On June 3, 2022, the Financial Crimes Enforcement Network (FinCEN) released an Advance Notice of Proposed Rulemaking (ANPRM) seeking public comment on 48 questions regarding the implementation of a new “no-action” letter process for FinCEN.1
Generally, a no-action letter process allows an individual or entity to submit a request to an enforcing agency seeking confirmation as to whether particular conduct would result in enforcement action from that agency. If, after review, the agency determines that it would not, the agency issues a “no-action letter” indicating its intention not to take or recommend enforcement action against the submitting party for the specific conduct presented in the request. Such processes have been implemented most notably by the Securities and Exchange Commission.
The ANPRM is FinCEN’s latest step forward in implementing the Anti-Money Laundering Act of 2020 (AMLA). Unlike other agencies in the United States, FinCEN has not had a no-action letter process. However, under Section 6305(a) of AMLA, FinCEN was required to assess whether a no-action letter process should be established for inquiries concerning the application of the Bank Secrecy Act (BSA) and other anti-money laundering (AML) and countering the financing of terrorism laws and regulations to specific conduct and to submit a report to Congress detailing the findings of its assessment.
Industry leaders around the world regularly rely on Sidley’s anti-money laundering (AML) team for legal and regulatory advice regarding compliance with domestic and international laws and regulations. We regularly counsel clients on a broad range of issues related to AML and combating the financing of terrorism (AML/CFT) compliance, as well as the economic sanctions regimes administered by the Office of Foreign Assets Control (OFAC). We also advise on the Bank Secrecy Act and the AML/CFT aspects of the USA PATRIOT Act, and provide advice on the role of blockchain in AML to leading U.S. and global financial institutions.
If you have questions regarding this Update, please contact the Sidley lawyer with whom you work, or a member of our AML team:
- Banking Regulatory
- Joel D. Feinberg, email@example.com
- Rachpal K. Thind, firstname.lastname@example.org
- Michael D. Lewis, email@example.com
- Stanley J. Boris, firstname.lastname@example.org
- Cybersecurity, FinTech, and Cryptocurrency
- David E. Teitelbaum, email@example.com
- Lilya Tessler, firstname.lastname@example.org
- Sarah E. Aberg, email@example.com
- Kristin S. Teager, firstname.lastname@example.org
- Corporate Finance
- David C. Buck, email@example.com
- Compliance, Investigations, and Enforcement
- Timothy J. Treanor, firstname.lastname@example.org
- Colleen M. Lauerman, email@example.com
- David M. Rody, firstname.lastname@example.org
- Michael D. Mann, email@example.com
- Brian P. Morrissey, firstname.lastname@example.org
- Doreen M. Rachal, email@example.com
- Alexa Poletto, firstname.lastname@example.org
- Brian C. Earl, email@example.com
- Securities Enforcement and Regulatory
- Paul M. Tyrrell, firstname.lastname@example.org
- Sara George, email@example.com
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