The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, is asking for public comments on their plan to renew a rule without changes. This rule requires U.S. banks to gather and report information about financial dealings with specific foreign banks that may do business with Iranian-linked institutions or people associated with the Islamic Revolutionary Guard Corps (IRGC). FinCEN's aim is to continue enforcing these information collections to help monitor and regulate financial activities, with the ultimate goal of preventing money laundering and terrorism financing. The request for comments is in line with efforts to reduce paperwork and examine the burden these regulations place on both U.S. and foreign banks.
Simple Explanation
FinCEN, a part of the U.S. government, wants to keep a rule that asks U.S. banks to check if foreign banks they're connected with are doing business with some Iranian groups. They're asking people to share their thoughts on how this rule affects banks and might help catch bad guys moving money.