Credit unions included in FinCEN call for feedback on reporting burdens

As part of a proposed renewal of Bank Secrecy Act collection requirements, the Financial Crimes Enforcement Network (FinCEN) is now accepting comments from financial institutions on reporting burdens under section 314(a) of the PATRIOT Act. 

This request comes after FinCEN issued a survey last week seeking information from casinos, money services businesses, and other specific non-bank institutions on the cost of anti-money laundering/counter financing of terrorism compliance. America’s Credit Unions requested FinCEN issue similar survey to credit unions and other depository institutions to assess their costs. 

FinCEN seeks feedback on reporting, start-up technology, and potential third-party vendor costs, in addition to estimates on how long it takes to fulfill a section 314(a) request. 

Under FinCEN’s current process, upon receipt of the information request, a financial institution is required to determine whether it maintains or has maintained any account or engaged in any transaction with an individual, entity, or organization named in the request. If it finds an account or transaction named in the request, the institution must report that information to FinCEN in the manner and timeframe specified in the request. 

Comments are due by Dec. 1.