Comments due on FinCEN proposal to extend requirement
FinCEN published in the March 30, 2017, Federal Register a request for comment on a proposed renewal, without change, to an information collection found in existing regulations requiring U.S. financial institutions to establish due diligence policies, procedures, and controls reasonably designed to detect and report money laundering through correspondent accounts that U.S. financial institutions establish or maintain for certain foreign financial institutions. The proposal would extend the requirements titled "Anti-Money Laundering Programs and Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions" (31 CFR 1010.610). Comments will be accepted for 60 days, through May 29, 2017.
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