On August 13, 2024, FinCEN published in the Federal Register a request for comments on the proposed renewal, without change, of existing information collection requirements found in Bank Secrecy Act regulations that require certain financial institutions to make and retain records associated with certain types of transactions, including but not limited to funds transfers, transmittals of funds, and prepaid access transactions.
The Bank Secrecy Act requires financial institutions, including banks, to make and retain certain records. Comments are invited on:
Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
The accuracy of the agency's estimate of the burden of the collection of information;
Ways to enhance the quality, utility, and clarity of the information to be collected;
Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.
Comments must be received on or before October 15, 2024.
The Federal Register Notice can be found here.