The Financial Crimes Enforcement Network is seeking nominations from bankers and other stakeholders for membership on an advisory group for Bank Secrecy Act issues.
According to a Federal Register notice, the BSA Advisory Group consists of federal agency representatives and financial institutions subject to the regulatory requirements of the BSA. Each member will serve a three-year term and must designate one individual to represent them at meetings. While membership is granted to organizations, not individuals, “the designated representative for each selected organization should be knowledgeable about BSA requirements and be willing and able to devote the necessary time and effort on behalf of the representative’s organization.“ Organizations are asked to only submit nominations on their own behalf, and not on behalf of another organization.
The Treasury Department – of which FinCEN is a part – said it is particularly interested in hearing the views of community banks and smaller financial institutions, “and such institutions and relevant trade groups are encouraged to apply for BSAAG membership.” In addition, it is seeking nominations for entities that can share insights on Treasury’s efforts to modernize the BSA framework and implement the GENIUS Act, which created a regulatory framework for stablecoins.
Nominations must be received by March 27.
