The costs to depository institutions of complying with Bank Secrecy Act (BSA) anti-money laundering and countering the financing of terrorism (AML/CFT) requirements are sought in an agency information collection proposed for Office of Management and Budget (OMB) approval, according to a notice slated for publication Friday in the Federal Register.
The Federal Deposit Insurance Corp. (FDIC), as part of its request for approval, is seeking comments from the public on the sought-after information’s utility, accuracy of burden estimate, etc. It said it plans to submit the information collection as a “common form” so other federal banking agencies and the National Credit Union Administration (NCUA) can use it “to survey the entirety of the banking and credit union industry.”
The survey will be used “to shape deregulatory proposals consistent with the Executive Orders of the Trump administration,” according to proposed survey questionnaire available now on the FDIC’s website.
Briefly, the proposed survey seeks:
- the institution’s costs in 2024 related to compliance with the Bank Secrecy Act (BSA) and implementing regulations;
- which areas (listed in the survey) of compliance program activity utilize technological resources;
- what percentages of AML/CTF costs are related to the production of suspicious activity reports (SARs) and, separately (and optional), 13 other listed activities;
- percentage of AML/CTF costs related to OFAC compliance;
- whether the institution conducts anti-financial crime activities or maintains systems designed to combat financial crime not directly required by the BSA or its implementing regs, and their direct costs in 2024;
- percentage of operating expenses related to these direct costs in 2024.
Public comments on the proposed information collection are due 60 days after publication in the Register.
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