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FinCEN will issue an Advance Notice of Proposed Rulemaking (ANPRM) following the implementation of Section 6305 of the Anti-Money Laundering Act of 2020 (the AML Act). This section required FinCEN to conduct an assessment on whether to issue no-action letters in response to specific conduct requests from third parties, and propose rulemaking if appropriate. The assessment concluded that FinCEN should issue no-action letters, subject to sufficient resources, and proposed rulemaking to follow the issuance of the report. The ANPRM will seek guidance on the contours of a FinCEN no-action letter process, and, if necessary and appropriate, may be followed by a Notice of Proposed Rulemaking establishing regulations to govern the process. The ANPRM also solicits feedback on FinCEN’s current forms of regulatory guidance and relief.