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1Language 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’’), Public Law 107–56. 

2See 67 FR 64067, 64075. 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement 

Network; Proposed Collection; 

Comment Request; Suspicious Activity 

Report by Insurance Companies 

AGENCY: Financial Crimes Enforcement 

Network (‘‘FinCEN’’). 

ACTION: Notice and request for 

comments. 

SUMMARY: FinCEN invites comment on a 

proposed information collection 

contained in a new form, ‘‘Suspicious 

Activity Report by Insurance Companies 

(SAR–IC).’’ The form will be used by 

insurance companies 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, Pub. 

L. 104–13, 44 U.S.C. 3506(c)(2)(A). 

DATES: Written comments are welcome 

and must be received on or before 

January 3, 2006. 

ADDRESSES: Written comments should 

be submitted to: Department of the 

Treasury, Financial Crimes Enforcement 

Network, Regulatory Policy and 

Programs Division, P.O. Box 39, Vienna, 

VA 22183, Attention: PRA Comments—

SAR-Insurance Companies Form. 

Comments also may be submitted by 

electronic mail to the following Internet 

address: regcomments@fincen.treas.gov, 

again with a caption, in the body of the 

text, ‘‘Attention: PRA Comments—SARInsurance Companies Form.’’

Inspection of comments. Comments 

may be inspected, between 10 a.m. and 

4 p.m., in the FinCEN reading room in 

Washington, DC. Persons wishing to 

inspect the comments submitted must 

request an appointment by telephoning 

(202) 354–6400. 

FOR FURTHER INFORMATION CONTACT: 

FinCEN’s Regulatory Policy and 

Programs Division, Forms 

Administration at (800) 949–2732. 

SUPPLEMENTARY INFORMATION: Title: 

Suspicious Activity Report by Insurance 

Companies (SAR–IC). 

OMB Number: 1506–00XX. 

Form Number: FinCEN Form 108. 

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. 

5311–14, 5316–5332, 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 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. 

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 October 17, 

2002, we issued a notice of proposed 

rulemaking requiring insurance 

companies to report suspicious 

transactions. The final rule can be found 

at 31 CFR 103.16, which also can be 

found in today’s FR. 

In the preamble to the notice of 

proposed rulemaking, we indicated that 

we would be developing a suspicious 

activity reporting form for insurance 

companies entitled ‘‘Suspicious Activity 

Report by Insurance Companies,’’ or 

‘‘SAR–IC.’’ 2

The information collected on the new 

form is required to be provided 

pursuant to 31 U.S.C. 5318(g) and 31 

CFR 103.16. 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 domestic and international 

money laundering, terrorist financing, 

and other financial crimes. 

Reports filed by insurance companies 

required to report suspicious 

transactions under 31 CFR 103.16, and 

any reports filed voluntarily by other 

insurance companies 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. 

The enclosed draft SAR–IC form is 

presented only for purposes of soliciting 

public comment on the form. This form 

should not be used at this time to report 

suspicious activity. A final version of 

the form will be made available at a 

later date. 

Type of Review: New information 

collection. 

Affected public: Business or other forprofit institutions. 

Frequency: As required. 

Estimated Burden: Reporting average 

of 2 hours per response. This burden 

relates to the completion of the SAR–IC 

form and the recordkeeping burden of 

31 CFR 103.16. See 67 FR 64067, 64075. 

Estimated number of respondents: 

1,200. 

Estimated Total Annual Responses: 

1,200. 

Estimated Total Annual Burden 

Hours: 2,400. 

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 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 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: October 28, 2005. 

William J. Fox, 

Director, Financial Crimes Enforcement 

Network. 

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