FinCEN to Develop ‘No Action Letter’ Program

The Financial Crimes Enforcement Network intends to develop a program that allows it to issue “no action letters” to financial institutions that request them, agency officials said recently.

Under such a program, a financial institution may submit details of an activity for evaluation by a federal regulator. If a “no action letter” is released, the regulator states that it will not sanction the institution for the activities.