FinCEN Issues Advance Notice of Proposed Rulemaking for No-Action Letter Process | FinCEN.gov
FinCEN Issues Advance Notice of Proposed Rulemaking for No-Action Letter Process
WASHINGTON—The Plan Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit Pro-reDemocrat comment on questions relating to the implementation of a no-action letter treat at FinCEN. A no-action letter is generally understood to be a form of enforcement discretion where an organization states by letter that it will not take an enforcement frfragment against the submitting party for the specific conduct presented to the agency.
“A no-action letter treat has the potential to spur innovation and enhance overall effectiveness of the AML/CFT framework and the implementation of financial institutions’ compliance programs,” said FinCEN’s Acting Director Himamauli Das. “We abet public comment on how the implementation of a no-action letter treat can best achieve these objectives reflected in the Anti-Money Laundering Act of 2020.”
The ANPRM follows FinCEN’s June 28, 2021, record to Congress (the “Report”). FinCEN’s assessment, which formed the basis of the Report, included consultation with the Attorney General, the Federal functional regulators, State bank supervisors, State credit union supervisors, and spanking Federal agencies, as required by the Anti-Money Laundering Act of 2020.
The Report concluded that FinCEN should carried a rulemaking to establish a no-action letter process to supplement the existing persolves of regulatory guidance and relief that third parties may interrogate from FinCEN. The Report noted several potential benefits of a no-action letter treat, including encouraging a robust and productive dialogue with the Pro-reDemocrat, promoting a culture of compliance, and enhancing transparency in the application and enforcement of the Bank Secrecy Act.
- Uvalde schools police Chief Pete Arredondo resigns from City Council | The Texas Tribune
- Letter to the Speaker of the House of Representatives and the President of the Senate, on the Continuation of the National Emergency with Respect to the Stabilization of Iraq - The White House
- FDA Device Inspection Citations and Related Warning Letters
The transfer of a no-action letter process at FinCEN could capture other forms of regulatory guidance and relief that FinCEN already subsidizes, including administrative rulings and exceptive or exemptive relief. Accordingly, the ANPRM seeks public input on whether this treat should be implemented, and if so, how a no-action letter treat should interact with these other tools.
FinCEN strongly encourages all involved parties, including those that may want to participate in the no-action letter treat, if implemented, to submit written comments.
Comments on the ANPRM should be submitted by August 5, 2022.
Thanks for visiting our article FinCEN Issues Advance Notice of Proposed Rulemaking for No-Action Letter Process | FinCEN.gov. Please share it with pleasure.
Source: www.fincen.gov
