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FinCEN Requests Comments on Renewal of the OMB Control Number for Bank Secrecy Act Requirements in Connection with Reports of Foreign Financial Accounts Regulations and FinCEN Form 114, Reports of Foreign Bank and Financial Accounts (FBAR)
On August 10, 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 1010.350, 1010.306, and 1010.420. Specifically, the regulations require each U.S. person having a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country to report such relationship to the Commissioner of Internal Revenue for each year such relationship exists, and to provide and report such information specified in a reporting form prescribed under 31 U.S.C. 5314. 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 October 10, 2023. FinCEN encourages the public to review this notice and provide comment.
Federal Register Notice: https://www.federalregister.gov/documents/2023/08/10/2023-17092/agency-information-collection-activities-proposed-renewal-comment-request-renewal-without-change-of
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