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TREAS/FINCEN | RIN: 1506-AB52 | Publication ID: Spring 2022 |
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. |
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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:
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Timetable:
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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 |