On September 17, 2024, FinCEN issued a notice and request for comments on the proposed renewal, without change, of existing information collection requirements found in BSA regulations that require financial institutions to maintain records related to the issuance or sale of bank checks and drafts, cashier's checks, money orders, and traveler's checks when the issuance or sale involves the use of currency in an amount between $3,000 and $10,000, inclusive.
The Bank Secrecy Act requires financial institutions to keep records and file reports that are useful for criminal, tax, or regulatory matters, risk assessments, intelligence activities, and counter-terrorism. It prohibits financial institutions from issuing bank checks, cashier’s checks, traveler’s checks, or money orders for transactions involving U.S. coins or currency of $3,000 or more unless the individual either (1) has a verified account with the institution, or (2) provides and verifies required information as per regulations, which the institution must record. To implement these requirements, FinCEN issued a regulation requiring financial institutions to maintain records related to the issuance or sale of bank checks and drafts, cashier's checks, money orders, and traveler's checks.
FinCEN is proposing to renew without change the currently approved information collection. Written comments on the proposed renewal will be accepted until November 18, 2024.
The Notice can be found here.