BEGIN:VCALENDAR PRODID:-//Microsoft Corporation//Outlook 16.0 MIMEDIR//EN VERSION:2.0 METHOD:PUBLISH X-MS-OLK-FORCEINSPECTOROPEN:TRUE BEGIN:VEVENT CLASS:PUBLIC CREATED:20220607T173346Z DESCRIPTION:As part of its implementation of the Anti-Money Laundering Act of 2020\, the Financial Crimes Enforcement Network sought public feedback on a new process for issuing no-action letters. Federal agencies may use n o-action letters as a form of enforcement discretion about a specific prac tice\, policy or product that it formalizes in a letter to the entity requ esting it\; they have been used in the past to facilitate innovation effor ts at regulated entities. “A no-action letter process has the potential to spur innovation and enhance overall effectiveness of the AML/CFT framew ork and the implementation of financial institutions’ compliance program s\,” said FinCEN Acting Director Him Das.\n \nThe advance notice of prop osed rulemaking seeks comment on whether FinCEN should issue no-action let ters and\, if so\, how the process should work. Specifically\, FinCEN aske d about FinCEN jurisdiction\, changes in circumstances\, revocations\, den ial\, confidentiality and consultation requirements. \n \nRead the ANPRM: 2022-12048.pdf (govinfo.gov) \n \nFor more information\, see ABA's Regulatory Chart: https://www.aba.com/banking-topics/compliance/regulatory-proposals /FinCEN-ANPRM-NoAction-Ltr \nView other upcoming comment due dates: https: //www.aba.com/banking-topics/compliance/regulatory-proposals\nABA members must login to view the pages.\n \n DTEND;VALUE=DATE:20220806 DTSTAMP:20220607T173346Z DTSTART;VALUE=DATE:20220805 LAST-MODIFIED:20220607T173346Z PRIORITY:5 SEQUENCE:0 SUMMARY;LANGUAGE=en-us:8/5/2022 - Comments Due - Advance Notice of Proposed Rulemaking for No-Action Letter Process TRANSP:TRANSPARENT UID:040000008200E00074C5B7101A82E00800000000A0460DC2727AD801000000000000000 010000000C6CF1D1B091E1545AB0C5B844387C978 X-ALT-DESC;FMTTYPE=text/html:

As part of its implementation of the Anti-Money Laundering Act of 2020\, the Financial Crimes Enforceme nt Network sought public feedback on a new process for issuing no-action l etters. Federal agencies may use no-action letters as a form of enforcemen t discretion about a specific practice\, policy or product that it formali zes in a letter to the entity requesting it\; they have been used in the p ast to facilitate innovation efforts at regulated entities. “\;A no-a ction letter process has the potential to spur innovation and enhance over all effectiveness of the AML/CFT framework and the implementation of finan cial institutions’\; compliance programs\,”\; said FinCEN Acting Director Him Das.

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The advance notice of proposed rulemaking seeks comment on whether FinCEN should issue no-action letters and\, if so\, how the pr ocess should work. Specifically\, FinCEN asked about FinCEN jurisdiction\, changes in circumstances\, revocations\, denial\, confidentiality and con sultation requirements.

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Read the ANPRM: 2022-12048.pdf (govinfo.gov)

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For more information\, see ABA's Regulatory Chart: https://www.aba.com/banking-topics/compliance/regulatory-propos als/FinCEN-ANPRM-NoAction-Ltr

View o ther upcoming comment due dates: https://www.aba.com/banking-topics/com pliance/regulatory-proposals

ABA memb ers must login to view the pages.

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