwork Reduction Act (‘‘PRA’’) 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 April
24, 2015.
ADDRESSES: Written comments should
be submitted to: Policy Division,
Financial Crimes Enforcement Network,
SUMMARY:
1 The federal functional regulator for the
securities industry is the U.S. Securities and
Exchange Commission (‘‘SEC’’) and, for the futures
industry, it is the Commodity Futures Trading
Commission (‘‘CFTC’’).
2 The BSAR was approved by the Office of
Management and Budget (‘‘OMB’’) under control
number 1506–0065. The BSAR is a single report
that replaced previous individual SAR forms for
depository institutions, casinos, money services
businesses, securities brokers or dealers, mutual
funds, futures commission merchants, introducing
brokers in commodities, and insurance companies,
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
Department of the Treasury, P.O. Box
39, Vienna, Virginia 22183, ‘‘Attention:
PRA Comments—SAR RequirementsSecurities and Futures Industries.’’
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
Requirements-Securities and Futures
Industry.’’
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 Resource Center at 800–767–
2825 or email frc@fincen.gov.
SUPPLEMENTARY INFORMATION: The Bank
Secrecy Act (‘‘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 counterintelligence activities to protect against
international terrorism, and to
implement counter-money laundering
programs and compliance procedures.3
Regulations implementing Title II of
the BSA appear at 31 CFR Chapter X.
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. The authority
of the Secretary of the Treasury to
administer the BSA has been delegated
to the Director of FinCEN. The final
Broker-Dealer SAR rule can be found at
31 CFR 1023.320. The final FCM–IB
SAR rule can be found at 31 CFR
1026.320.
The information collected is required
to be provided pursuant to 31 U.S.C.
5318(g), 31 CFR 1023.320 and 31 CFR
1026.320. This information will be
made available, in accordance with
strict safeguards, to appropriate criminal
law enforcement and regulatory
personnel, and to the registered
securities and futures associations and
national exchanges (so-called self3 Language expanding the scope of the BSA 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.
E:\FR\FM\23FEN1.SGM
23FEN1
Federal Register / Vol. 80, No. 35 / Monday, February 23, 2015 / Notices
Rmajette on DSK2VPTVN1PROD with NOTICES
regulatory organizations) for use in
official performance of their duties, for
regulatory purposes, and in
investigations and proceedings
involving domestic and international
money laundering, terrorist financing,
tax violations, fraud, and other financial
crimes.
Broker-dealers, futures commission
merchants, and introducing brokers in
commodities required to report
suspicious transactions, or reporting
such transactions voluntarily, will be
subject to the protection from liability
contained in 31 U.S.C. 5318(g)(3) and to
the prohibition contained in 31 U.S.C.
5318(g)(2) against notifying any person
involved in the transaction that a
suspicious activity report has been filed.
Title: Suspicious Activity Reporting
by Brokers or Dealers in Securities and
Futures Commission Merchants and
Introducing Brokers in Commodities (31
CFR 1023.320, and 31 CFR 1026.320).
OMB Number: 1506–0019.
Abstract: This notice renews the SAR
reporting and recordkeeping
requirements for the above mentioned
entities. Additionally, this notice
updates the title of the information
collection under this OMB control
number to specifically define the
entities addressed under this number.
VerDate Sep<11>2014
14:19 Feb 20, 2015
Jkt 235001
Form Number: FinCEN Form 111
(BSAR).4
Type of Review: Renewal and update
of a currently approved information
collection.
Affected public: Businesses or other
for-profit institutions.
Frequency: As required.
Estimated Reporting and
Recordkeeping Burden: 1 hour.5
Estimated Number of Respondents:
8,300.
Estimated Total Annual Responses:
8,300.
Estimated Total Annual Reporting
and Recordkeeping Burden: 8,300
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 OMB control number.
Records required to be retained under
the BSA must be retained for five years.
4 See
footnote 2.
reporting and recordkeeping burden of the
regulations (31 CFR 1023.320 and 1026.320) is
reflected in the burden for the BSAR as approved
under 1506–0065. This listed burden is assigned to
maintain control number 1506–0019 active as a
reporting requirement for 31 CFR 1023.320 and
1026.320.
5 The
PO 00000
Frm 00080
Fmt 4703
Sfmt 9990
9507
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 13, 2015.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement
Network.
[FR Doc. 2015–03584 Filed 2–20–15; 8:45 am]
BILLING CODE 4810–02P–P
E:\FR\FM\23FEN1.SGM
23FEN1
]]>Agencies
[Federal Register Volume 80, Number 35 (Monday, February 23, 2015)]
[Notices]
[Pages 9506-9507]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-03584]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Proposed Information Collection; Comment Request; Renewal of
Suspicious Activity Reporting Requirements by Brokers or Dealers in
Securities and Futures Commission Merchants and Introducing Brokers in
Commodities.
