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OMB Control No: 1506-0065	ICR Reference No: 202007-1506-002
Status: Active	Previous ICR Reference No: 201710-1506-002
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: FinCEN Report 111 - Suspicious Activity Report
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/16/2020
Retrieve Notice of Action (NOA)	Date Received in OIRA: 07/30/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2023	36 Months From Approved	09/30/2020
Responses	2,751,694	0	2,019,022
Time Burden (Hours)	5,462,026	0	4,038,044
Cost Burden (Dollars)	0	0	0

Abstract: 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. These transactions are reported on FinCEN Report 111- Suspicious Activity Report (SAR). Financial institutions submit SARs to FinCEN electronically via the BSA E-filing system. 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). OMB control number 1506-0065 applies to FinCEN Report 111 – SAR. 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 burdens are reflected in FinCEN Report 111 – Suspicious Activity Report (“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 SAR OMB control number.

Authorizing Statute(s): US Code: 31 USC 5318(g) Name of Law: Money and Finance

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 31598	05/26/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 45959	07/30/2020
Did the Agency receive public comments on this ICR? Yes

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
FinCEN Report 111- Suspicious Activity Report	FinCEN Report 111	Suspicious Activity Report

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	2,751,694	2,019,022	732,672
Annual Time Burden (Hours)	5,462,026	4,038,044	1,423,982
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: In prior renewals, FinCEN limited its annual SAR burden estimate to the SAR filing process. In this renewal, FinCEN expanded the burden estimate to include the burden to (i) evaluate cases for potential SAR filing, and (ii) create and maintain records of cases that are not converted into SARs. More specifically, the burden estimate in this renewal includes the burden involved in evaluating cases to determine whether or not the event constitutes a suspicious activity that must be reported, and documenting the decision that led the financial institution to conclude that an event did not warrant filing a SAR. The burden estimate also includes the burden involved in the following aspects of the SAR filing process: (a) selecting supporting documentation; (b) completing the report, including drafting the narrative; (c) filing the report through batch or discrete filing; and (d) storing the filed report and supporting documentation in physical or electronic form. For a more detailed explanation of the methodology to estimate the burden associated with this renewal of the SAR regulations and report see 85 FR 31598 (May 26, 2020).

Annual Cost to Federal Government: $275,169

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: FinCEN Resource Center 800 767-2825 frc@fincen.gov

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