June 14: Recent FinCEN Activities

FinCEN Seeks Comments on Renewal of OMB Control Number for Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and Private Banking Accounts

On June 11, 2024, 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 regulations requiring due diligence programs for correspondent accounts for foreign financial institutions and for private banking accounts. Under the regulations, certain financial institutions are required to establish and maintain due diligence programs for foreign financial institutions and for private banking accounts. 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 August 12, 2024. FinCEN encourages the public to review this notice and provide comment.

Federal Register Notice: https://fincen.gov/resources/statutes-regulations/federal-register-notices/agency-information-collection-activities-40

FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information

On June 10, 2024, the Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information Frequently Asked Questions about reporting companies and exemptions, beneficial owners, the reporting requirements, and general questions, including information about how the Corporate Transparency Act applies to Indian Tribes.

FinCEN Year in Review for Fiscal Year 2023

On June 07, 2024, The Financial Crimes Enforcement Network (FinCEN) today issued its Year in Review for Fiscal Year 2023. The Year in Review is intended to help stakeholders gain insight into the collection and use of Bank Secrecy Act data, including FinCEN’s efforts to support law enforcement and national security agencies. The Year in Review includes statistics from fiscal year 2023 on BSA reporting and how it is queried and used by law enforcement agencies. The Year in Review also includes information on how FinCEN uses and analyzes BSA reporting to fulfill its mission, including to support alerts, trend analyses, and regulatory actions. The publication of the Year in Review is in furtherance of FinCEN’s commitment to provide information and statistics on the usefulness of BSA reporting, consistent with Section 6201 of the Anti-Money Laundering Act of 2020.