💼FinCEN Proposes Renewal of Reporting Requirements for Transactions
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of certain existing information collection requirements found in Bank Secrecy Act (BSA) regulations. Specifically, the regulations authorize the Secretary of the Treasury, as appropriate, to promulgate regulations requiring specified financial institutions to file reports with the Financial Crimes Enforcement Network (FinCEN) of certain transactions with designated foreign financial agencies. Although no changes are proposed to the information collection itself, this request for comments covers proposed changes in the methods that FinCEN uses to estimate reporting and recordkeeping burdens. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Learn More🏦Requirements for Correspondent Accounts with Foreign Banks
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of certain existing information collection requirements found in Bank Secrecy Act (BSA) regulations applicable to certain covered financial institutions. Under these regulations, among other requirements, a covered financial institution is prohibited from establishing, maintaining, administering, or managing correspondent accounts in the United States for or on behalf of a foreign shell bank. The regulations require that a covered financial institution take reasonable steps to ensure that any correspondent account that it establishes, maintains, administers, or manages in the United States for a foreign bank is not used by the foreign bank to indirectly provide banking services to a foreign shell bank. The regulations also mandate that a covered financial institution that maintains a correspondent account in the United States for a foreign bank retain records in the United States identifying the owners of each such foreign bank whose shares are not publicly traded, unless the foreign bank files a Form FR-Y with the Federal Reserve Board identifying the current owners of the foreign bank, and the name and street address of a person who resides in the United States and is authorized, and has agreed to be an agent to accept service of legal process for records regarding each such correspondent account. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Learn More🏦OCC Notice on Bank Secrecy Act Compliance and Reporting Renewal
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 the renewal of its information collection titled, "Minimum Security Devices and Procedures, Reports of Suspicious Activities, and Bank Secrecy Act Compliance Program." The OCC also is giving notice that it has sent the collection to OMB for review.
Learn More🎲Additional Records Retention Requirements for Casinos by FinCEN
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of certain existing information collection requirements found in Bank Secrecy Act (BSA) regulations applicable to casinos and card clubs. Under these regulations, among other requirements, casinos and card clubs (collectively, casinos) must secure and maintain--with respect to each deposit, account, or line of credit--a record of the name, permanent address, and social security number of the person involved at the time the funds are deposited, the account is opened, or credit is extended. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Learn More📜Federal Reserve Compliance Requirements Under Regulations H and K
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the Recordkeeping Requirements of Regulation H and Regulation K Associated with the Procedures for Monitoring Bank Secrecy Act Compliance (FR K; OMB No. 7100-0310).
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