Sec. 1564. ADVISORY GROUP ON REPORTING REQUIREMENTS
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## SEC. 1564 ADVISORY GROUP ON REPORTING REQUIREMENTS **[**[31 U.S.C. 5311 note](/us/usc/t31/s5311)**]** ###
(a)Establishment Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall establish a Bank Secrecy Act Advisory Group consisting of representatives of the Department of the Treasury, the Department of Justice, and the Office of National Control Policy and of other interested persons and financial institutions subject to the reporting requirements of subchapter II of chapter 63 of title 31, United States Code, or section 60501 of the Internal Revenue Code of 1986. ###
(b)Purposes The Advisory Group shall provide a means by which the Secretary— ####
(1)informs private sector representatives, on a regular basis, of the ways in which the reports submitted pursuant to the requirements referred to in subsection
(a)have been used; ####
(2)informs private sector representatives, on a regular basis, of how information regarding suspicious financial transactions provided voluntarily by financial institutions has been used; and ####
(3)receives advice on the manner in which the reporting requirements referred to in subsection
(a)should be modified to enhance the ability of law enforcement agencies to use the information provided for law enforcement purposes. ###
(c)Inapplicability of Chapter 10 of Title 5, United States Code Chapter 10 of title 5, United States Code, shall not apply to the Bank Secrecy Act Advisory Group established pursuant to subsection (a). ###
(d)Subcommittee on Innovation and Technology ####
(1)Definitions In this subsection, the terms “Bank Secrecy Act”, “State bank supervisor”, and “State credit union supervisor” have the meanings given the terms in section 6003 of the Anti-Money Laundering Act of 2020. ####
(2)Establishment There shall be within the Bank Secrecy Act Advisory Group a subcommittee to be known as the ‘Subcommittee on Innovation and Technology’ to— #####
(A)advise the Secretary of the Treasury regarding means by which the Department of the Treasury, FinCEN, the Federal functional regulators, State bank supervisors, and State credit union supervisors, as appropriate, can most effectively encourage and support technological innovation in the area of anti-money laundering and countering the financing of terrorism and proliferation; and #####
(B)reduce, to the extent practicable, obstacles to innovation that may arise from existing regulations, guidance, and examination practices related to compliance of financial institutions with the Bank Secrecy Act. ####
(3)Membership #####
(A)In general The subcommittee established under paragraph
(1)shall consist of the representatives of the heads of the Federal functional regulators, including, as appropriate, the Bank Secrecy Act Innovation Officers as established in section 6208 of the Anti-Money Laundering Act of 2020, a representative of State bank supervisors, a representative of State credit union supervisors, representatives of a cross-section of financial institutions subject to the Bank Secrecy Act, law enforcement, FinCEN, and any other representative as determined by the Secretary of the Treasury. #####
(B)Requirements Each agency representative described in subparagraph
(A)shall be an individual who has demonstrated knowledge and competence concerning the application of the Bank Secrecy Act. ####
(4)Sunset #####
(A)In general Except as provided in subparagraph (B), the Subcommittee on Innovation and Technology shall terminate on the date that is 5 years after the date of enactment of this subsection. #####
(B)Exception The Secretary of the Treasury may renew the Subcommittee on Innovation for 1-year periods beginning on the date that is 5 years after the date of enactment of this subsection. * * * * * * *
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Sec. 1564
ADVISORY GROUP ON REPORTING REQUIREMENTS
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