Sec. 6207. SUBCOMMITTEE ON INNOVATION AND TECHNOLOGY
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## SEC. 6207 SUBCOMMITTEE ON INNOVATION AND TECHNOLOGY Section 1564 of the Annunzio-Wylie Anti-Money Laundering Act (31 U.S.C. 5311 note) is amended by adding at the end the following: > > ### “(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. 6207
SUBCOMMITTEE ON INNOVATION AND TECHNOLOGY
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