User login

FinCEN Summaries of Public Roundtables

The Financial Crimes Enforcement Network (FinCEN) has released summaries of its public roundtable meetings held in Los Angeles, New York City, and Chicago regarding the agency’s advance notice of proposed rulemaking (ANPR) on customer due diligence (CDD) requirements that would apply to financial institutions, including credit unions.  The Credit Union National Association (CUNA) continues to monitor developments on this rule and expresses concerns that credit unions would face significant compliance challenges and costs if FinCEN proceeds with this ANPR, especially with the potential expansion of the “beneficial ownership” requirements.


Vocab Legislation: