Type:Notice
Citation:89 FR 95357
Reading Time:about 2 minutes
The Department of the Treasury is seeking public feedback on their information collection requests related to the sale of financial instruments like bank checks and money orders. These rules are part of efforts to comply with the Bank Secrecy Act, which requires record-keeping for transactions involving $3,000 or more to prevent illegal activities. The public is invited to provide comments by January 2, 2025. This collection primarily impacts businesses and aims to track large cash transactions more effectively.
Simple Explanation
The Department of the Treasury wants people to comment on their plan to keep track of big cash transactions, like when someone buys a big check or money order. This helps them make sure no one is doing sneaky things with money.