FinCEN Seeking Comments on Information Collection Involving BSA Reporting

The Treasury Department’s Financial Crimes Enforcement Network is seeking public comments on an information collection involving requirements for banks to submit reports of foreign financial accounts. The Bank Secrecy Act requires certain financial institutions to keep records and file reports -- including Form 114, Report of Foreign Bank and Financial Accounts (FBAR) -- that have a “high degree of usefulness in criminal, tax and regulatory matters or “in the conduct of intelligence or counter-intelligence activities” against international terrorism or money laundering to aid compliance procedures. Comments are due Oct. 10.