Regulatory Alerts2010-12-09
Added
Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Residential Mortgage Lenders and Originators
The Financial Crimes Enforcement Network proposes to define non-bank residential mortgage lenders and originators as loan or finance companies under the Bank Secrecy Act. This classification would require these entities to establish anti-money laundering programs and file Suspicious Activity Reports. Written comments on this notice of proposed rulemaking must be submitted on or before February 7, 2011.