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Insight post provides info on FinCEN BSA advisory group
In a new post on NAFCU’s Compliance, Risk, & BSA Network, Senior Regulatory Affairs Counsel Aminah Moore provides information on the recently opened nominations for the Financial Crimes Enforcement Network’s (FinCEN) Bank Secrecy Act Advisory Group (BSAAG).
The post explains that the creation of BSAAG is required under federal law and consists of financial institutions, trade associations, and non-federal regulators or law enforcement agencies. Moore also notes that membership is open to organizations, not individuals, but a knowledgeable representative must be delegated by each organization selected to the group.
Additionally, Moore highlights that credit unions can nominate themselves and members will be selected by FinCEN’s director. Each selected member will serve three-year terms and must be able to attend biannual plenary meetings, generally held in Washington, D.C., over one or two days in May and October. The post also notes that additional meetings may be held via phone, video conference, or in-person.
Nominations are due to FinCEN by email at BSAAG@fincen.gov by March 15. For more information, reach out to Aminah Moore at amoore@nafcu.org.
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