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FinCEN’s Temporary Relief for Autorenewable CDs and Loans

May 30, 2018

Authors

Barry Hester

FinCEN’s Temporary Relief for Autorenewable CDs and Loans

May 30, 2018

by: Barry Hester

In a unique administrative ruling under delegated “exceptive” authority, on May 16, 2018 FinCEN issued relief from its new beneficial ownership requirements through at least August 9, 2018, for “certain financial products and services that automatically rollover or renew (i.e., certificate of deposit (CD) or loan accounts) and were established before the Beneficial Ownership Rule’s Applicability Date, May 11, 2018.”

FinCEN acknowledged in its notice that “some covered institutions have not treated such rollovers or renewals as new accounts and have established automatic processes

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Regulators Update BSA/AML Exam Manual Sections

May 15, 2018

Authors

Barry Hester

Regulators Update BSA/AML Exam Manual Sections

May 15, 2018

by: Barry Hester

Just in time for the effective date of FinCEN’s Customer Due Diligence (CDD) and Beneficial Ownership Rules, on May 11, 2018 the Federal Financial Institutions Examination Council (FFIEC) published updates to its Bank Secrecy Act/Anti-Money Laundering Examination Manual.  The FFIEC is an interagency body comprised of representatives of the U.S. Federal Reserve Board, the FDIC, OCC, CFPB, NCUA, and state banking regulators.  The agencies’ changes (1) replace existing CDD sections of the manual and (2) add new Beneficial Ownership overview and exam procedures sections, in each case corresponding to the new CDD and Beneficial Ownership requirements.

The publication of this new content was announced through separate press releases by

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FinCEN Provides Relief to CDD Obligations for Existing Customers

April 5, 2018

Authors

Barry Hester

FinCEN Provides Relief to CDD Obligations for Existing Customers

April 5, 2018

by: Barry Hester

The Financial Crimes Enforcement Network (FinCEN) published long-awaited additional Frequently Asked Questions on April 3, 2018 (the “Guidance”) relating to its Customer Due Diligence (CDD) Rule, which FinCEN promulgated pursuant to the Bank Secrecy Act (the “CDD Rule”).  This comes at a time when most covered institutions are in the final stages of implementing plans to comply with the CDD Rule by its May 11, 2018 compliance applicability date.  FinCEN previously published technical amendments to the Rule on September 29, 2017

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How Well Do I Know You – Let Me Count the Ways

August 21, 2014

Authors

Jerry Blanchard

How Well Do I Know You – Let Me Count the Ways

August 21, 2014

by: Jerry Blanchard

FinCen Updates Customer Due Diligence Requirements

Modern entertainment, whether it be books or movies,  oftentimes grapple with the issues of “who are you?” As a story line develops the audience is kept guessing as characters turn out to have different motivations or identities than what they were first perceived to have. Political thrillers oftentimes involve agents of shadowy groups behind which the true masterminds operate. How much effort will it take to reach the truth? FinCEN has recently come out with some proposed guidance that addresses this issue in the context of the legal entities that financial

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FinCEN Seeks Comments on Potential New Customer Due Diligence and Beneficial Ownership Regulations

March 1, 2012

Authors

Bryan Cave

FinCEN Seeks Comments on Potential New Customer Due Diligence and Beneficial Ownership Regulations

March 1, 2012

by: Bryan Cave

On February 29, 2012, FinCEN released an advance notice of proposed rulemaking on customer due diligence and beneficial owners, proposing to make a customer due diligence obligation explicit for ALL customers (to “clarify, consolidate and harmonize” the federal banking agencies’ expectations) and extending the requirement to collect (and possibly verify) beneficial owner information for most or all customers as well.

FinCen’s advance notice of proposed rulemaking (ANPRM), seeks public comment on a range of questions regarding the development of a customer due diligence (CDD) regulation that would “(i) codify, clarify, consolidate, and strengthen existing CDD regulatory requirements

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