Sept. 19, 2012 – A roundtable discussion on customer due diligence requirements contemplated in a Financial Crimes Enforcement Network advance notice of proposed rulemaking is slated Sept. 28 in Chicago, and registration is required by Sept. 21.
The ANPR was released this March to generate input on additional information collection under the Bank Secrecy. NAFCU, commenting in May, called the potential expansion of BSA requirements unnecessary, too costly for credit unions and an additional burden that runs counter to the Obama administration’s call for regulators to conduct cost/benefit analyses of their rules.
FinCEN held a public hearing on the ANPR July 31 and is continuing its effort to garner input through the Sept. 28 roundtable. It’s looking for clarification on a number of comments addressing beneficial ownership of accounts, for example:
- from those institutions that already collect beneficial ownership information, how they decide they wish to collect such data;
- whether and how they verify such information;
- costs associated with obtaining and verifying the information;
- how to define “beneficial owner” of an account; and, among other things,
- how an institution would expect to assess risk.
The Sept. 28 roundtable is being conducted in two segments. Registration and meeting details are available online.