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. 

 

SPONSORED WHITE PAPER

Preparing the statement of cash flows

This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.

RESOURCES

Keeping you informed and prepared amid the COVID-19 crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.