Regulatory Alerts2021-11-15
Added
Orders Imposing Additional Reporting and Recordkeeping Requirements
FinCEN updates 31 CFR 1010.370 to align the regulation with statutory amendments to the Bank Secrecy Act, expanding the Secretary of the Treasury's authority to issue orders to domestic nonfinancial trades or businesses in addition to financial institutions. The rule replaces references to coins and currency with funds, extends the maximum duration of an order from 60 to 180 days, and adds a nondisclosure provision prohibiting entities from revealing the existence or terms of such orders. These changes take effect on November 15, 2021.
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