Notice2021-27906
Bank Secrecy Act Advisory Group; Solicitation of Application for Membership
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 23, 2021
Issuing agencies
Treasury DepartmentFinancial Crimes Enforcement Network
Abstract
FinCEN is inviting the public to nominate financial institutions, trade groups, and non-federal regulators or law enforcement agencies for membership on the Bank Secrecy Act Advisory Group. New members will be selected for three-year membership terms.
Full Text
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<title>Federal Register, Volume 86 Issue 244 (Thursday, December 23, 2021)</title>
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[Federal Register Volume 86, Number 244 (Thursday, December 23, 2021)]
[Notices]
[Pages 73090-73091]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-27906]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Bank Secrecy Act Advisory Group; Solicitation of Application for
Membership
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice and request for nominations.
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SUMMARY: FinCEN is inviting the public to nominate financial
institutions, trade groups, and non-federal regulators or law
enforcement agencies for membership on the Bank Secrecy Act Advisory
Group. New members will be selected for three-year membership terms.
DATES: Nominations must be received by January 24, 2022.
ADDRESSES: Nominations must be emailed to <a href="/cdn-cgi/l/email-protection#7a38293b3b3d3a1c1314191f14541d150c"><span class="__cf_email__" data-cfemail="5b19081a1a1c1b3d3235383e35753c342d">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: FinCEN Resource Center at
<a href="/cdn-cgi/l/email-protection#5b3d29381b3d3235383e35753c342d"><span class="__cf_email__" data-cfemail="87e1f5e4c7e1eee9e4e2e9a9e0e8f1">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 1654 of the Annunzio-Wylie Anti-
Money Laundering Act of 1992 required the Secretary of the Treasury to
establish a Bank Secrecy Act Advisory Group (BSAAG) consisting of
representatives from federal agencies, and other interested persons and
financial institutions subject to the regulatory requirements of the
Bank Secrecy Act, found at 31 CFR Chapter X. The BSAAG is the means by
which the Treasury receives advice on the reporting requirements of the
Bank Secrecy Act, and informs private sector representatives on how the
information they provide is used. As chair of the BSAAG, the Director
of FinCEN is responsible for ensuring that relevant issues are placed
before the BSAAG for review, analysis, and discussion.
BSAAG membership is open to financial institutions, trade groups,
and federal and non-federal regulators and law enforcement agencies
that are located within the United States. Each member selected will
serve a three-year term and must designate one individual to represent
that member at plenary meetings. While BSAAG membership is granted to
organizations, not to individuals, the designated representative for
each selected organization should be knowledgeable about Bank Secrecy
Act requirements and be willing and able to devote the necessary time
and effort on behalf of the representative's organization. Members are
expected to actively share anecdotal perspectives, quantifiable
[[Page 73091]]
insights on BSA requirements, and industry trends in BSAAG discussions.
The organization's representative must be able to attend biannual
plenary meetings, generally held in Washington, DC, over one or two
days in May and October. Additional BSAAG meetings may be held by
phone, videoconference, or in person and the organization's
representative is expected to actively engage in the BSAAG's work
through participation in meetings of various BSAAG Subcommittees and/or
working groups, including Subcommittees established pursuant to
requirements of the Anti-Money Laundering Act of 2020 (AML Act).\1\
Members will not be paid for their time, services, or travel.
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\1\ The AML Act was enacted as Division F, Sec. Sec. 6001-6511,
of the William M. (Mac) Thornberry National Defense Authorization
Act for Fiscal Year 2021, Public Law 116-283 (2021). The AML Act,
among other provisions, mandated the creation of a BSAAG
Subcommittee on Innovation and Technology (Section 6207) and a BSAG
Subcommittee on Information Security and Confidentiality (Section
6302).
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Nominations for individuals who are not representing an
organization will not be considered, but organizations may nominate
themselves. Please provide complete answers to the following items, as
nominations will be evaluated based on the information provided in
response to this notice and request for nominations. There is no
required format; interested organizations may submit their nominations
via email or email attachment. Nominations should consist of:
<bullet> Name of the organization requesting membership
<bullet> Point of contact, title, address, email address, and phone
number
<bullet> Description of the financial institution or trade group and
its involvement with the Bank Secrecy Act.
<bullet> Reasons why the organization's participation on the BSAAG will
bring value to the group
<bullet> Trade groups must submit a full list of their members along
with their nomination. Trade groups must also confirm that, if
selected, they will only share BSAAG information with their members
that are located within the United States.
In making the selections, FinCEN will seek to complement current
BSAAG members and obtain comprehensive representation in terms of
affiliation, industry, and geographic representation. The Director of
FinCEN retains full discretion on all membership decisions. The
Director may consider prior years' applications when making selections
and will not limit consideration to institutions nominated by the
public when making selections.
Himamauli Das,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. 2021-27906 Filed 12-22-21; 8:45 am]
BILLING CODE 4810-02-P
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