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FinCEN Proposes AML Reporting for Residential Mortgage Lenders
By Colby Adams
printThe U.S. Treasury Department said Monday it plans to close a "regulatory gap" by requiring non-bank mortgage lenders to report suspicious activity to the country's financial intelligence unit. The proposal, which applies only to loan and finance companies that originate or manage residential mortgages, would require the businesses to maintain anti-money laundering (AML) programs and file suspicious activity reports (SARs) with the Financial Crimes Enforcement Network (FinCEN) as a part of an "incremental approach" toward increased regulation of the industry. The plan, which would affect 31,000 businesses, would not require the companies to file currency transaction reports, though the bureau...
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