Federal Register / Vol. 89, No. 29 / Monday, February 12, 2024 / Notices 9913 

1Respondents represent all active national banks 

and Federal savings associations as of September 

30, 2023. 

1Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

2The AML Act was enacted as Division F, 

sections 6001–6511, of the William M. (Mac) 

Thornberry National Defense Authorization Act for 

Fiscal Year 2021, Public Law 116–283, 134 Stat. 

3388 (2021). 

update as appropriate the analysis 

required under this section for each 

securitization exposure. 

Disclosure Requirements 

Section 3.142, which outlines the 

capital treatment for securitization 

exposures, requires a national bank or 

Federal savings association to disclose 

publicly that it has provided implicit 

support to a securitization and the 

regulatory capital impact to the 

institution of providing such implicit 

support. Specifically, § 3.124(a) requires 

a national bank or Federal savings 

association that merges with or acquires 

a company that does not calculate its 

risk-based capital requirements using 

advanced systems and uses subpart D to 

determine the risk-weighted asset 

amounts for the merged or acquired 

company’s exposures, the national bank 

or Federal savings association must 

disclose publicly the amounts of riskweighted assets and qualifying capital 

calculated under this subpart for the 

bank or savings association and under 

subpart D for the acquired company. 

Section 3.172 specifies that each 

national bank or Federal savings 

association that is an advanced 

approaches national bank or Federal 

savings association, that has completed 

the parallel run process, must publicly 

disclose its total and tier 1 risk-based 

capital ratios and their components. 

Section 3.173 addresses disclosures 

by an advanced approaches national 

bank or Federal savings association that 

is not a consolidated subsidiary of a 

bank holding company, savings and 

loan holding company, or a depository 

institution subject to the disclosure 

requirements of § 3.172. An advanced 

approaches institution that is subject to 

the disclosure requirements must make 

the disclosures described in § 3.173, 

Tables 1 through 12. The national bank 

or Federal savings association must 

make these disclosures publicly 

available for each of the last three years 

(that is, twelve quarters) or such shorter 

period beginning on the effective date of 

this subpart E. The tables in § 3.173 

require qualitative and quantitative 

public disclosures for capital structure, 

capital adequacy, capital conservation 

and countercyclical buffers, general 

disclosures related to credit risk, credit 

risk disclosures for portfolios subject to 

IRB risk-based capital formulas, general 

disclosures related to counterparty 

credit risk of OTC derivative contracts, 

repo-style transactions, and eligible 

margin loans, credit risk mitigation, 

securitization, operational risk, equities 

not subject to the market risk capital 

requirements, and interest rate risk for 

non-trading activities. 

Estimated Burden: 

Estimated Number of Respondents: 

1,014 national banks and Federal 

savings associations.1

Estimated Total Annual Burden 

Hours: 87,087. 

Estimated Frequency of Response: On 

occasion. 

Comments: On November 21, 2023, 

the OCC published a 60-day notice for 

this information collection, (88 FR 

81176). No comments were received. 

Comments continue to be invited on: 

(a) Whether the collection of 

information is necessary for the proper 

performance of the functions of the 

OCC, including whether the information 

has practical utility; 

(b) The accuracy of the OCC’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 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. 

Theodore J. Dowd, 

Deputy Chief Counsel, Office of the 

Comptroller of the Currency. 

[FR Doc. 2024–02736 Filed 2–9–24; 8:45 am] 

BILLING CODE 4810–33–P 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

Agency Information Collection 

Activities; Proposed Renewal; 

Comment Request; Renewal Without 

Change of Reports by Financial 

Institutions of Suspicious 

Transactions and FinCEN Form 111— 

Suspicious Activity Report 

AGENCY: Financial Crimes Enforcement 

Network (FinCEN), Treasury. 

ACTION: Notice and request for 

comments. 

