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.
Browsing: Know your customer
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.
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?