FinCEN posts new proposal for CIP/AML Bank programs that lack a federal regulator. NominoData provides the EDD tools that are needed to meet standards

 

FinCEN Proposes Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator

To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, the Financial Crimes Enforcement Network (FinCEN) is proposing to require banks lacking a Federal functional regulator to establish and implement Anti-Money Laundering Programs. FinCEN also is proposing to extend Customer Identification Programs (CIP) requirements and beneficial ownership requirements consistent with the recently implemented Customer Due Diligence amendments to those banks not already subject to these requirements.

Banks without a Federal functional regulator (FinCEN estimates that they number 740 nationwide) are currently covered by many other BSA obligations, including filing suspicious activity reports and currency transaction reports. FinCEN anticipates that banks lacking a Federal functional regulator will be able to leverage existing policies, procedures, and internal controls required by other statutory and regulatory requirements to fulfill the proposed obligations.

Notice of Proposed Rulemaking: https://www.fincen.gov/statutes_regs/frn/pdf/GAP_2016-20219.pdf

For banks that fall within these guidelines NominoData provides data solutions for CIP and KYC required information. These data files include but are not limited to Negative News, Sanctions and PEPS. For more information please contact rgoldfinger@nominodata.com