SUMMARY: As part of its continuing effort 

to reduce paperwork and respondent 

burden, FinCEN invites comment on a 

renewal, without change, of existing 

information collection requirements 

relating to reports of suspicious 

transactions. Under Bank Secrecy Act 

regulations, financial institutions are 

required to report suspicious 

transactions using FinCEN Form 111 

(the suspicious activity report, or SAR). 

This request for comments is made 

pursuant to the Paperwork Reduction 

Act of 1995 (PRA). 

DATES: Written comments are welcome 

and must be received on or before April 

12, 2024. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

• Federal E-rulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

Refer to Docket Number FINCEN–2024– 

0004 and the specific Office of 

Management and Budget (OMB) control 

numbers 1506–0001, 1506–0006, 1506– 

0015, 1506–0019, 1506–0029, 1506– 

0061, and 1506–0065. 

• Mail: Policy Division, Financial 

Crimes Enforcement Network, P.O. Box 

39, Vienna, VA 22183. Refer to Docket 

Number FINCEN–2024–0004 and OMB 

control numbers 1506–0001, 1506–0006, 

1506–0015, 1506–0019, 1506–0029, 

1506–0061, and 1506–0065. 

Please submit comments by one 

method only. Comments will be 

reviewed consistent with the PRA 1 and 

applicable OMB regulations and 

guidance. All comments submitted in 

response to this notice will become a 

matter of public record. Therefore, you 

should submit only information that 

you wish to make publicly available. 

FOR FURTHER INFORMATION CONTACT: 

FinCEN’s Regulatory Support Section at 

1–800–767–2825 or electronically at 

frc@fincen.gov. 

SUPPLEMENTARY INFORMATION: 

I. Statutory and Regulatory Provisions 

The legislative framework generally 

referred to as the Bank Secrecy Act 

(BSA) consists of the Currency and 

Foreign Transactions Reporting Act of 

1970, as amended by the Uniting and 

Strengthening America by Providing 

Appropriate Tools Required to Intercept 

and Obstruct Terrorism Act of 2001 

(USA PATRIOT Act), Public Law 107– 

56 (October 26, 2001), and other 

legislation, including the Anti-Money 

Laundering Act of 2020 (AML Act).2

The BSA is codified at 12 U.S.C. 1829b, 

12 U.S.C. 1951–1960, and 31 U.S.C. 

5311–5314 and 5316–5336, and notes 

thereto, with implementing regulations 

at 31 CFR chapter X. 

The BSA authorizes the Secretary of 

the Treasury (the ‘‘Secretary’’), inter 


khammond on DSKJM1Z7X2PROD with NOTICES
9914 Federal Register / Vol. 89, No. 29 / Monday, February 12, 2024 / Notices 

3Section 358 of the USA PATRIOT Act expanded 

the purpose of the BSA by including a reference to 

reports and records ‘‘that have a high degree of 

usefulness in intelligence or counterintelligence 

activities to protect against international terrorism.’’ 

Section 6101 of the AML Act further expanded the 

purpose of the BSA to cover such matters as 

preventing money laundering, tracking illicit funds, 

assessing risk, and establishing appropriate 

frameworks for information sharing. 

4Treasury Order 180–01 (Jan. 14, 2020). 

5The 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). The PRA does not apply 

to reports by one government entity to another 

government entity. For that reason, there is no OMB 

control number associated with 31 CFR 1030.320— 

Reports of suspicious transactions by housing 

government sponsored enterprises. 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 to maintain the requirements in force. 

