The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. FinCEN carries out its mission by receiving and maintaining financial transactions data and analyzing and disseminating that data for law enforcement purposes. FinCEN exercises regulatory functions primarily under the Currency and Financial Transactions Reporting Act of 1970, as amended by Title III of the USA PATRIOT Act of 2001 and other legislation, which legislative framework is commonly referred to as the "Bank Secrecy Act" (BSA). The BSA is the nation’s first and most comprehensive Federal anti-money laundering and counter-terrorism financing (AML/CFT) statute.
FinCEN has engaged in a variety of initiatives to ensure that its mission is carried out efficiently and effectively. In addition to collecting, analyzing, securing, and disseminating FinCEN data to its law enforcement and regulatory partners, FinCEN itself is a financial institution regulator. FinCEN has the task of writing and coordinating the enforcement of anti-money laundering rules for more than 100,000 banks, credit unions, money services businesses (MSBs), insurance companies, securities brokers, casinos, mutual funds, precious metal dealers, and other financial institutions that face the risk of being used by criminals to support enterprises ranging from drug cartels, mortgage fraud rings, terrorist finance networks, and much more.
In furtherance of its mission, FinCEN has implemented several new initiatives. One of those initiatives is the establishment of anti-money laundering (AML) programs for anyone that is considered a residential mortgage loan originator. On February 14, 2012, FinCEN published the “Anti-Money Laundering Program (AML) and Suspicious Activity Report (SAR) Filing Requirements for Residential Mortgage Lenders and Originators” Final Rule in the Federal Register. Non-bank companies that meet the definition of a residential mortgage lender and/or originator must comply with the rule by August 13, 2012.
In order to help facilitate compliance among retailers and land-lease communities that fit the definition of a non-bank residential mortgage loan lender or originator, MHI has asked its attorneys at McGlinchey Stafford to develop an Anti-Money Laundering and Suspicious Activity Reporting Program template.
The template and related documents are in the links below:
Anti-Money Laundering Program Template
Suggested Minimum Procedures if a Company Determines the Anti-Money Laundering and Suspicious Activity Reporting Regulations Do Not Apply to the Company
Anti-Money Laundering Program and Suspicious Activity Report for Residential Mortgage Lenders and Originators Final Rule
FinCEN Form 8300
Publication 1544 Cash Reporting Instructions
July 23, 2012 Webinar Handout
July 23, 2012 Webinar Recording