The Financial Crimes Enforcement Network (FinCEN) is seeking public comments on the renewal of information collection requirements under the Bank Secrecy Act (BSA). The regulations require dealers in foreign exchange and brokers or dealers in securities to maintain records of taxpayer identification numbers and transaction documents. Though there are no proposed changes to these requirements, FinCEN is considering expanding the scope of the annual burden estimates associated with these regulations. The request for comments is part of an effort to reduce paperwork and evaluate the effectiveness and efficiency of the current process, in compliance with the Paperwork Reduction Act.
Simple Explanation
The government is asking people to share their thoughts on rules that make money businesses keep track of important number records, but they aren't changing the rules themselves right now. They're looking for ideas on how to make these tasks simpler and less time-consuming.