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TREAS/FINCEN

RIN: 1506-AB51

Publication ID: Spring 2023

Title: Section 6212. Pilot Program on Sharing of Information Related to Suspicious Activity Reports Within a Financial Group
Abstract: FinCEN intends to issue a Final Rule in order to implement Section 6212 of the Anti-Money Laundering Act of 2020 (the AML Act). This section amends the Bank Secrecy Act (31 U.S.C. 5318(g)) to establish a pilot program that permits financial institutions to share suspicious activity report (SAR) information with their foreign branches, subsidiaries, and affiliates for the purpose of combating illicit finance risks. The section further requires the Secretary of the Treasury to issue rules to implement the amendment within one year of enactment of the AML Act.
Agency: Department of the Treasury(TREAS)	Priority: Other Significant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final 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 1960 31 U.S.C. 5311 to 5314 31 U.S.C. 5316 to 5336

Legal Deadline:

Action	Source	Description	Date
Final	Statutory		01/01/2022

Timetable:

Action	Date	FR Cite
NPRM	01/25/2022	87 FR 3719
NPRM Comment Period End	03/28/2022
Final Rule	11/00/2023

Regulatory Flexibility Analysis Required: Yes	Government Levels Affected: None
Small Entities Affected: Businesses	Federalism: No
Included in the Regulatory Plan: No
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest.
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