By Godson Umejiego, Senior Correspondent USA
On February 16, 2022, 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 number assigned to existing Bank Secrecy Act regulations at 31 CFR 1060.300.
Specifically, the regulations require that upon receiving a written request from FinCEN, a US bank that maintains a correspondent account for a specified foreign bank must ask that foreign bank, and report to FinCEN, about transactions or other financial services provided by that foreign bank to Iranian-linked financial institutions designated under the International Emergency Economic Powers Act (IEEPA) and Islamic Revolutionary Guard Corps (IRGC)-linked persons designated under IEEPA.
The notice is required to give the public an opportunity to comment on existing regulatory requirements and burden estimates. The notice requests feedback from industry on or before April 18, 2022. FinCEN encourages the public to review this notice and provide comment.
