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Comment Period: Requiring Additional Records be Made and Retained by Dealers in Foreign Exchange and by Brokers or Dealers in Securities

FinCEN seeks comments on the renewal, without change, of a currently approved information collections found in existing Bank Secrecy Act regulations. Specifically, the regulations require dealers in foreign exchange and brokers or dealers in securities to secure and maintain a record of the taxpayer identification number for 
individuals for whom a transaction or brokerage account is opened, or for whom a line of credit is extended, subject to certain exceptions. The regulations also require that the dealers in foreign exchange and brokers or dealers in securities retain originals or copies of specified documents relating to account and transaction records. Although no changes are proposed to the information collections themselves, the request for comments covers a future expansion of the scope of the annual hourly burden and cost estimate associated with the regulations. Read more here.

  • April 2, 2021
  • Time: All Day