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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 [www.gpo.gov]
[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 [email protected].

FOR FURTHER INFORMATION CONTACT: FinCEN Regulatory Support Section at 
[email protected].

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] FinCEN.gov.
    \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:
     Name of the organization requesting membership;
     Point of contact, title, address, email address, and phone 
number;
     Description of the financial institution, trade group, 
regulator, self-regulatory organization (SRO), or law enforcement 
agency involved with the BSA;
     Reasons why the organization's participation on the BSAAG 
will bring value to the group; and
     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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