The U.S. Treasury Department is soliciting input on continuing its suspicious activity (SARS) and currency transaction reporting (CTR) requirements without change for another three years.
In two Federal Register notices (83 FR 5829 and 83 FR 5828) February 9, the Financial Crimes Enforcement Network (FinCEN) published notices and requests for comment on these two regulatory programs under the Bank Secrecy Act (BSA).
The BSA authorizes the U.S. Treasury to require financial institutions to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters, or in the conduct of intelligence or counter-intelligence activities to protect against international terrorism, and to implement counter-money laundering programs and compliance procedures. This authority is delegated to FinCEN. The information collected under these regulations assist federal, state and local law enforcement, as well as regulatory authorities, in the identification, investigation and prosecution of money laundering and other matters.
FinCEN plans to renew the existing regulations without change. However, organizations and individuals have the opportunity to comment on this plan by April 10, 2018. Instructions for submitting comments can be found at www.regulations.gov. For the SARS notice, refer to Docket Number FINCEN-2017-0011 and OMB Control Numbers 1506-0001 and 1506-0029. For the CTR notice, refer to Docket Number FINCEN-2017-0012 and OMB Control Number 1506-0004.