Puerto Rican Banks Expect Stronger Supervision After Expansion of US AML Rules

By Valentina Pasquali

A new U.S. rule promises to bolster oversight of sparsely regulated private banks in Puerto Rico and other U.S. state-chartered institutions for anti-money laundering purposes, sources told ACAMS On Sept. 15, the Treasury Department's Financial Crimes Enforcement Network, or FinCEN, finalized a proposal pitched four years ago to extend AML-related obligations to certain trust companies, credit unions, savings associations and other institutions that lack a functional federal regulator. The firms now have until mid-March to adopt written AML policies and procedures, appoint a Bank Secrecy Act officer, train employees on their compliance obligations, and begin vetting customers and identifying...