[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.
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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:
     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