Community Bankers Association of Illinois

CBAI Urges FinCEN to Adopt Less Burdensome Rule
May 4, 2012

The Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) which would require banks to identify the beneficial ownership of all accountholders.

In a comment letter today the Community Bankers Association of Illinois (CBAI) stated that community banks have long been enlisted in the fight against identity theft, financial fraud, money laundering, and terrorist financing, but doing so comes at a very real regulatory burden including significant costs of compliance. CBAI believes that expanding the requirement to collect beneficial ownership information on all accounts as contained in the ANPRM will be burdensome and difficult to implement.

CBAI urged FinCEN to be aware of and not increase the regulatory burden on community banks, consider the realistic abilities of community bank CSR's, create a deep safe harbor for community banks which put forth an effort to comply with the rules, minimize the negative customer reactions to any new rules, and justify any new rules with a robust cost/benefit analysis.

Read Comment Letter

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