FinCEN requests comments on Renewal of the OMB Control Number for Reports of Transactions with Foreign Financial Agencies

Written by The Frontier Post

F.P. Report

WASHINGTON: On January 11, 2022, 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 the regulation requiring reports of transactions with foreign financial agencies (31 CFR 1010.360).

Specifically, the regulation authorizes the Secretary of the Treasury, as appropriate, to promulgate regulations requiring specified financial institutions to file reports with FinCEN about specified transactions with designated foreign financial agencies.

The notice is required to give the public an opportunity to comment on existing regulatory requirements and burden estimates. As a result of recommendations from OMB, the notice proposes for review and comment a methodology to expand the scope of future estimates of cost and time for purposes of the Paperwork Reduction Act, intending to be more granular in the estimates of resources expended to comply with these regulatory requirements.

The notice requests feedback from industry on or before March 14, 2022. FinCEN encourages the public to review this notice and provide comment.

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