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Effective date for FinCEN rule ending AML program exemption for banks without federal regulators

11/16/2020

FinCEN has published [85 FR 57129] a Final Rule in the 9/15/2020 Federal Register that will 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 final rule requires minimum standards for anti-money laundering programs for banks without a Federal functional regulator to 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, and extends customer identification program requirements and beneficial ownership requirements to those banks not already subject to these requirements.

The rule will be effective November 16, 2020, but carries a compliance date of March 15, 2021.

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