Notice2023-02977
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
February 13, 2023
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 88 Issue 29 (Monday, February 13, 2023)</title>
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[Federal Register Volume 88, Number 29 (Monday, February 13, 2023)]
[Notices]
[Page 9329]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-02977]
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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 March 15, 2023.
ADDRESSES: Nominations must be emailed to <a href="/cdn-cgi/l/email-protection#6e2c3d2f2f292e0807000d0b0040090118"><span class="__cf_email__" data-cfemail="9fddccdeded8dff9f6f1fcfaf1b1f8f0e9">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: FinCEN's Regulatory Support Section
at <a href="/cdn-cgi/l/email-protection#f3958190b3959a9d90969ddd949c85"><span class="__cf_email__" data-cfemail="7d1b0f1e3d1b14131e1813531a120b">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 1564 of the Annunzio-Wylie Anti-
Money Laundering (AML) 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. FinCEN recently published a
final rule \1\ establishing a beneficial ownership information
reporting requirement pursuant to the Corporate Transparency Act. The
rule will require most corporations, limited liability companies, and
other entities created or registered to do business in the United
States to report information about their beneficial owners, i.e., the
persons who ultimately own or control the company, to FinCEN. We invite
firms, trade groups, and federal and state governmental entities within
the United States that are impacted by the new rule to express interest
in BSAAG membership, with a clear explanation on how their perspectives
can enhance the broader BSAAG discussions. We also continue to welcome
nominations from eligible entities that can actively share their
perspectives on a variety of Bank Secrecy Act requirements, including
implementation of the requirements described in Anti-Money Laundering
Act of 2020.\2\
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\1\ FinCEN Issues Final Rule for Beneficial Ownership Reporting
to Support Law Enforcement Efforts, Counter Illicit Finance, and
Increase Transparency [verbar] <a href="http://FinCEN.gov">FinCEN.gov</a>.
\2\ 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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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 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 the Anti-Money Laundering Act of 2020 (AML
Act). Members will not be paid for their time, services, or travel.
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, AML Act of 2020, or
Corporate Transparency 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. 2023-02977 Filed 2-10-23; 8:45 am]
BILLING CODE 4810-02-P
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