RegAlert2020-09-14
Added · Updated
Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator
The Financial Crimes Enforcement Network removes 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. This final rule requires these entities to establish and implement anti-money laundering programs, customer identification programs, and beneficial ownership requirements identical to those applicable to federally regulated banks. The rule becomes effective on November 16, 2020, with a compliance deadline of March 15, 2021.
FINCEN published 7 documents in the last 30 days — get each new one by email the day it lands.
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Lineage: In force
Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works