ABA Supports BSA/AML Requirements for Banks without Federal Regulators

In a letter to the Financial Crimes Enforcement Network today, ABA expressed support for a proposal that would subject banks without a functional federal regulator to the same Bank Secrecy Act and anti-money laundering rules as federally regulated institutions.

This would include the establishment of an AML program consisting of policies and procedures, a designated compliance officer, employee training and an internal audit function. Non-federally regulated banks would also be required to establish a customer identification program and comply with FinCEN’s final beneficial ownership rule.

ABA recommended that FinCEN allow (at minimum) a two-year compliance period for affected institutions to make necessary changes to rules and processes.


About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and a senior editor at the American Bankers Association, where she oversees ABA Daily Newsbytes.