6This estimate is based on the observed number 

of unique filers associated with at least one SAR 

filing received in calendar year 2022, as reported by 

the BSA E-Filing System as of 12/31/2022. 7This estimate is based on the observed number 

of SAR filings received in calendar year 2022, as 

reported by the BSA E-Filing System as of 12/31/ 

2022. 8See FinCEN, Agency Information Collection 

Activities; Proposed Renewal; Comment Request; 

Renewal Without Change of the Bank Secrecy Act 

Reports by Financial Institutions of Suspicious 

Transactions at 31 CFR 1020.320, 1021.320, 

10022,320, 1023.320, 1024.320, 1025.320, 1026.320, 

and 1029.320, and FinCEN Report 111—Suspicious 

Activity Report, 85 FR 31598 (May 26, 2020). See 

85 FR 31600 in the 2020 Notice for the total number 

of SARs filed in calendar year 2019 (2,751,694 

SARs). See 85 FR 31611 in the 2020 Notice for the 

total estimated recordkeeping and reporting annual 

PRA burden of complying with the SAR 

requirements (5,462,026 hours). We are using the 

estimated hourly burden per SAR calculated for 

purposes of the 2020 Notice. 

9This estimate is derived from the calculation 

4,367,197 SARs multiplied by 1.98 hours per SAR. 

10We are using the weighted average hourly labor 

cost calculated for purposes of the 2020 Notice, 

which is based on data for calendar year 2019. See 

85 FR 31611 for the total estimated recordkeeping 

and reporting annual PRA burden of complying 

with the SAR requirements in the 2020 Notice 

(5,462,026 hours). See 85 FR 31611 for the total 

estimated recordkeeping and reporting cost of 

complying with the SAR requirements in the 2020 

Notice ($206,422,989). The average estimated 

hourly cost per SAR burden hour in the 2020 Notice 

is $37.79 per hour ($206,422,989 divided by 

5,462,026 total burden hours). 

alia, to require financial institutions to 

keep records and file reports that are 

determined to have a high degree of 

usefulness in criminal, tax, or regulatory 

matters, risk assessments or 

proceedings, or in the conduct of 

intelligence or counter-intelligence 

activities to protect against international 

terrorism, and to implement AML 

programs and compliance procedures.3

Regulations implementing the BSA 

appear at 31 CFR chapter X. The 

authority of the Secretary to administer 

the BSA has been delegated to the 

Director of FinCEN.4

Under 31 U.S.C. 5318(g), the Secretary 

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. 

II. Paperwork Reduction Act of 1995 

Title: Reports by Financial 

Institutions of Suspicious Transactions 

(31 CFR 1020.320, 1021.320, 1022.320, 

1023.320, 1024.320, 1025.320, 1026.320, 

and 1029.320). 

OMB Control Numbers: 1506–0001, 

1506–0006, 1506–0015, 1506–0019, 

1506–0029, 1506–0061, and 1506– 

0065.5

Form Number: FinCEN Form 111— 

Suspicious Transaction Report (SAR). 

Abstract: FinCEN is issuing this 

notice to renew the OMB control 

numbers for the SAR regulations and 

form. 

Affected Public: Businesses or other 

for-profit institutions, and non-profit 

institutions. 

Type of Review: Renewal without 

change of a currently approved 

information collection. 

Frequency: As required. 

Estimated Number of Respondents: 

11,458 financial institutions.6

Estimated Total Annual Responses: 

4,367,197 SARs.7

Estimated Reporting and 

Recordkeeping Burden per Response: 

The average estimated PRA burden, 

measured in hours per SAR, is 

approximately 1.98 hours.8 On May 26, 

2020, FinCEN issued a 60-day notice to 

renew the SAR OMB controls numbers 

(‘‘2020 Notice’’). In the 2020 Notice, 

FinCEN proposed to expand the scope 

of factors to consider as part of the PRA 

burden of complying with SAR 

requirements. In addition, as described 

in the 2020 Notice, to better estimate the 

burden associated with complying with 

SAR requirements, FinCEN conducted 

an in-depth analysis of the population 

of 2019 SAR filing statistics. FinCEN 

analyzed the 2019 SAR filings grouped 

by a number of different factors, 

including the following: (i) the 

distribution of SAR submissions by type 

of filing (original or continuing SAR); 

(ii) the filer’s financial institution type; 

(iii) how many SARs the filer filed in a 

year; (iv) the method of filing (batch 

filing versus discrete filing); (v) the SAR 

narrative length; and (vi) the number of 

suspicious activities per report. The 

analysis and calculations detailed in the 

2020 Notice ultimately resulted in an 

estimate of approximately 1.98 hours in 

filer burden per SAR. 

