The Financial Crimes Enforcement Network (FinCEN), part of the U.S. Treasury Department, is seeking comments on renewing a rule about recordkeeping for certain financial transactions. The rule mandates financial institutions to keep records of purchases of items like bank checks and money orders when bought with cash amounts ranging from $3,000 to $10,000. FinCEN is not proposing any changes to the rule itself but wants feedback on improving the process to estimate time and costs for financial institutions to comply with these requirements. Public comments are invited by March 22, 2021, and will help FinCEN refine their data collection and reduce paperwork burdens.
Simple Explanation
The government wants to keep track of when people buy special types of checks and orders with money, and they're asking for ideas on how to do it better. They aren't changing the rules but want to know how long it takes and how much it costs for banks to follow these rules.