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FinCEN Asks For Advice on Regulating Non-Bank Mortgage Lenders
printNon-bank mortgage lenders may soon have to comply with the Bank Secrecy Act as part of a broad effort to shield loan companies from money launderers, according to a U.S. regulator. In an advanced notice of proposed rulemaking, the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) said that it was considering rules that would require the companies to establish anti-money laundering (AML) controls "analogous" to those maintained by banks, including suspicious activity reporting. The lack of AML controls among lenders has created a "regulatory gap," according to the notice, which calls on financial institutions and associations to help the...
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