💼OCC Requests Comments on Bank Secrecy Act Risk Assessment Revision
Agency Information Collection Activities; Information Collection Revision; Comment Request; Bank Secrecy Act/Money Laundering Risk Assessment
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 a revision to its information collection titled, "Bank Secrecy Act/Money Laundering Risk Assessment," also known as the Money Laundering Risk (MLR) System.
Agencies
- Treasury Department
- Comptroller of the Currency
Business Impact
$$$ - High
The notice pertains to the revision of an important regulation under the Bank Secrecy Act, which impacts compliance and operational requirements for businesses involved in financial services, particularly community and trust banks. The collection and analysis of money laundering risks are crucial for compliance with federal regulations, directly affecting business operations and risk management strategies.