FinCEN Proposes Applying SAR Regs to Nonbank Lenders

The Financial Crimes Enforcement Network (FinCEN) issued an advanced notice of proposed rulemaking for public comment regarding the possible application of anti-money laundering (AML) program and suspicious activity report (SAR) regulations to nonbank residential mortgage lenders and originators.


FinCEN is considering expanding the regulations to nonbanks to thwart potential criminals. FinCEN noted in a press release that this action comes as millions of homeowners are seeking assistance under the Obama administration’s Making Home Affordable Program. Recent mortgage fraud reports issued by FinCEN showed that nonbank mortgage lenders and originators initiated many of the mortgages that were associated with SAR filings.


Comments on the proposal, Financial Crimes Enforcement Network: Anti-Money Laundering Program and Suspicious Activity Report Requirements for Non-Bank Residential Mortgage Lenders and Originators, are due 30 days after publication in the Federal Register. 



Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.