Regulatory Alerts2012-02-07
Added
Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Residential Mortgage Lenders and Originators
FinCEN defines non-bank residential mortgage lenders and originators as loan or finance companies under the Bank Secrecy Act, requiring them to establish anti-money laundering programs and file suspicious activity reports. The rule mandates that these entities develop internal policies, designate a compliance officer, implement employee training, and conduct independent audits. This final rule is effective April 16, 2012, with a compliance date for specific provisions set for August 13, 2012.