‘‘(d) NO-ACTION LETTERS WITH RESPECT TO SPE-
CIFIC CONDUCT.— 
‘‘(1) IN GENERAL.—The Director of FinCEN 
shall issue regulations to establish a process for the 
issuance of a no-action letter by FinCEN in re-
sponse to an inquiry from a person or group of per-
sons concerning the application of the Bank Secrecy 
Act, the USA PATRIOT Act, or any other anti- 
money laundering and counter terrorist financing 
law or regulation to specific conduct, which shall in-
clude a statement as to whether or not FinCEN has 
any intention of taking an enforcement or other reg-
ulatory action against the person or group with re-
spect to such conduct. 
‘‘(2) CONSULTATION.—In issuing the regula-
tions described under paragraph (1), the Secretary 
shall consult with the Federal functional regulators 
and such other Federal departments and agencies as 
the Secretary determines appropriate. 
‘‘(3) RELIANCE ON NO-ACTION LETTER.— 
‘‘(A) 
LIABILITY.—Notwithstanding 
any 
other provisions of law, except for paragraph 
(5)(B), a person described under subparagraph 
(B) who relies upon a no-action letter issued 
under this subsection in accordance with the 
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provisions and findings of such letter shall not, 
as a result, be subject to any regulatory action 
or civil or criminal penalty under the Bank Se-
crecy Act, the USA PATRIOT Act, or any 
other anti-money laundering and counter ter-
rorist financing law or regulation with respect 
to the activity covered in the no-action letter. 
‘‘(B) PERSONS
COVERED.—A person de-
scribed in this paragraph is— 
‘‘(i) any person involved in the specific 
conduct that is the subject of the no-action 
letter; and 
‘‘(ii) any person involved in conduct 
which is indistinguishable in all its mate-
rial aspects from the specific conduct that 
is the subject of the no-action letter. 
‘‘(4) FEES.— 
‘‘(A) IN
GENERAL.—The Director of 
FinCEN shall develop a system to charge a fee 
for each request for a no-action letter made 
under this subsection in an amount sufficient, 
in the aggregate, to pay for the cost of carrying 
out this subsection. Such system shall provide 
for a lower fee for small business concerns and 
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small financial institutions compared to other 
persons. 
‘‘(B) NOTICE AND COMMENT.—Not later 
than 45 days after the date of the enactment of 
this paragraph, the Director of FinCEN shall 
publish a description of the fee system de-
scribed in subparagraph (A) in the Federal 
Register and shall solicit comments from the 
public for a period of 60 days after publication. 
‘‘(C) FINALIZATION.—The Director of 
FinCEN shall publish a final description of the 
fee system and implement such fee system not 
later than 30 days after the end of the public 
comment period described in subparagraph (B). 
‘‘(5) MODIFYING OR RESCINDING A NO-ACTION 
LETTER.— 
‘‘(A) IN
GENERAL.—The Director of 
FinCEN may modify or rescind any no-action 
letter issued under this subsection if— 
‘‘(i) in light of changes in statute, reg-
ulations, or policy the letter no longer sets 
forth the interpretation of FinCEN with 
respect to the content of the letter; or 
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‘‘(ii) any fact or statement submitted 
in the original inquiry is found to be mate-
rially inaccurate or incomplete. 
‘‘(B) NO RELIANCE ON RESCINDED LET-
TER.—Paragraph (3) shall not apply to the any 
actions taken after the date that a no-action 
letter is rescinded. 
‘‘(C) RETROACTIVE MODIFICATION OR RE-
SCISSION.—A no-action letter may be modified 
or rescinded retroactively only with respect to 
one or more parties to the original inquiry and 
only if the Director of FinCEN determines 
that— 
‘‘(i) a fact or statement in the original 
inquiry was materially inaccurate or in-
complete; 
‘‘(ii) the requestor failed to notify in 
writing FinCEN of a material change to 
any fact or statement in the original re-
quest; or 
‘‘(iii) a party to the original inquiry 
acted in bad faith when relying upon the 
no-action letter. 
‘‘(D) NOTICE OF MODIFICATION AND RE-
SCISSION.—In the case that the Director of 
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FinCEN modifies or rescinds a no-action letter 
under this subsection, the Director of FinCEN 
shall— 
‘‘(i) provide notice of such modifica-
tion or rescission; 
‘‘(ii) establish a reasonable time pe-
riod, of not less than 90 days, in which im-
pacted persons may update their anti- 
money laundering programs or processes to 
achieve compliance with the Bank Secrecy 
Act, the USA PATRIOT Act, or any other 
anti-money laundering and counter ter-
rorist financing law or regulation. 
‘‘(6) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) BANK
SECRECY
ACT.—The term 
‘Bank Secrecy Act’ means— 
‘‘(i) section 21 of the Federal Deposit 
Insurance Act; 
‘‘(ii) chapter 2 of title I of Public Law 
91–508; and 
‘‘(iii) subchapter II of chapter 53 of 
this title. 
‘‘(B) 
FEDERAL
FUNCTIONAL
REGU-
LATOR.—The term ‘Federal functional regu-
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lator’ has the meaning given that term under 
section 5312 of title 31, United States Code. 
‘‘(C) SMALL
BUSINESS
CONCERN.—The 
term ‘small business concern’ has the meaning 
given under section 3 of the Small Business 
Act.’’. 
Æ 
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