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TREAS/OCC | RIN: 1557-AE09 | Publication ID: Fall 2016 |
Title: ●Customer Due Diligence Rule | |
Abstract:
The OCC, FRB, FDIC, and NCUA plan to issue interim final rules to clarify the applicability of recent amendments to the Financial Crimes Enforcement Network (FinCEN) customer due diligence rules to the depository institutions under their supervision. FinCEN expanded its customer due diligence requirements for covered financial institutions, including banks, brokers or dealers in securities, mutual funds, and futures commission merchants and introducing brokers in commodities (FinCEN Rule). As part of that rulemaking, FinCEN amended the elements of the anti-money laundering program financial institutions must implement and maintain in order satisfy program requirements under 31 U.S.C. 5318(h)(1). The agencies are amending their anti-money laundering program rules to maintain consistency with the FinCEN Rule. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: 12 CFR 21 | |
Legal Authority: 12 U.S.C. 1 12 U.S.C. 93a 12 U.S.C. 1462a 12 U.S.C. 1463 12 U.S.C. 1464 12 U.S.C. 1818 12 U.S.C. 1881b-1884 12 U.S.C. 3401-3422 31 U.S.C. 5318 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: MaryAnn Nash Counsel Department of the Treasury Comptroller of the Currency Chief Counsel's Office, 400 7th Street SW, Washington, DC 20219 Phone:202 649-6287 Email: maryann.nash@occ.treas.gov |