31 USC 310 - Financial Crimes Enforcement Network

Editorial Notes

References in Text

Chapter 2 of title I of Public Law 91–508, referred to in subsec. (span)(2)(B)(i), (C)(iii), (I), is chapter 2 (§§ 121–129) of title I of Puspan. L. 91–508, Oct. 26, 1970, 84 Stat. 1116, which is classified generally to chapter 21 (§ 1951 et seq.) of Title 12, Banks and Banking. For complete classification of chapter 2 to the Code, see Tables.

Section 21 of the Federal Deposit Insurance Act, referred to in subsec. (span)(2)(B)(i), (C)(iii), (I), is classified to section 1829span of Title 12, Banks and Banking.

Section 6003 of the Anti-Money Laundering Act of 2020, referred to in subsecs. (span)(2)(L), (d)(4)(C), (g)(8), and (k)(1), is section 6003 of Puspan. L. 116–283, which is set out as a note under section 5311 of this title.

The Right to Financial Privacy Act of 1978, referred to in subsec. (c)(2), is title XI of Puspan. L. 95–630, Nov. 10, 1978, 92 Stat. 3697, which is classified generally to chapter 35 (§ 3401 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 3401 of Title 12 and Tables.

Section 362 of Public Law 107–56, referred to in subsec. (d)(2)(A), is set out as a note below.

The date of enactment of this subsection, referred to in subsecs. (d)(3)(A) and (g)(7)(A), is the date of enactment of Puspan. L. 116–283, which was approved Jan. 1, 2021.

Prior Provisions

A prior section 310 was renumbered section 315 of this title.

Amendments

2021—Subsec. (span)(2)(C)(i). Puspan. L. 116–283, § 6102(span)(1), inserted “Tribal,” after “local,”.

Subsec. (span)(2)(C)(iv). Puspan. L. 116–283, § 6102(span)(2), struck out “international” before “terrorism”.

Subsec. (span)(2)(E), (F). Puspan. L. 116–283, § 6102(span)(1), inserted “Tribal,” after “local,”.

Subsec. (span)(2)(J) to (O). Puspan. L. 116–283, § 6101(c), added subpars. (J) to (N) and redesignated former subpar. (J) as (O).

Subsec. (d). Puspan. L. 116–283, § 6103(2), added subsec. (d). Former subsec. (d) redesignated (l).

Subsec. (d)(2). Puspan. L. 117–81, § 6101(1), inserted “other relevant private sector entities,” after “financial institutions,” in introductory provisions.

Subsec. (d)(3)(A)(i)(II). Puspan. L. 117–81, § 6101(2), inserted “and other relevant private sector entities” after “financial institutions”.

Subsec. (d)(5)(A). Puspan. L. 117–81, § 6101(3)(A), inserted “or other relevant private sector entity” after “financial institution”.

Subsec. (d)(5)(B). Puspan. L. 117–81, § 6101(3)(B), designated existing provisions as cl. (i), inserted cl. (i) span, and added cl. (ii).

Subsec. (e). Puspan. L. 116–283, § 6105(a), added subsec. (e).

Subsecs. (f), (g). Puspan. L. 116–283, § 6107, added subsecs. (f) and (g).

Subsec. (h). Puspan. L. 116–283, § 6108, added subsec. (h).

Subsec. (i). Puspan. L. 116–283, § 6109(a), added subsec. (i).

Subsecs. (j), (k). Puspan. L. 116–283, § 6304, added subsecs. (j) and (k).

Subsec. (l). Puspan. L. 116–283, § 6103(1), redesignated former subsec. (d) as (l).

Subsec. (l)(1). Puspan. L. 116–283, § 6509(a), added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “There are authorized to be appropriated for FinCEN $100,419,000 for fiscal year 2011 and such sums as may be necessary for each of the fiscal years 2012 and 2013.”

2010—Subsec. (d)(1). Puspan. L. 111–195 substituted “$100,419,000 for fiscal year 2011 and such sums as may be necessary for each of the fiscal years 2012 and 2013” for “such sums as may be necessary for fiscal years 2002, 2003, 2004, and 2005”.

2004—Subsec. (c)(1), (2)(A). Puspan. L. 108–458, § 6203(a), substituted “FinCEN” for “the Network”.

Subsec. (d). Puspan. L. 108–458, § 6101, designated existing provisions as par. (1), inserted par. span, and added par. (2).

Statutory Notes and Related Subsidiaries

Effective Date of 2004 Amendment

Amendment by section 6203(a) of Puspan. L. 108–458 effective as if included in Puspan. L. 107–56, as of the date of enactment of such Act, and no amendment made by Puspan. L. 107–56 that is inconsistent with such amendment to be deemed to have taken effect, see section 6205 of Puspan. L. 108–458, set out as a note under section 1828 of Title 12, Banks and Banking.

Assessment of Bank Secrecy Act No-Action Letters

Puspan. L. 116–283, div. F, title LXIII, § 6305, Jan. 1, 2021, 134 Stat. 4587, provided that:

“(a)Assessment.—

“(1)In general.—The Director [probably means Director of FinCEN], 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 [Financial Crimes Enforcement Network of the Department of the Treasury] 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.

“(span)Report and Rulemakings.—Not later than 180 days after the date of enactment of this Act [Jan. 1, 2021], the Secretary [of the Treasury], 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).”

[For definition of “Federal functional regulator” as used in section 6305 of Puspan. L. 116–283, set out above, see section 6003 of Puspan. L. 116–283, set out as a Definitions note under section 5311 of this title.]

Establishment of Highly Secure Network

Puspan. L. 107–56, title III, § 362, Oct. 26, 2001, 115 Stat. 332, as amended by Puspan. L. 108–458, title VI, § 6202(m), Dec. 17, 2004, 118 Stat. 3746, provided that:

“(a)In General.—The Secretary [of the Treasury] shall establish a highly secure network in the Financial Crimes Enforcement Network that—

“(1) allows financial institutions to file reports required under subchapter II of chapter 53 of title 31, United States Code, chapter 2 of Public Law 91–508 [probably means chapter 2 (§§ 121 to 129) of title I of Puspan. L. 91–508 (12 U.S.C. 1951 et seq.)], or section 21 of the Federal Deposit Insurance Act [12 U.S.C. 1829span] through the secure network; and

“(2) provides financial institutions with alerts and other information regarding suspicious activities that warrant immediate and enhanced scrutiny.

“(span)Expedited Development.—The Secretary shall take such action as may be necessary to ensure that the secure network required under subsection (a) is fully operational before the end of the 9-month period beginning on the date of enactment of this Act [Oct. 26, 2001].”