Tag Archives: anti-money laundering

FinCEN Grants Relief from CDD Rule for CDs, Auto-Renewals

The Financial Crimes Enforcement Network on Friday announced that it would grant relief from beneficial ownership requirements for certificate of deposit rollovers and loans that renew automatically; loans where the renewal, modification or extension does not require underwriting; and safe deposit box renewals.

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ABA, Trade Groups Urge Fixes to CFPB Remittance Rule

As part of the Consumer Financial Protection Bureau’s ongoing feedback initiative, ABA and its transaction banking subsidiary BAFT, joined by the Clearing House and the Consumer Bankers Association, urged the CFPB to make several much-needed rule changes to its remittance rule.

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