🏦Proposed FDIC Survey on AML/CFT Compliance Costs
Agency Information Collection Activities: Proposed New Information Collection; Survey of the Costs of AML/CFT Compliance; Comment Request
Summary
The Federal Deposit Insurance Corporation (FDIC), as part of its obligations under the Paperwork Reduction Act of 1995 (PRA), invites the general public and other Federal agencies to take this opportunity to comment on a proposed information collection, a Survey of the Costs of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance. The survey seeks to gather information on the direct compliance costs incurred by FDIC-supervised insured depository institutions and, to the extent these expenses overlap with those of other activities (such as fraud and credit card monitoring), the amount attributable to AML/CFT compliance. The FDIC is seeking a new OMB Control Number for this information collection. The FDIC expects to submit this information collection as a common form so that the other federal banking agencies and the National Credit Union Administration may use the information collection to survey the entirety of the banking and credit union industry.
Agencies
- Federal Deposit Insurance Corporation
Business Impact
$$ - Med
The text outlines a proposed information collection on the costs of AML/CFT compliance which directly impacts FDIC-supervised institutions. Businesses must prepare to engage with the survey, potentially altering their compliance budgets long term.