FinCEN Seeking Comments on Information Collection for AML Due Diligence Programs

The Treasury Department’s Financial Crimes Enforcement Network is seeking comments on an information collection relating to anti-money laundering due diligence programs for banks, FinCEN said in a notice released Sept. 28. The collection relates to regulations for banks to “detect and report” money laundering involving correspondent accounts created by foreign financial institutions. The agency is proposing to renew the information collection without change. Comments are due Nov. 30. According to the notice, “Although no changes are proposed to the information collection itself, this request for comments covers a future expansion of the scope of the annual hourly burden and cost estimate associated with these regulations.”