FinCEN Updates: Comments Requested on Renewal of OMB Control Number for BSA Requirements on the Imposition of a Special Measure Against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern

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FinCEN Requests Comments on Renewal of the OMB Control Number for Bank Secrecy Act Requirements in Connection with the Imposition of a Special Measure Against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern

On July 26, 2023, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control number assigned to existing Bank Secrecy Act regulations at 31 CFR 1010.660. Specifically, the regulations require that U.S. financial institutions apply due diligence to correspondent accounts they maintain on behalf of foreign financial institutions, which is reasonably designed to guard against the indirect use of those accounts by the Bank of Dandong. The notice is required to give the public an opportunity to comment on existing regulatory requirements and burden estimates. The notice requests feedback from industry on or before September 25, 2023. FinCEN encourages the public to review this notice and provide comment.

Federal Register Notice: https://www.federalregister.gov/documents/2023/07/26/2023-15784/agency-information-collection-activities-proposed-renewal-comment-request-renewal-without-change-of

 

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