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FinCEN wants to extend AML programs to all banks

Joe Mont | August 25, 2016

With a move it says will “ensure consistent Bank Secrecy Act coverage across the banking industry,” the Treasury Department’s Financial Crimes Enforcement Network is proposing new requirements that banks lacking a Federal functional regulator implement anti-money laundering programs. 

FinCEN, with a rule proposal on Aug. 25, is also looking to extend beneficial ownership and customer identification programs (CIP) requirements to additional banks.

Since 1987, all federally insured depository institutions and credit unions have been required by their Federal regulators to have anti-money laundering programs in place and monitor their  effectiveness. Until the passage of the Patriot Act in 2001, however, the requirement to implement these programs did not arise under a specific provision of the Bank Secrecy Act itself. The legislation authorized FinCEN to prescribe minimum standards for AML... To get the full story, subscribe now.