A Look At Anti-Money Laundering Regulatory Trends

By Jean Veta, Michael Nonaka and Samuel Adriance (October 23, 2018, 1:26 PM EDT) -- Recent regulatory developments under the Bank Secrecy Act reflect a balance between offering regulatory relief to traditional financial institutions and increasing anti-money laundering enforcement and supervision, particularly with respect to fintech companies and virtual currencies. The U.S. federal banking agencies and the Financial Crimes Enforcement Network have taken steps to provide regulatory relief to U.S. financial institutions by (1) publishing an interagency statement that generally supports community banks' sharing AML resources in appropriate circumstances; and (2) granting an exemption to the BSA customer identification program, or CIP, requirements for certain premium finance loans. In addition, FinCEN granted exceptive relief for rollovers, renewals, modifications and extensions of certain accounts from the identification and verification requirements in the new beneficial ownership rule for legal entity customers....

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