BSA/AML rules, reporting by MSBs, non-bank mortgage lenders up for renewal

July 18, 2018 Other 0

The Treasury Financial Crimes Enforcement Network (FinCEN) has four proposals out on the renewal of Bank Secrecy Act/anti-money laundering (BSA/AML) program requirements for insurance companies and non-bank residential mortgage lenders and originators; suspicious activity reporting requirements for money services businesses (MSBs) and non-bank residential mortgage lenders and originators; and registration of MSBs using FinCEN Form 107.

Each of the proposed renewals, making no changes to current requirements, is out for a 60-day comment period that begins the date of their publication in the Federal Register, slated July 19.

Renewal without Change of Anti-Money Laundering Programs for Insurance Companies and Non-Bank Residential Mortgage Lenders and Originators

Renewal without Change of Bank Secrecy Act Regulations Requiring Money Services Businesses to Report Suspicious Activity

Renewal without Change of Bank Secrecy Act Suspicious Activity Reporting Non-Bank Requirement for Residential Mortgage Lenders and Originators

Renewal Without Change of the Registration of Money Services Business, Regulation and FinCEN Form 107

Charging $10 million in illegal deposit junk fees charged to drivers, CFPB sues WalMart, fintech

December 23, 2024 0

One of the nation’s largest retailers and a financial technology (fintech) firm were sued Monday for alleged illegal opening of accounts for delivery drivers and the two harvesting more than $10 million in “junk fees,” the federal consumer financial protection [...]
Scheme to illegally steer business to Rocket Mortgage draws CFPB suit

December 23, 2024 0

Rocket Homes and The Jason Mitchel Group were sued by the consumer financial protection agency Monday over allegations of illegal kickbacks for mortgage, title and escrow referrals in violation of the Real Estate Settlement Procedures Act (RESPA) and Regulation X, [...]
Shortcomings in anti-money laundering program prompts cease-and-desist order for BofA

December 23, 2024 0

Violations and unsafe or unsound practices at one of the nation’s largest banks relating to anti-money laundering (AML) rules and sanctions compliance programs has prompted a cease-and-desist order by the regulator of national banks, made public Monday. The Office of [...]
OCC publishes 2025 asset-size thresholds under CRA for small, intermediate banks

December 23, 2024 0

Asset-size thresholds at small and intermediate-sized banks for defining compliance with anti-redlining rules in 2025 were announced Monday by the regulator of national banks. The Office of the Comptroller of the Currency (OCC) said that, starting Jan. 1, a bank [...]

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