A recent hearing of the House Financial Institutions and Consumer Credit Subcommittee discussed the impending implementation of the customer due diligence rule issued by the Financial Criminal Enforcement Network (FinCEN).
The rule is scheduled to take effect May 11. “Delayed implementation and enforcement of this important rule is the most responsible way to ensure that financial institutions are able to comply,” Subcommittee Chairman Blaine Luetkemeyer (R-Mo.) said.
Read on for more reaction and insight from the hearing, including whether bank examiners are correctly interpreting FinCEN rulemaking.
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