Sec. 6208. Establishment of Bank Secrecy Act Innovation Officers
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/bill/116/hr/6395/enr/section-6208·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 1 year after the effective date of the regulations promulgated under subsection
(d)of section 310 of title 31, United States Code, as added by section 6103 of this division, an Innovation Officer shall be appointed within FinCEN and each Federal functional regulator. The Innovation Officer shall be appointed by, and report to, the Director of FinCEN or the head of the Federal functional regulator, as applicable. Each Innovation Officer, in coordination with other Innovation Officers and the agencies of the Innovation Officers, shall— provide outreach to law enforcement agencies, State bank supervisors, financial institutions and associations of financial institutions, agents of financial institutions, and other persons (including service providers, vendors and technology companies) with respect to innovative methods, processes, and new technologies that may assist in compliance with the requirements of the Bank Secrecy Act; provide technical assistance or guidance relating to the implementation of responsible innovation and new technology by financial institutions and associations of financial institutions, agents of financial institutions, and other persons (including service providers, vendors and technology companies), in a manner that complies with the requirements of the Bank Secrecy Act; if appropriate, explore opportunities for public-private partnerships; and if appropriate, develop metrics of success.