FinCEN Extends Comment Period on Potential Requirements Under Bank Secrecy Act

FinCEN recently extended the comment period on its Advanced Notice of Proposed Rulemaking (ANPR), which WBK previously covered here, to solicit public comment on potential requirements under the Bank Secrecy Act (BSA) to collect, report, and retain information on persons involved in certain real estate transactions.  FinCEN stated that it would use the comments submitted in response to the ANPR to help the agency prepare a potential proposed rule that would impose nationwide recordkeeping and reporting requirements on certain individuals participating in transactions involving non-financed purchases of real estate.  Written comments are now due by February 21, 2022.