ADVISORY GROUP ON REPORTING REQUIREMENTS.

SEC. 1564. ADVISORY GROUP ON REPORTING REQUIREMENTS. (a) Establishment.—Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall establish a Bank Secrecy Act Advisory Group consisting of representatives of the Department of the Treasury, the Department of Justice, and the Office of National Drug Control Policy and of other interested persons and financial institutions subject to the reporting requirements of subchapter II of chapter 63 of title 31, United States Code, or section 60601 of the Internal Revenue Code of 1986. (b) Purposes.— The Advisory Group shall provide a means by which the Secretary— (1) informs private sector representatives, on a regular basis, of the ways in which the reports submitted pursuant to the requirements referred to in subsection (a) have been used; (2) informs private sector representatives, on a regular basis, of how information regarding suspicious financial trans-actions provided voluntarily by financial institutions has been used; and 106 STAT. 4074 (3) receives advice on the manner in which the reporting requirements referred to in subsection (a) should be modified to enhance the ability of law enforcement agencies to use the information provided for law enforcement purposes. (c) Inapplicability of Federal Advisory Committee Act.—The Federal Advisory Committee Act shall not apply to the Bank Secrecy Act Advisory Group established pursuant to subsection (a).