Regulatory Alerts2024-08-13
Agency Information Collection Activities: Proposed Renewal; Comment Request; Renewal Without Change of Records to be Made and Retained by Financial Institutions, Banks, and Providers and Sellers of Prepaid Access
The Financial Crimes Enforcement Network invites public comments on the proposed renewal without change of existing Bank Secrecy Act regulations requiring financial institutions to make and retain records for transactions such as funds transfers and prepaid access. These requirements mandate the collection, retention, and transmission of specific information for transfers exceeding $3,000 and other specified transaction types to support anti-money laundering and counter-terrorism financing efforts. Written comments must be received by October 15, 2024, via the Federal e-rulemaking portal or by mail to FinCEN's Policy Division.
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