Regulatory Alerts2014-02-25
Added
Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Housing Government Sponsored Enterprises
FinCEN establishes anti-money laundering program and suspicious activity report filing requirements for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federal Home Loan Banks. The Final Rule mandates that these Housing GSEs implement internal policies, designate a compliance officer, provide employee training, and conduct independent audits. Additionally, the entities must report any suspicious transactions relevant to possible violations of law or regulation in accordance with specified standards. The rule becomes effective on April 28, 2014, with a compliance date of August 25, 2014, specifically for 31 CFR 1030.210.