🏦Treasury Reveals Compliance Updates for Financial Institutions
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple FinCEN Information Collection Requests; Correction
Summary
The Department of the Treasury published a document in the Federal Register of July 30, 2025, concerning request for comments on information collection requests being submitted to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995. The document contained errors in the burden estimates for three of the Financial Crimes Enforcement Network information collection requests.
Agencies
- Treasury Department
Business Impact
$$ - Med
The document involves compliance and regulatory requirements related to information collection for businesses, notably in the financial and gambling sectors. Businesses are affected through the recordkeeping and reporting requirements dictated by FinCEN, which imposes obligations on casinos and financial institutions.