Notice2023-27620
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 15, 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 in 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 240 (Friday, December 15, 2023)</title>
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[Federal Register Volume 88, Number 240 (Friday, December 15, 2023)]
[Notices]
[Pages 87053-87054]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-27620]
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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 in the Bank Secrecy Act Advisory
Group. New members will be selected for three-year membership terms.
DATES: Nominations must be received by January 16, 2024.
ADDRESSES: Nominations must be emailed to <a href="/cdn-cgi/l/email-protection#e5a7b6a4a4a2a5838c8b86808bcb828a93"><span class="__cf_email__" data-cfemail="febcadbfbfb9be9897909d9b90d0999188">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: FinCEN Regulatory Support Section at
<a href="/cdn-cgi/l/email-protection#1a7c68795a7c7374797f74347d756c"><span class="__cf_email__" data-cfemail="1e786c7d5e7877707d7b7030797168">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 1564 of the Annunzio-Wylie Anti-
[[Page 87054]]
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. In September of 2022, FinCEN
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, 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 affected
by and connected to compliance with 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 other eligible entities that can actively share their
perspectives on a variety of Bank Secrecy Act requirements.
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\1\ ``FinCEN Issues Final Rule for Beneficial Ownership
Reporting to Support Law Enforcement Efforts, Counter Illicit
Finance, and Increase Transparency''. 87 FR 59498, September 30,
2022.
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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, generally 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).\2\ Members will not be paid for their time, services, or travel.
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\2\ The AML Act was enacted as Division F, sections 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 and/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.
Andrea M. Gacki,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2023-27620 Filed 12-14-23; 8:45 am]
BILLING CODE 4810-02-P
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