...and more insights from ABA's Compliance Center Inbox in the July/August issue of the ABA Banking Journal.

Responding to concerns raised by ABA and others in the banking industry, the Financial Crimes Enforcement Network announced today that it is temporarily suspending the application of the beneficial ownership requirements for certificate of deposit rollovers and loan renewals.

As advocated by ABA, the Financial Crimes Enforcement Network today issued an administrative ruling to provide relief for institutions from applying the beneficial ownership rule to premium finance products that allow for cash refunds.

As the Financial Crimes Enforcement Network’s customer due diligence rule -- which includes a new requirement to verify “beneficial owners” of legal entity customers -- takes effect today, the federal banking agencies issued new exam procedures for the rule.

...and more insights from ABA's Compliance Center Inbox in the May/June issue of the ABA Banking Journal.

A rule that initially seemed rather straightforward has yielded multiple devils in the details.

The Financial Crimes Enforcement Network today published a long-expected set of frequently asked questions on expanded customer due diligence requirements under the Bank Secrecy Act.

FinCEN’s rule on customer due diligence takes effect this May. Is your bank ready? 

ABA and several other financial groups yesterday thanked Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) for introducing an anti-money laundering and counter-terrorist financing modernization bill that will help prevent criminals from using shell companies to hide illicit activity.

Q: Can I keep a copy of a customer’s ID on file? I am working for a new bank and am being told that Section 326 of the Patriot Act (the Customer Identification Program rule) requires that banks keep a copy of the ID that the customer provided. I have heard that many small banks such as ours keep the copy in ...