Alert February 07, 2012

FinCEN Issues Final Rule Requiring Non-Bank Mortgage Lenders and Originators to Establish AML Programs and File SARs

FinCEN finalized regulations that require non-bank residential mortgage lenders and originators to establish anti-money laundering programs and file suspicious activity reports under the Bank Secrecy Act as required of other types of financial institutions. The final rule will be effective 60 days after publication in the Federal Register and the compliance deadline is six months after publication which is expected shortly. Click here for the final rule.