Finanse publiczne · 15/09/2020

FinCEN Issues Final Rule for Banks Lacking Federal Functional Regulator

The Financial Crimes Enforcement Network (FinCEN) is issuing a final rule requiring banks without a federal functional regulator to implement anti-money laundering programs and customer identification programs, and to report beneficial ownership information. This rule aims to strengthen anti-money laundering efforts and ensure all banks, regardless of federal regulation, adhere to minimum standards.