The Financial Crimes Enforcement Network is seeking public comment on the reporting burden under its Section 314(a) regulations, which require financial institutions to search records and report matches to FinCEN within 14 days.
Section 314(a) of the Patriot Act requires financial institutions, upon FinCEN’s request, to search their records to determine whether they have maintained an account or conducted a transaction with an individual, entity or organization that a federal law enforcement agency suspects of engaging in terrorist activity or money laundering. According to a Paperwork Reduction Act notice in the Federal Register, FinCEN is seeking public comment on whether it has accurately estimated the reporting burden of the regulation and whether there are steps it can take to further reduce that burden. It is also seeking answers to a list of 15 questions about Section 314(a) reporting.
Written comments must be submitted to FinCEN by Dec. 1.
