Thursday, May 22, 2025

FinCEN Updates: Comment Request on Renewal of OMB Control Number for Regulations Regarding Prohibition on Correspondent Accounts

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FinCEN Requests Comments on Renewal of the OMB Control Number for Regulations Regarding the Prohibition on Correspondent Accounts

On May 22, 2025, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget control number assigned to existing Bank Secrecy Act regulations at 31 CFR 1010.630. Under these regulations, among other requirements, a covered financial institution is prohibited from maintaining correspondent accounts in the United States for or on behalf of a foreign shell bank. The regulations require that a covered financial institution take reasonable steps to ensure that any correspondent account that it maintains in the United States for a foreign bank is not used by the foreign bank to indirectly provide banking services to a foreign shell bank. The notice is required under the Paperwork Reduction Act of 1995 (PRA) to give the public an opportunity to comment on existing regulatory requirements and burden estimates. FinCEN is also seeking public comments on an updated methodology designed to improve the accuracy of cost and time estimates under the PRA.

FinCEN encourages the public to review this notice and provide comment on or before June 21, 2025.

Federal Register Notice: https://www.federalregister.gov/documents/2025/05/22/2025-09162/agency-information-collection-activities-proposed-renewal-comment-request-renewal-without-change-of

 

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