FinCEN received 22 public comments 

in response to the 2020 Notice. 

Commenters were generally supportive 

of FinCEN’s efforts to more accurately 

estimate the PRA burden associated 

with the SAR filing requirements. Some 

commenters had specific 

recommendations regarding factors for 

FinCEN to consider in future in-depth 

analysis of the SAR filing population. 

However, none of those commenters 

provided specific sources of data to 

contradict the burden estimate of 1.98 

hours of burden per SAR filed. In the 

absence of public comments to suggest 

otherwise, FinCEN considers it 

reasonable to continue to use the 

estimate of 1.98 hours per SAR filed for 

the population of 2022 SAR filing 

statistics as outlined in this notice. In 

connection with a variety of initiatives 

FinCEN is undertaking to implement the 

AML Act, FinCEN intends to conduct, 

in the future, additional assessments of 

the PRA burden associated with BSA 

requirements, including SAR 

requirements. 

Estimated Total Annual Reporting 

and Recordkeeping Burden: 8,647,050 

hours.9

Estimated Total Annual Reporting 

and Recordkeeping Cost: $326,772,020. 

This estimate applies the weighted 

average hourly labor cost of $37.79 per 

hour 10 to the estimated total annual 

reporting and recordkeeping burden 

hours above (8,647,050 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: (i) 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; 

(ii) the accuracy of the agency’s estimate 

of the burden of the collection of 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 89, No. 29 / Monday, February 12, 2024 / Notices 9915 

information; (iii) ways to enhance the 

quality, utility, and clarity of the 

information to be collected; (iv) 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 (v) estimates of capital 

or start-up costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Andrea M. Gacki, 

Director, Financial Crimes Enforcement 

Network. 

[FR Doc. 2024–02747 Filed 2–9–24; 8:45 am] 

BILLING CODE 4810–02–P 

UNIFIED CARRIER REGISTRATION 

PLAN 

Sunshine Act Meetings 

TIME AND DATE: February 15, 2024, 10:00 

a.m. to 11:00 a.m., Eastern Time. 

PLACE: This meeting will be accessible 

via conference call and via Zoom 

Meeting and Screenshare. Any 

interested person may call (i) 1–929– 

205–6099 (US Toll) or 1–669–900–6833 

(US Toll), Meeting ID: 918 9852 6957, to 

listen and participate in this meeting. 

The website to participate via Zoom 

Meeting and Screenshare is https://

kellen.zoom.us/meeting/register/ 

tJUlfuGtrD0jH9PAZzhAv7i2mFNRQGr

ONRAm. 

STATUS: This meeting will be open to the 

public. 

MATTERS TO BE CONSIDERED: The Unified 

Carrier Registration Plan Finance 

Subcommittee (the ‘‘Subcommittee’’) 

will continue its work in developing 

and implementing the Unified Carrier 

Registration Plan and Agreement. The 

subject matter of this meeting will 

include: 

Proposed Agenda 

I. Call to Order—UCR Finance 

Subcommittee Chair 

The UCR Finance Subcommittee 

Chair will welcome attendees, call the 

meeting to order, call roll for the 

Subcommittee, confirm whether a 

quorum is present, and facilitate selfintroductions. 

II. Verification of Publication of 

Meeting Notice—UCR Executive 

Director 

The UCR Executive Director will 

verify the publication of the meeting 

notice on the UCR website and 

distribution to the UCR contact list via 

email followed by the subsequent 

publication of the notice in the Federal 

Register. 

III. Review and Approval of 

Subcommittee Agenda and Setting of 

Ground Rules—UCR Finance 

Subcommittee Chair 

For Discussion and Possible 

Subcommittee Action 

The agenda will be reviewed, and the 

Subcommittee will consider adoption of 

the agenda. 

