The Financial Crimes Enforcement Network (FinCEN) is proposing a rule that requires banks who do not have a federal functional regulator to establish Anti-Money Laundering Programs. The proposed rule will also extend the Customer Identification Program (CIP) requirements and the beneficial ownership requirements that were recently established as a part of FinCEN’s Customer Due Diligence amendments. The financial institutions covered by this proposed rule would include state chartered non-depository trust companies, non-federally insured credit unions, private banks, non-federally insured state banks and savings associations, and certain international banking entities. Comments are due by October 24, 2016.
