Anti-Money Laundering (AML) Program Renewal Notice and Customer Identification Program (CIP) Renewal Notice

August 13, 2020 / Source: FinCEN

On August 13, 2020, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register two 60-day notices to renew the Office of Management and Budget (OMB) control numbers assigned to the AML program and CIP regulatory requirements. The notices are required to give the public an opportunity to comment on existing regulatory requirements and burden estimates. As a result of recommendations from OMB, in the notices, FinCEN proposes for review and comment methodologies to expand the scope of future estimates of cost and time for purposes of the Paperwork Reduction Act to be more granular in the estimates of resources expended to comply with the AML program and CIP regulatory requirements. The notices request feedback from industry on or before October 13, 2020. FinCEN encourages the public to review these notices and provide comment.