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FinCEN issues ANPRM on No Action Letter program
The Financial Crimes Enforcement Network (FinCEN) Friday issued an advanced notice of proposed rulemaking (ANPRM) on creating a No Action Letter (NAL) program, a topic they first shared with Congress this time last year. According to FinCEN, establishing a NAL process would be useful for involved parties.
The ANPRM notes that NALs would be “a letter indicating [FinCEN’s] intention not to take or recommend enforcement action against the submitting party for the specific conduct presented in the submitting party’s request.”
The ANPRM invites comments on several questions, including whether there is additional information FinCEN should consider that was not considered in the agency’s recommendations to Congress last year, as well as the potential impact of a FinCEN NAL process that involves only FinCEN and no other agencies.
At a high-level, here are other questions listed in the ANPRM:
- What is the value of a FinCEN NAL if other regulators (such as NCUA) do not issue a similar NAL?
- Should FinCEN establish any limitations on the factual circumstances that would be appropriate for a NAL?
- Would it be useful for FinCEN to provide information from the NAL request to agencies with delegated BSA authority?
- Should FinCEN establish standards and a formal process for submitting requests? Should FinCEN publish standards for revocation of a NAL?
View the ANPRM here. Comments are due to FinCEN by August 5. NAFCU will continue to monitor FinCEN’s action on NALs to keep credit unions up to date.