Bank Secrecy Act Advisory Group; Solicitation of Application for Membership, 9329 [2023-02977]

Download as PDF Federal Register / Vol. 88, No. 29 / Monday, February 13, 2023 / Notices compliance with the Privacy Act, please visit https://www.transportation.gov/ privacy. (Authority: 49 CFR 1.93(a), 46 U.S.C. 55103, 46 U.S.C. 12121.) By Order of the Maritime Administrator. T. Mitchell Hudson, Jr., Secretary, Maritime Administration. [FR Doc. 2023–03028 Filed 2–10–23; 8:45 am] BILLING CODE 4910–81–P DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network Bank Secrecy Act Advisory Group; Solicitation of Application for Membership Financial Crimes Enforcement Network (‘‘FinCEN’’), Treasury. ACTION: Notice and request for nominations. AGENCY: FinCEN is inviting the public to nominate financial institutions, trade groups, and non-federal regulators or law enforcement agencies for membership on the Bank Secrecy Act Advisory Group. New members will be selected for three-year membership terms. SUMMARY: Nominations must be received by March 15, 2023. ADDRESSES: Nominations must be emailed to BSAAG@fincen.gov. FOR FURTHER INFORMATION CONTACT: FinCEN’s Regulatory Support Section at frc@fincen.gov. SUPPLEMENTARY INFORMATION: Section 1564 of the Annunzio-Wylie AntiMoney 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. khammond on DSKJM1Z7X2PROD with NOTICES DATES: VerDate Sep<11>2014 17:10 Feb 10, 2023 Jkt 259001 FinCEN recently 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, i.e., 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 impacted by 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 eligible entities that can actively share their perspectives on a variety of Bank Secrecy Act requirements, including implementation of the requirements described in Anti-Money Laundering Act of 2020.2 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 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). 1 FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency | FinCEN.gov. 2 The AML Act was enacted as Division F, §§ 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). PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 9329 Members will not be paid for their time, services, or travel. 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, AML Act of 2020, 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. Himamauli Das, Acting Director, Financial Crimes Enforcement Network. [FR Doc. 2023–02977 Filed 2–10–23; 8:45 am] BILLING CODE 4810–02–P DEPARTMENT OF THE TREASURY Office of Foreign Assets Control Notice of OFAC Sanctions Actions Office of Foreign Assets Control, Treasury. ACTION: Notice. AGENCY: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is publishing the names of persons that have been placed on OFAC’s Specially Designated Nationals SUMMARY: E:\FR\FM\13FEN1.SGM 13FEN1

Agencies

[Federal Register Volume 88, Number 29 (Monday, February 13, 2023)]
[Notices]
[Page 9329]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02977]


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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.

-----------------------------------------------------------------------

SUMMARY: FinCEN is inviting the public to nominate financial 
institutions, trade groups, and non-federal regulators or law 
enforcement agencies for membership on the Bank Secrecy Act Advisory 
Group. New members will be selected for three-year membership terms.

DATES: Nominations must be received by March 15, 2023.

ADDRESSES: Nominations must be emailed to [email protected].

FOR FURTHER INFORMATION CONTACT:  FinCEN's 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, 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. FinCEN recently 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, i.e., 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 impacted by 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 eligible entities that can actively share their 
perspectives on a variety of Bank Secrecy Act requirements, including 
implementation of the requirements described in Anti-Money Laundering 
Act of 2020.\2\
---------------------------------------------------------------------------

    \1\ FinCEN Issues Final Rule for Beneficial Ownership Reporting 
to Support Law Enforcement Efforts, Counter Illicit Finance, and 
Increase Transparency [verbar] FinCEN.gov.
    \2\ The AML Act was enacted as Division F, Sec. Sec.  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).
---------------------------------------------------------------------------

    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 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). Members will not be paid for their time, services, or travel.
    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, AML Act of 2020, 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.

Himamauli Das,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. 2023-02977 Filed 2-10-23; 8:45 am]
BILLING CODE 4810-02-P
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