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Nominations open for FinCEN BSA advisors
Nominations are open for financial institutions, trade associations, and non-federal regulators or law enforcement agencies to become members of FinCEN’s Bank Secrecy Act Advisory Group (BSAAG). The agency is currently working to implement its final beneficial ownership information (BOI) rule and is seeking nominations from entities that can provide valuable insights to enhance efforts.
The agency noted that membership is open to organizations, rather than individuals, but each selected member must select one person to represent the member at meetings. FinCEN requests that member representatives 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.” Credit unions can nominate themselves; each selected member will serve a three-year term and must select one person to represent the member at meetings.
Nominations must be received by FinCEN by March 15, 2023.
FinCEN published its BOI final rule in September 2022. Under this rule – which goes into effect Jan. 1, 2024 – certain entities will be required to report their BOI to the agency. The agency is currently soliciting feedback on BOI access and safeguards. As a result, FinCEN is requesting organizations “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.”
For more information on FinCEN’s BOI final rule, NAFCU’s Final Regulation alert highlights all the need-to-know information.