FinCEN solicits nominations to BSA advisory panel

Treasury’s financial crimes enforcement arm is seeking nominations of eligible organizations – including smaller financial institutions subject to the Bank Secrecy Act (BSA) and entities that can share insights on BSA framework modernization and implementation of the GENIUS Act – to its BSA Advisory Group.

The call for nominations is included in Wednesday’s Federal Register. Nominations are due March 27.

The BSAAG, chaired by the director of Treasury’s Financial Crimes Enforcement Network (FinCEN), provides advice to Treasury on BSA reporting requirements “and informs private sector representatives on how the information they provide is used,” according to the notice. Membership is open to financial institutions subject to the BSA, trade groups that represent financial institutions subject to the BSA, and federal and non-federal regulators, including self-regulatory organizations (SROs), and law enforcement agencies that are located within the United States.

The GENIUS Act – the 2025 Guiding and Establishing National Innovation for U.S. Stablecoins Act – “provides a comprehensive framework for the federal regulation of payment stablecoins, including provisions related to preventing money laundering and other forms of illicit activity,” the notice says. It also tasks Treasury with considering “how innovative tools, techniques, and strategies – including artificial intelligence, digital identity verification, blockchain technology and monitoring, and application program interfaces – can support efforts to detect illicit activity involving digital assets.”

Nominations to the BSAAG must be emailed to BSAAG@fincen.gov, the notice says, and should include the following information:

• Name of the organization requesting membership;
• Point of contact, title, address, email address, and phone number;
• Description of the financial institution, trade group, regulator, SROs, or law enforcement agency involvement with the BSA;
• Reasons why the organization’s participation on the BSAAG will bring value to the group;
• Description of how the organization can contribute subject matter expertise to topics such as (but not limited to) BSA modernization, GENIUS Act implementation, general innovation across BSA forms and requirements, improving the examination process, the identification and prevention of fraud, and/or the use of innovative products or techniques, such as artificial intelligence (AI), digital identity verification, data sharing or blockchain monitoring, to enhance reporting, monitoring, or other internal controls that mitigate illicit finance risks; and
• Trade groups must submit a full list of their members along with their nomination. Trade groups must also confirm that, if selected, they will only share BSAAG information with their members that are located within the United States.

“In making the selections, FinCEN will seek to complement current BSAAG members and obtain broad representation in terms of affiliation, industry, and geographic representation,” the notice says.

Federal Register notice