Regulatory Alerts2025-05-22
FinCEN Proposed Renewal of Information Collection on Prohibition on Correspondent Accounts for Foreign Shell Banks
The Financial Crimes Enforcement Network seeks public comments on the proposed renewal without change of information collection requirements under the Bank Secrecy Act. These regulations prohibit covered financial institutions from maintaining correspondent accounts for foreign shell banks and mandate the retention of records identifying owners of foreign banks and agents for service of legal process. The agency requests feedback on the burden imposed on the estimated 104 covered financial institutions that maintain such accounts by the July 21, 2025 deadline.
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