Citing the length of time the Financial Crimes Enforcement Network (FinCEN) took to issue guidance on its due diligence rule, the Independent Community Bankers of America (ICBA) wrote to the agency requesting a one-year delay on implementation of its rule.
“Given that FinCEN took nearly two years to address some of the questions and ambiguities in the rule, it is clear this rule is complex and requires ample time” for compliance, ICBA wrote.
Read on for more of ICBA’s case for delaying the rule.
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