Notice2025-02813
Agency Information Collection Activities: Information Collection Renewal; Comment Request; Minimum Security Devices and Procedures, Reports of Suspicious Activities, and Bank Secrecy Act Compliance Program
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 20, 2025
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, "Minimum Security Devices and Procedures, Reports of Suspicious Activities, and Bank Secrecy Act Compliance Program."
Full Text
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<title>Federal Register, Volume 90 Issue 33 (Thursday, February 20, 2025)</title>
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[Federal Register Volume 90, Number 33 (Thursday, February 20, 2025)]
[Notices]
[Pages 10036-10037]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-02813]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Minimum Security Devices and Procedures,
Reports of Suspicious Activities, and Bank Secrecy Act Compliance
Program
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites comment on a continuing information
collection, as required by the Paperwork Reduction Act of 1995 (PRA).
In accordance with the requirements of the PRA, the OCC may not conduct
or sponsor, and the respondent is not required to respond to, an
information collection unless it displays a currently valid Office of
Management and Budget (OMB) control number. The OCC is soliciting
comment concerning the renewal of its information collection titled,
``Minimum Security Devices and Procedures, Reports of Suspicious
Activities, and Bank Secrecy Act Compliance Program.''
DATES: Comments must be received by April 21, 2025.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#68181a0901060e0728070b0b461c1a0d091b460f071e"><span class="__cf_email__" data-cfemail="a2d2d0c3cbccc4cde2cdc1c18cd6d0c7c3d18cc5cdd4">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0180, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0180'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Following the close of this notice's 60-day comment period, the OCC
will publish a second notice with a 30-day comment period. You may
review comments and other related materials that pertain to this
information collection beginning on the date of publication of the
second notice for this collection by the method set forth in the next
bullet.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. From the
``Currently under Review'' drop-down menu, select ``Department of
Treasury'' and then click ``submit.'' This information collection can
be located by searching OMB control number ``1557-0180'' or ``Minimum
Security Devices and Procedures, Reports of Suspicious Activities, and
Bank Secrecy Act Compliance Program.'' Upon finding the appropriate
information collection, click on the related ``ICR Reference Number.''
On the next screen, select ``View Supporting Statement and Other
Documents'' and then click on the link to any comment listed at the
bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
[[Page 10037]]
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from the OMB for each collection
of information that they conduct or sponsor. ``Collection of
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to
include agency requests or requirements that members of the public
submit reports, keep records, or provide information to a third party.
Section 3506(c)(2)(A) of title 44 generally requires Federal agencies
to provide a 60-day notice in the Federal Register concerning each
proposed collection of information, including each proposed extension
of an existing collection of information, before submitting the
collection to OMB for approval. To comply with this requirement, the
OCC is publishing notice of the renewal of this collection.
Title: Minimum Security Devices and Procedures, Reports of
Suspicious Activities, and Bank Secrecy Act Compliance Program.
OMB Control No.: 1557-0180.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Description: Minimum Security Devices and Procedures: Under 12 CFR
21.2, 21.4, 168.2, and 168.4, national banks and Federal savings
associations are required to designate a security officer who must
develop and administer a written security program. The security officer
shall report at least annually to the institution's board of directors
on the effectiveness of the security program. The substance of the
report shall be reflected in the board's minutes. These requirements
ensure that the security officer is responsible for the security
program and that the institution's management and the board of
directors are aware of the content and effectiveness of the program.
These requirements also ensure prudent institution management and
institution safety and soundness.
Suspicious Activity Report (SAR): In 1992, the Department of the
Treasury was granted broad authority to require suspicious transaction
reporting under the Bank Secrecy Act (BSA). See, 31 U.S.C. 5318(g). The
Financial Crimes Enforcement Network (FinCEN), which has been delegated
the authority to administer the BSA, joined with the bank regulators in
1996 in requiring, on a consolidated form (i.e., SAR), reports of
suspicious transactions. See, 31 CFR 1020.320(a) (formerly 31 CFR
103.18(a)). The filing of SARs is necessary to prevent and detect
crimes involving depository institution funds, institution insiders,
criminal transactions, and money laundering. These requirements are
necessary to ensure institution safety and soundness. National banks
and Federal savings associations are required to maintain a copy of any
SAR filed and the original or business record equivalent of any
supporting documentation for a period of five years. The documents are
necessary for criminal investigations and prosecutions. FinCEN and the
Federal financial institution supervisory agencies \1\ adopted the SAR
form to simplify the process through which depository institutions
inform their regulators and law enforcement about suspected criminal
activity.\2\
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\1\ The Federal financial institution supervisory agencies are
the Office of the Comptroller of the Currency (OCC), Board of
Governors of the Federal Reserve System (Board), Federal Deposit
Insurance Corporation (FDIC), and National Credit Union
Administration (NCUA). The Office of Thrift Supervision, which was
in existence at the time the SAR was adopted, was merged into the
OCC in 2011.
\2\ The OCC estimates 1 hour of burden per SAR filed in
recognition of the fact that most SARs are also required by FinCEN's
SAR regulations and are accordingly already covered under the burden
estimates for those FinCEN regulations. The OCC's estimates are
based on the number of SARs filed by OCC-regulated depository
institutions in the most recent 12-month period, as reported in
FinCEN's published SAR statistics, available at <a href="https://www.fincen.gov/reports/sar-stats">https://www.fincen.gov/reports/sar-stats</a>.
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Procedures for Monitoring Bank Secrecy Act Compliance: Under 12 CFR
21.21, national banks and Federal savings associations are required to
develop and provide for the continued administration of a program
reasonably designed to assure and monitor their compliance with the BSA
and applicable Treasury regulations. The compliance program must be in
writing, approved by the board of directors, and reflected in the
minutes of the national bank or savings association. These requirements
are necessary to ensure an institution's compliance with the BSA and
applicable Treasury regulations.
Estimated Burden:
Estimated Frequency of Response: On occasion.
Estimated Number of Respondents: 1,036.
Estimated Total Annual Burden: 1,266,791 hours.
Comments submitted in response to this notice will be summarized
and 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 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.
Patrick T. Tierney,
Assistant Director, Office of the Comptroller of the Currency.
[FR Doc. 2025-02813 Filed 2-19-25; 8:45 am]
BILLING CODE 4810-33-P
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