Regulatory Alerts2016-08-24
Added
Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator
The Financial Crimes Enforcement Network proposes to remove the anti-money laundering program exemption for banks that lack a Federal functional regulator, including private banks, non-federally insured credit unions, and certain trust companies. The proposed rule would prescribe minimum standards for anti-money laundering programs for these entities and extend customer identification program requirements and beneficial ownership requirements to them. Written comments on the proposal may be submitted to FinCEN on or before October 24, 2016.