Sec. 6305. ASSESSMENT OF BANK SECRECY ACT NO-ACTION LETTERS

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## SEC. 6305 ASSESSMENT OF BANK SECRECY ACT NO-ACTION LETTERS **[**[31 U.S.C. 310 note](/us/usc/t31/s310)**]** ###

(a)Assessment ####

(1)In general The Director, in consultation with the Attorney General, the Federal functional regulators, State bank supervisors, State credit union supervisors, and other Federal agencies, as appropriate, shall conduct an assessment on whether to establish a process for the issuance of no-action letters by FinCEN in response to inquiries from persons concerning the application of the Bank Secrecy Act, the USA PATRIOT Act (Public Law 107-56; 115 Stat. 272), section 8(s) of the Federal Deposit Insurance Act (12 U.S.C. 1818(s)), or any other anti-money laundering or countering the financing of terrorism law (including regulations) to specific conduct, including a request for a statement as to whether FinCEN or any relevant Federal functional regulator intends to take an enforcement action against the person with respect to such conduct. ####

(2)Analysis The assessment required under paragraph

(1)shall include an analysis of— #####

(A)a timeline for the process used to reach a final determination by FinCEN, in consultation with the relevant Federal functional regulators, in response to a request by a person for a no-action letter; #####

(B)whether improvements in current processes are necessary; #####

(C)whether a formal no-action letter process would help to mitigate or accentuate illicit finance risks in the United States; and #####

(D)any other matter the Secretary determines is appropriate. ###

(b)Report and Rulemakings Not later than 180 days after the date of enactment of this Act, the Secretary, in coordination with the Director of the Federal Bureau of Investigation, the Attorney General, the Secretary of Homeland Security, and the Federal functional regulators, shall— ####

(1)submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that contains all findings and determinations made in carrying out the assessment required under subsection (a); and ####

(2)propose rulemakings, if appropriate, to implement the findings and determinations described in paragraph (1).

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