A group of 51 state bankers associations today wrote to House Financial Services Committee leaders in support of H.R. 2513, a bill introduced by Rep. Carolyn Maloney (D-N.Y.) calling for the Financial Crimes Enforcement Network to create a database of beneficial ownership information.
Browsing: Know your customer
The House Financial Services Committee today voted to advance H.R. 2514—an American Bankers Association-backed bill introduced by Rep. Emanuel Cleaver (D-Mo.) that would modernize the Bank Secrecy Act/anti-money laundering framework.
As the House Financial Services Committee today held a hearing on the financial crime, the American Bankers Association joined eight other financial trade organizations in a letter to committee leaders highlighting the need for a national beneficial ownership registry.
The Financial Crimes Enforcement Network and the financial regulatory agencies today announced an exemption from the customer identification program rules for premium finance loans made by banks to commercial customers.
…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.