FinCEN Issues ANPRM on No-Action Letter Process

On June 3, 2022, the Financial Crimes Enforcement Network (“FinCEN”) today issued an Advance Notice of Proposed Rulemaking (“ANPRM”) soliciting public comment relating to the implementation of a no-action letter process at FinCEN.  A no-action letter is an exercise of discretion where the agency issues a letter that it will not pursue enforcement action against the submitting party for conduct presented to the agency.

According to the FinCEN press release, FinCEN’s Acting Director Himamauli Das stated adoption of a no-action letter process “has the potential to spur innovation and enhance overall effectiveness of the AML/CFT framework and the implementation of financial institutions’ compliance programs[.]” Additionally, the ANPRM provided no-action letters will encourage “a robust and productive dialogue with the public,” and promote compliance and transparency in the application of the Bank Secrecy Act (“BSA”).

FinCEN is seeking public comment “on how the implementation of a no-action letter process can best achieve these objectives reflected in the Anti-Money Laundering Act of 2020.” Comments will be accepted from parties who wish the participate in the no-action letter process, if implemented, until August 5, 2022.