Bank Secrecy Act Advisory Group; Solicitation of Application for Membership

• Published date: 15 December 2023
• Citation: 88 FR 87053
• Pages: 87053-87054
• FR Document: 2023-27620
• Court: Financial Crimes Enforcement Network
• Section: Notices
• Issuer: Treasury Department,Financial Crimes Enforcement Network

Federal Register, Volume 88 Issue 240 (Friday, December 15, 2023)

[Federal Register Volume 88, Number 240 (Friday, December 15, 2023)]
                [Notices]
                [Pages 87053-87054]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [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 [email protected].
                FOR FURTHER INFORMATION CONTACT: FinCEN Regulatory Support Section at
                [email protected].
                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.
                --------------------------------------------------------------------------- \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.
                --------------------------------------------------------------------------- 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.
                --------------------------------------------------------------------------- \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).
                --------------------------------------------------------------------------- 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: Name of the organization requesting membership Point of contact, title, address, email address, and phone
                number Description of the financial institution or trade group
                and its involvement with the Bank Secrecy Act and/or Corporate
                Transparency Act. Reasons why the organization's participation on the BSAAG
                will bring value to the group 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