FinCEN Eliminates AML Exemptions
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.