Notice2024-28451
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 5, 2024
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 89 Issue 234 (Thursday, December 5, 2024)</title>
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[Federal Register Volume 89, Number 234 (Thursday, December 5, 2024)]
[Notices]
[Pages 96708-96709]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-28451]
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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.
[[Page 96709]]
DATES: Nominations must be received by January 6, 2025.
ADDRESSES: Nominations must be emailed to <a href="/cdn-cgi/l/email-protection#a7e5f4e6e6e0e7c1cec9c4c2c989c0c8d1"><span class="__cf_email__" data-cfemail="2e6c7d6f6f696e4847404d4b4000494158">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: FinCEN Regulatory Support Section at
<a href="/cdn-cgi/l/email-protection#600612032006090e03050e4e070f16"><span class="__cf_email__" data-cfemail="b8decadbf8ded1d6dbddd696dfd7ce">[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 (BSA) 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 subject to the
BSA, trade groups that represent financial institutions subject to the
BSA, and federal and non-federal regulators and law enforcement
agencies that are located within the United States.\1\
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\1\ Because they are not directly subject to the vast majority
of BSA requirements themselves, entities that solely provide
software products or services or consulting services for financial
institutions are not independently eligible for BSAAG membership.
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FinCEN is especially interested in receiving nominations for
eligible entities (as described above) that can share insights on
compliance with the Corporate Transparency Act and FinCEN's
implementing regulations. In September of 2022, FinCEN published a
final rule that implemented a new beneficial ownership information
(BOI) reporting requirement, codified at 31 CFR 1010.380.\2\ This rule
implements section 6403 of the Corporate Transparency Act (CTA), which
was enacted as part of the Anti-Money Laundering Act of 2020 in the
National Defense Authorization Act for Fiscal Year 2021.\3\ The BOI
reporting rule requires certain types of domestic and foreign entities,
called ``reporting companies,'' to report information about their
beneficial owners, the persons who ultimately own or control the
company, to FinCEN. Eligible entities that are interested in focusing
on CTA compliance should provide a clear explanation of how their
perspectives can also enhance broader BSAAG discussions, including
discussions about the BSA generally.
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\2\ 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>.
\3\ The CTA is title LXIV of the William M. (Mac) Thornberry
National Defense Authorization Act for Fiscal Year 2021, Public Law
116-283 (Jan. 1, 2021) (NDAA). Division F of the NDAA is the Anti-
Money Laundering Act of 2020, which includes the CTA. Section 6403
of the CTA, among other things, amended the BSA by adding a new
section 5336, Beneficial Ownership Information Reporting
Requirements, to subchapter II of chapter 53 of title 31, United
States Code.
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We also continue to welcome nominations from other eligible
entities that can actively share their perspectives on a variety of BSA
requirements. 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 BSA 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).\4\ Members will not be
paid for their time, services, or travel.
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\4\ The AML Act was enacted as division F, sections 6001-6511,
of the NDAA. 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. Organizations should only submit nominations on behalf of
their own organization and not on behalf of another organization.
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 electronically
(e.g., email or email attachment). Nominations should include the
following information:
<bullet> Name of the organization requesting membership;
<bullet> Point of contact, title, address, email address, and phone
number;
<bullet> Description of the financial institution, trade group,
regulator, self-regulatory organization (SRO), or law enforcement
agency involved with the BSA;
<bullet> Reasons why the organization's participation on the BSAAG
will bring value to the group; and
<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
retains full discretion on all membership decisions. The Director may
consider prior years' applications when making selections and will not
limit consideration to entities nominated by the public when making
selections.
Andrea M. Gacki,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2024-28451 Filed 12-4-24; 8:45 am]
BILLING CODE 4810-02-P
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