Reports by loan or finance companies of suspicious transactions

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. The regulations and related form correspond to the following OMB control numbers: 1506-0001, 1506-0006, 1506-0015, 1506-0019, 1506-0029, 1506-0061, and 1506-0065. This supporting statement is being issued in connection with the renewal of all seven of these OMB control numbers. An administrative burden of one hour is assigned to each of the six SAR regulation OMB control numbers to maintain the requirements in force. The full reporting and recordkeeping burden associated with the reporting requirement is accounted for in the SAR – FinCEN Form 111 under OMB control number 1506-0065. The rationale for assigning the nominal amount of one burden hour to the six SAR regulation OMB control numbers is that the annual burden hours would be double counted if FinCEN estimated the full burden of reporting in each SAR regulation OMB control number and in the SAR – FinCEN Form 111 OMB control number.

The latest form for Reports by loan or finance companies of suspicious transactions expires 2027-03-31 and can be found here.