Treasury’s financial crimes enforcement unit will accept nominations of eligible organizations to its Bank Secrecy Act Advisory Group (BSAAG) by Jan. 6, according to a notice in Thursday’s Federal Register.
The BSAAG advises the Treasury Financial Crimes Enforcement Network (FinCEN) on reporting requirements of the Bank Secrecy Act (BSA) and informs private sector representatives on how the information they provide is used, the notice states. The group is chaired by the FinCEN director.
Each member selected will be appointed for a three-year term, it said.
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.
FinCEN said it is “especially interested” in receiving nominations for eligible entities that can share insights on compliance with the Corporate Transparency Act and FinCEN’s implementing regulations, which were last updated in 2022 to include a new beneficial ownership information (BOI) reporting requirement. It said it welcomes nominations from other eligible entities as well.
Each member selected must designate one individual to represent that member at plenary meetings, among other things. It said members will not be paid for their time, services, or travel, according to the notice.
More details and application requirements are provided in the Register notice.
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