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TREAS/FINCEN | RIN: 1506-AB28 | Publication ID: Spring 2017 |
Title: Anti-Money Laundering Programs for Banks Lacking a Federal Functional Regulator | |
Abstract:
FinCEN is issuing this proposed rule to remove the anti-money laundering program exemption for banks that lack a Federal functional regulator, including but not limited to private banks, non-federally insured credit unions, and certain trust companies. The proposed rule would prescribe minimum standards for anti-money laundering programs and ensure that all banks, regardless of whether they are subject to Federal regulation and oversight, are required to establish and implement anti-money laundering programs. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 31 CFR ch X (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 12 U.S.C. 1829(b) 12 U.S.C. 1951 to 1959 31 U.S.C. 5311 to 5314 31 U.S.C. 5316 to 5332 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: State |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Conici Blount Regulatory Policy Specialist Department of the Treasury Financial Crimes Enforcement Network 1801 L Street NW., Washington, DC 20036 Phone:202 354-6397 Fax:202 354-6411 Email: conici.blount@fincen.gov Russell G. Stephenson Senior Program Manager, Policy Division Department of the Treasury Financial Crimes Enforcement Network 1801 L Street NW., Washington, DC 20036 Phone:202 354-6012 Fax:202 354-6411 Email: russell.stephenson@fincen.gov |