Sec. 6208. ESTABLISHMENT OF BANK SECRECY ACT INNOVATION OFFICERS
237 words·~1 min read·
/statute-compilations/comps-16736/sec-6208A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 6208 ESTABLISHMENT OF BANK SECRECY ACT INNOVATION OFFICERS **[**[31 U.S.C. 5311 note](/us/usc/t31/s5311)**]** ###
(a)Appointment of Officers 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. ###
(b)Innovation Officer The Innovation Officer shall be appointed by, and report to, the Director of FinCEN or the head of the Federal functional regulator, as applicable. ###
(c)Duties Each Innovation Officer, in coordination with other Innovation Officers and the agencies of the Innovation Officers, shall— ####
(1)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; ####
(2)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; ####
(3)if appropriate, explore opportunities for public-private partnerships; and ####
(4)if appropriate, develop metrics of success.
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 6208
ESTABLISHMENT OF BANK SECRECY ACT INNOVATION OFFICERS
Cites 1Cited by 0 across 0 sources