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TREAS/FINCEN RIN: 1506-AB52 Publication ID: Fall 2021 
Title: Section 6101. Establishment of National Exam and Supervision Priorities 
Abstract:

FinCEN intends to issue a Notice of Proposed Rulemaking to implement Section 6101 of the Anti-Money Laundering Act of 2020 (the AML Act). That section, among other things, amends section 5318(h) to title 31 of the United States Code to: (1) require financial institutions to establish countering the financing of terrorism (CFT) in addition to AML programs; (2) require FinCEN to establish national AML/CFT priorities and, as appropriate, promulgate implementing regulations within 180 days of the issuance of those priorities; and (3) provide that the duty to establish, maintain, and enforce a Bank Secrecy Act AML/CFT program remains the responsibility of, and must be performed by, persons in the United States who are accessible to, and subject to oversight and supervision by, the Secretary of the Treasury and the appropriate Federal functional regulator. Additionally, FinCEN intends to propose other changes, including regulatory amendments to establish that all financial institutions subject to an AML/CFT program requirement must maintain an effective and reasonably designed AML/CFT program, and that such a program must include a risk assessment process.

 
Agency: Department of the Treasury(TREAS)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: Undetermined 
CFR Citation: 31 CFR Ch. X     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 12 U.S.C. 1829b    12 U.S.C. 1951 to 1959    31 U.S.C. 5311 to 5314    31 U.S.C. 5316 to 5336   
Legal Deadline:
Action Source Description Date
Final  Statutory  Within 180 days of the issuance of the national AML/CFT priorities, which were issued on June 30, 2021   
Timetable:
Action Date FR Cite
NPRM  04/00/2022 
NPRM Comment Period End  06/00/2022 
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: Yes 
Agency Contact:
FinCEN Regulatory Support Section
Department of the Treasury
Financial Crimes Enforcement Network
P.O. Box 39,
Vienna, VA 22183
Phone:800 767-2825
Email: frc@fincen.gov