88 FR 59 pgs. 18351-18352 - Agency Information Collection Activities: Renewal of Agency Information Collection of a Previously Approved Collection; Request for Comments
Type: NOTICEVolume: 88Number: 59Pages: 18351 - 18352
Pages: 18351, 18352FR document: [FR Doc. 2023-06386 Filed 3-27-23; 8:45 am]
Agency: National Credit Union Administration
Official PDF Version: PDF Version
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Renewal of Agency Information Collection of a Previously Approved Collection; Request for Comments
AGENCY:
National Credit Union Administration (NCUA).
ACTION:
Notice and request for comments.
SUMMARY:
The National Credit Union Administration (NCUA) is seeking comments on renewal of Office of Management and Budget (OMB) approval, pursuant to the Paperwork Reduction Act, for the collection of information for Suspicious Activity Reports by Depository Institutions pursuant to the Security Program, Report of Suspected Crimes, Suspicious Transactions, Catastrophic Acts and Bank Secrecy Act Compliance. The information collection is currently authorized by OMB Control Number 3133-0094, which expires on May 31, 2023. This information collection allows NCUA to ensure compliance with regulatory and statutory requirements for adopting and requiring reports of suspicious transactions on a consolidated suspicious activity report (SARs) form.
DATES:
Written comments should be received on or before May 30, 2023 to be assured consideration.
ADDRESSES:
Interested persons are invited to submit written comments on the information collection to Mahala Vixamar, National Credit Union Administration, 1775 Duke Street, Suite 6038, Alexandria, Virginia 22314; email at PRAComments@NCUA.gov.
FOR FURTHER INFORMATION CONTACT:
Address requests for additional information to Mahala Vixamar at the address above or telephone (703) 718-1155.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0094.
Title: Suspicious Activity Report (SAR) by Depository Institutions.
Type of Review: Extension of a currently approved collection.
Abstract: The Financial Crimes Enforcement Network (FinCEN), Department of the Treasury, was granted broad authority to require suspicious transaction reporting under the Bank Secrecy Act (BSA) (31 U.S.C. 5318(g)). FinCEN joined with the bank regulators in adopting and requiring reports of suspicious transactions on a consolidated suspicious activity report (SARs) form. This simplified the process through which banks inform their regulators and law enforcement about suspected criminal activity. In 2011, FinCEN transitioned from industry specific paper forms to one electronically filed dynamic and interactive BSA-SAR for use by all filing institutions. Information about suspicious transactions conducted or attempted by, at, through, or otherwise involving credit unions are collected through FinCEN's BSA E-filing system by credit unions. A SAR is to be filed no later than 30 calendar days from the date of the initial detection of facts that may constitute a basis for filing a SAR. If no suspect can be identified, the period for filing a SAR is extended to 60 days. FinCEN and law enforcement agencies use the information on BSA- SARs and the supporting documentation retained by the banks for criminal investigation and prosecution purposes.
Affected Public: Federally Insured Credit Unions.
Respondents: Any NCUA-supervised institution wishing to obtain an exemption from the Suspicious Activity Report requirements.
Estimated No. of Respondents: 4,760.
Estimated No. of Responses per Respondent: 36.64.
Estimated Total Annual Responses: 174,406.
Estimated Burden Hours per Response: 1.
Estimated Total Annual Burden Hours: 174,406.
Reason for Change: The burden went down because the number of respondents decreased.
[top] Request for Comments: Comments submitted in response to this notice will
By the National Credit Union Administration Board.
Melane Conyers-Ausbrooks,
Secretary of the Board.
[FR Doc. 2023-06386 Filed 3-27-23; 8:45 am]
BILLING CODE 7535-01-P