WASHINGTON—CUNA has sent a letter to FinCEN addressing the regulatory impact assessment of the agency’s Customer Due Diligence proposal.
In August 2014, FinCEN issued a proposed rule to amend existing Bank Secrecy Act regulations regarding customer due diligence requirements for credit unions, banks, and related entities. The CDD proposal would also impose a new requirement under the BSA to identify the beneficial owners of legal entity customers, subject to certain exemptions.
In the letter, signed by Luke Martone, senior director of advocacy and counsel, CUNA reiterates concerns with the CDD proposal that the trade association shared with FinCEN in October 2014. A key concern is financial institutions must absorb the additional regulatory costs associated with the CDD proposal.
For the full letter, go to CUToday.info’s The Gov.