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FinCEN Requests Comments on Renewal of the OMB Control Number for Regulations Requiring Reports of Transactions with Foreign Financial Agencies
On May 23, 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 1010.360. Specifically, the regulations authorize the Secretary of the Treasury, as appropriate, to promulgate regulations requiring specified U.S. financial institutions to file reports with FinCEN of certain transactions with designated foreign financial agencies (FFAs). FFAs generally refer to financial agencies, such as foreign financial institutions, that conduct certain activities or transactions outside the United States. FFA regulations, among other requirements, must designate the categories of information to be reported by specified U.S. financial institutions. 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 to 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 July 22, 2025.
Federal Register Notice: https://www.federalregister.gov/public-inspection/2025-09310/agency-information-collection-activities-proposals-submissions-and-approvals-reports-of-transactions
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