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: FinCEN invites comment on the renewal of an information
collection requirement for the recordkeeping and reporting of
suspicious activities by brokers or dealers in securities and futures
commission merchants (FCMs) and introducing brokers in commodities
(IBs).\1\ The Bank Secrecy Act Suspicious Activity Report, (``BSAR'')
\2\ will be used by these entities to report suspicious activity to
FinCEN. This request for comments also covers 31 CFR 1023.320, relating
to reports by brokers or dealers in securities of suspicious
transactions, and 31 CFR 1026.320, reports by futures commission
merchants and introducing brokers in commodities of suspicious
transactions. This request for comments is being made pursuant to the
Paperwork Reduction Act (``PRA'') of 1995, Public Law 104-13, 44 U.S.C.
3506(c)(2)(A).
---------------------------------------------------------------------------
\1\ The federal functional regulator for the securities industry
is the U.S. Securities and Exchange Commission (``SEC'') and, for
the futures industry, it is the Commodity Futures Trading Commission
(``CFTC'').
\2\ The BSAR was approved by the Office of Management and Budget
(``OMB'') under control number 1506-0065. The BSAR is a single
report that replaced previous individual SAR forms for depository
institutions, casinos, money services businesses, securities brokers
or dealers, mutual funds, futures commission merchants, introducing
brokers in commodities, and insurance companies,
DATES: Written comments are welcome and must be received on or before
---------------------------------------------------------------------------
April 24, 2015.
ADDRESSES: Written comments should be submitted to: Policy Division,
Financial Crimes Enforcement Network, Department of the Treasury, P.O.
Box 39, Vienna, Virginia 22183, ``Attention: PRA Comments--SAR
Requirements-Securities and Futures Industries.'' 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 Requirements-Securities and Futures
Industry.''
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 Resource Center at 800-767-
2825 or email frc@fincen.gov.
SUPPLEMENTARY INFORMATION: The Bank Secrecy Act (``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.\3\
---------------------------------------------------------------------------
\3\ Language expanding the scope of the BSA 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.
---------------------------------------------------------------------------
Regulations implementing Title II of the BSA appear at 31 CFR
Chapter X. 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. The authority of the
Secretary of the Treasury to administer the BSA has been delegated to
the Director of FinCEN. The final Broker-Dealer SAR rule can be found
at 31 CFR 1023.320. The final FCM-IB SAR rule can be found at 31 CFR
1026.320.
The information collected is required to be provided pursuant to 31
U.S.C. 5318(g), 31 CFR 1023.320 and 31 CFR 1026.320. This information
will be made available, in accordance with strict safeguards, to
appropriate criminal law enforcement and regulatory personnel, and to
the registered securities and futures associations and national
exchanges (so-called self-
[[Page 9507]]
regulatory organizations) for use in official performance of their
duties, for regulatory purposes, and in investigations and proceedings
involving domestic and international money laundering, terrorist
financing, tax violations, fraud, and other financial crimes.
Broker-dealers, futures commission merchants, and introducing
brokers in commodities required to report suspicious transactions, or
reporting such transactions voluntarily, will be subject to the
protection from liability contained in 31 U.S.C. 5318(g)(3) and to the
prohibition contained in 31 U.S.C. 5318(g)(2) against notifying any
person involved in the transaction that a suspicious activity report
has been filed.
Title: Suspicious Activity Reporting by Brokers or Dealers in
Securities and Futures Commission Merchants and Introducing Brokers in
Commodities (31 CFR 1023.320, and 31 CFR 1026.320).
OMB Number: 1506-0019.
Abstract: This notice renews the SAR reporting and recordkeeping
requirements for the above mentioned entities. Additionally, this
notice updates the title of the information collection under this OMB
control number to specifically define the entities addressed under this
number.
Form Number: FinCEN Form 111 (BSAR).\4\
---------------------------------------------------------------------------
\4\ See footnote 2.
---------------------------------------------------------------------------
Type of Review: Renewal and update of a currently approved
information collection.
Affected public: Businesses or other for-profit institutions.
Frequency: As required.
Estimated Reporting and Recordkeeping Burden: 1 hour.\5\
---------------------------------------------------------------------------
\5\ The reporting and recordkeeping burden of the regulations
(31 CFR 1023.320 and 1026.320) is reflected in the burden for the
BSAR as approved under 1506-0065. This listed burden is assigned to
maintain control number 1506-0019 active as a reporting requirement
for 31 CFR 1023.320 and 1026.320.
---------------------------------------------------------------------------
Estimated Number of Respondents: 8,300.
Estimated Total Annual Responses: 8,300.
Estimated Total Annual Reporting and Recordkeeping Burden: 8,300
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 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
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 13, 2015.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2015-03584 Filed 2-20-15; 8:45 am]
BILLING CODE 4810-02P-P
