FinCEN Updates: Suspicious Activity Report Renewal Notice
FinCEN Updates sent this bulletin at 05/26/2020 12:02 PM EDTSuspicious Activity Report (SAR) Renewal Notice
On May 26, 2020, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control numbers assigned to the SAR reporting and regulatory requirements. The notice is required to give the public an opportunity to comment on existing reporting and regulatory requirements and burden estimates. As a result of recommendations from OMB, FinCEN significantly revised its methodology on costs and time estimates for purposes of the Paperwork Reduction Act to be more granular in the estimate of resources expended. The notice requests feedback from industry on or before July 27, 2020. FinCEN encourages the public to review this notice and provide comment.
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