The US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has called for suggestions and comments on its proposed strategy to reduce paperwork and respondent burden. The comments are to be about information collections for suspicious transaction reports.
The Bank Secrecy Act (BSA) requires financial institutions to report suspicious transactions using FinCEN Report 111. This is also known as the suspicious activity report (SAR). FinCEN has not directly altered information collections. So, the request for comments only concerns the proposed renewed estimate of the burden related to information collections.
FinCEN’s request for comments is in accordance with the Paperwork Reduction Act of 1995. Those interested must share their comments with FinCEN by July 27, 2020 through the federal e-rulemaking portal or through paper mail.
