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Federal forms, ICRs, and supporting documents

Information Collection Request

Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers

ICR 201508-1506-001 · OMB 1506-0069 · Historical Inactive

Forms and Documents
DocumentTypeStatusAvailability
No forms / supporting documents in this ICR. Check IC Document Collections.
IC Document Collections
IC IDCollectionTypeStatusForm
217803 Reports by investment advisers of suspicious transactions: New
ICR Details
1506-0069 201508-1506-001
Historical Inactive
TREAS/FINCEN
Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers
New collection (Request for a new OMB Control Number)   No
Regular
Comment filed on proposed rule 08/11/2015
Retrieve Notice of Action (NOA) 08/07/2015
Agency will resubmit collection and provide any response to comments at the final rule stage.
  Inventory as of this Action Requested Previously Approved
36 Months From Approved
0 0 0
0 0 0
0 0 0
FinCEN, a bureau of the Department of the Treasury ("Treasury"), is issuing this notice of proposed rulemaking to prescribe minimum standards for anti-money laundering programs ("AML") to be established by certain investment advisers and to require such investment advisers to report suspicious activity to FinCEN pursuant to the Bank Secrecy Act ("BSA"). FinCEN is taking this action to regulate investment advisers that may be at risk for attempts by money launderers or terrorist financer's seeking access to the U.S. financial system through a financial institution type not required to maintain AML programs or file suspicious activity reports ("SARs"). The investment advisers FinCEN proposes to cover by these rules are those registered or required to be registered with the U.S. Securities and Exchange Commission ("SEC"). FinCEN is also proposing to include investment advisers in the general definition of "financial institution" in rules implementing the BSA. Doing so would subject investment advisers to the BSA requirements generally applicable to financial institutions, including, for example, the requirements to file Currency Transaction Reports ("CTRs") and to keep records relating to the transmittal of funds. Finally, FinCEN is proposing to delegate its authority to examine investment advisers for compliance with these requirements to the SEC. In this rulemaking, FinCEN is not proposing a customer identification program requirement or including within the AML program requirements provisions recently proposed with respect to AML program requirements for other financial institutions. FinCEN anticipates addressing both of these issues with respect to investment advisers, as well as other issues, such as the potential application of regulatory requirements consistent with Sections 311, 312, 313 and 319(b) of the USA PATRIOT Act, in subsequent rulemakings, with the issue of customer identification program requirements anticipated to be addressed via a joint rulemaking effort with the SEC.
US Code: 31 USC 5311-5314 and 5316-5332 Name of Law: Money and Finance
  
None
1506-AB10 Proposed rulemaking
No
1
IC Title Form No. Form Name
Reports by investment advisers of suspicious transactions:
Yes
Changing Regulations
No
This regulatory action adds Investment Advisors to the BSA requirement for reporting suspicious activity. The burden reflected is a regualtory burden only to maintain the regulatory requirement. The actual reporting and recordkeeping burden is applied to 1506-0065 in the amount of 22,470 hours.
No
No
No
No
No
Uncollected
Russell Stephenson 202 354-6012
  No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
08/07/2015