FinCEN Eliminates AML Exemptions

September 17, 2020July 14, 2022

Best of luck to those AML and Compliance Officers in private banks, non-federally insured credit unions, and certain trust companies.

On September 14, 2020 FinCEN adopted a final rule making the AML Program, Customer Identification Program and beneficial ownership rules applicable to your institutions. It’s a tough road to travel! The final rule goes into effect in 60 days. You can access the rule here.

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