Ground Rules 

➢ Subcommittee action only to be 

taken in designated areas on agenda. 

IV. Review and Approval of 

Subcommittee Minutes From the 

November 7, 2023, Meeting—UCR 

Finance Subcommittee Chair 

For Discussion and Possible 

Subcommittee Action 

Draft minutes from the November 7, 

2023, Subcommittee meeting will be 

reviewed. The Subcommittee will 

consider action to approve. 

V. Discussion and Recommendation for 

the Selection of an External Auditor for 

the Audit of the Unified Carrier 

Registration Plan Depository for the 

Year Ended December 31, 2022—UCR 

Depository Manager 

The UCR Depository Manager will 

discuss his efforts to find an external 

auditor to conduct an audit of the 

Unified Carrier Registration Plan 

Depository for the year ended December 

31, 2022, including identifying a 

recommended auditor for the 

Subcommittee’s consideration. The 

Subcommittee may take action to 

recommend to the UCR Board the hiring 

of an external auditor to conduct an 

audit of the United Carrier Registration 

Plan Depository for the year ended 

December 31, 2022. 

VI. Other Business—UCR Finance 

Subcommittee Chair 

The UCR Finance Subcommittee 

Chair will call for any other items 

Subcommittee members would like to 

discuss. 

VII. Adjourn—UCR Finance 

Subcommittee Chair 

The UCR Finance Subcommittee 

Chair will adjourn the meeting. 

The agenda will be available no later 

than 5:00 p.m. Eastern time, February 7, 

2024 at: https://plan.ucr.gov. 

CONTACT PERSON FOR MORE INFORMATION: 

Elizabeth Leaman, Chair, Unified 

Carrier Registration Plan Board of 

Directors, (617) 305–3783, eleaman@

board.ucr.gov. 

Alex B. Leath, 

Chief Legal Officer, Unified Carrier 

Registration Plan. 

[FR Doc. 2024–02958 Filed 2–8–24; 4:15 pm] 

BILLING CODE 4910–YL–P 

UNIFIED CARRIER REGISTRATION 

PLAN 

Sunshine Act Meetings 

TIME AND DATE: February 15, 2024, 12:00 

p.m. to 3:00 p.m., Eastern time. 

PLACE: This meeting will be accessible 

via conference call and via Zoom 

Meeting and Screenshare. Any 

interested person may call (i) 1–929– 

205–6099 (US Toll) or 1–669–900–6833 

(US Toll), Meeting ID: 972 3166 8162, to 

listen and participate in this meeting. 

The website to participate via Zoom 

Meeting and Screenshare is https://

kellen.zoom.us/meeting/register/ 

tJMvdOiuqDMrHNaT3tstxIHDqNE9dpN4MnI. 

STATUS: This meeting will be open to the 

public. 

MATTERS TO BE CONSIDERED: The Unified 

Carrier Registration Plan Education and 

Training Subcommittee (the 

‘‘Subcommittee’’) will continue its work 

in developing and implementing the 

Unified Carrier Registration Plan and 

Agreement. The subject matter of this 

meeting will include: 

Proposed Agenda 

I. Call to Order—UCR Education and 

Training Subcommittee Chair 

The Subcommittee Chair will 

welcome attendees, call the meeting to 

order, call roll for the Subcommittee, 

confirm whether a quorum is present, 

and facilitate self-introductions. 

II. Verification of Publication of 

Meeting Notice—UCR Executive 

Director 

The UCR Executive Director will 

verify the publication of the meeting 

notice on the UCR website and 

distribution to the UCR contact list via 

email followed by the subsequent 

publication of the notice in the Federal 

Register. 

III. Review and Approval of 

Subcommittee Agenda and Setting of 

Ground Rules—UCR Education and 

Training Subcommittee Chair 

For Discussion and Possible 

Subcommittee Action 

The Subcommittee Agenda will be 

reviewed, and the Subcommittee will 

consider adoption. 


khammond on DSKJM1Z7X2PROD with NOTICES