Learn More - Click Here!

New Reply
Post Icon
Smilies Insert Link Insert Email Link Insert Image Link Insert Media Tag List Bold Italic Underline Strike-through Spoiler Quote Font Color Fonts Font Size
Make textarea smaller
Make textarea bigger
Post Options

HTML is disabled.
UBBCode is enabled.
Poll Manager (Total Polls: 0)




In Response To:
Thread Starter: Anonymous
Title: Re: used car dealer is an NBFI???

OP here. That doesn't sound right to me. This is what I'm looking at, and selling cars isn't one of the NBFI examples in this FFIEC doc:

NBFIs are broadly defined as institutions other than banks that offer financial services. The USA PATRIOT Act has defined a variety of entities as financial institutions. 277 Common examples of NBFIs include, but are not limited to:
Casinos and card clubs.
Securities and commodities firms (e.g., brokers/dealers, investment advisers, mutual funds, hedge funds, or commodity traders).
Money services businesses (MSB). 278
Insurance companies.
Loan or finance companies. 279
Operators of credit card systems.
Other financial institutions (e.g., dealers in precious metals, stones, or jewels; pawnbrokers).

https://bsaaml.ffiec.gov/manual/RisksAssociatedWithMoneyLaunderingAndTerroristFinancing/25