Financial Crimes Enforcement Network August 2014 – Federal Register Recent Federal Regulation Documents
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Proposed Collection; Comment Request; Renewal Without Change of the FinCEN Suspicious Activity Reports Electronic Data Fields
FinCEN invites all interested parties to comment on its proposed renewal without change to the collection of information filings by financial institutions required to file such reports under the Bank Secrecy Act (``BSA''). This notice does not propose any new regulatory requirements or changes to the requirements related to suspicious activity reporting. The data fields reflect the filing requirement for all filers of SARs under the BSA. This request for comments covers 31 CFR 1020.320, 1021.320, 1022.320, 1023.320, 1024.320, 1025.320, 1026.320, and 1029.320. This request for comments is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Customer Due Diligence Requirements for Financial Institutions
The Financial Crimes Enforcement Network (FinCEN), after consulting with staff from various federal supervisory authorities, is proposing rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The proposed rules would contain explicit customer due diligence requirements and would include a new regulatory requirement to identify beneficial owners of legal entity customers, subject to certain exemptions.
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