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TREAS/FINCEN | RIN: 1506-AB55 | Publication ID: Spring 2022 |
Title: Section 6305. No Action Letter Program | |
Abstract:
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 solicit public comment on questions pertinent to the implementation of a no-action letter process at FinCEN. Given that the addition of a no-action letter process at FinCEN may impact or overlap with other forms of regulatory guidance and relief that FinCEN already offers, including exceptive or exemptive relief and administrative rulings, the ANPRM will also seek public input on whether this process should be implemented and, if so, how a no-action letter process should interact with these other tools. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Prerule Stage |
Major: Undetermined | Unfunded Mandates: No |
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:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
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 |