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Financial Services Law Insights and Observations

FinCEN final rule updates reporting and recordkeeping requirements

Financial Crimes Bank Secrecy Act FinCEN Of Interest to Non-US Persons Federal Register Department of Treasury

Financial Crimes

On November 15, the Financial Crimes Enforcement Network (FinCEN) published a final rule in the Federal Register, which updates regulation 31 CFR 1010.370 to mirror statutory amendments to Section 5326 of the Bank Security Act (BSA). Specifically, Section 5326 has been amended three times (in 1992, 2001, and 2017) to expand the authority of the Secretary of the Department of the Treasury. The final rule updates the regulation to reflect the subsequent statutory amendments by, among other things, updating the authority of FinCEN to issue orders imposing additional reporting and recordkeeping requirements on financial institutions and nonfinancial trades or businesses in a geographic area. The final rule also notes that since the amendments promulgated by the rule conform the regulation to the statute and reflect no discretionary or substantive determination, no public comment was solicited; therefore, the final rule is effective immediately.

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