Regulatory Alerts2024-09-17
Agency Information Collection Activities: Proposed Renewal; Comment Request; Renewal Without Change of Purchases of Bank Checks and Drafts, Cashier’s Checks, Money Orders, and Traveler’s Checks
The Financial Crimes Enforcement Network proposes the renewal without change of existing information collection requirements under the Bank Secrecy Act that mandate financial institutions to maintain records for the issuance or sale of bank checks, drafts, cashier's checks, money orders, and traveler's checks involving currency between $3,000 and $10,000. This notice invites public comments on the necessity, accuracy, and burden of these recordkeeping obligations, which affect approximately 23,207 financial institutions and impose an estimated annual cost of $18.5 million. Written comments must be received by November 18, 2024, to support the Office of Management and Budget's review of OMB control number 1506-0057.
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