Regulatory Alerts2020-09-14
Added
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.