In February of 2012, the Financial Crimes Enforcement Network (“FinCEN”) issued final regulations requiring non-bank residential mortgage lenders and originators to establish anti-money laundering (“AML”) programs and file suspicious activity reports (“SARs”), as FinCEN requires of other types of financial institutions (the “Non-Bank AML/SAR Rules”).
Compliance must take effect beginning August 13, 2012.
As a result of the Non-Bank AML/SAR Rules, mortgage lenders and originators, for the first time, will be required to establish AML programs and file SARs with FinCEN.
Failure to comply with the Non-Bank AML/SAR Rules could subject mortgage lenders and originators to a range of civil and criminal penalties.
As a result of the foregoing, mortgage lenders and originators should consult their legal counsel to determine whether their compliance strategy is sufficient to satisfy their obligations under the Non-Bank AML/SAR Rules.
Read a copy of the Non-Bank AML/SAR Rules.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication. Established in 1925, Gunster is one of Florida’s oldest and largest full-service law firms. The firm’s clients include international, national and local businesses, institutions, local governments and prominent individuals. Gunster maintains its presence in Florida with offices in Fort Lauderdale, Jacksonville, Miami, Palm Beach, Stuart, Tallahassee, Tampa, Vero Beach and West Palm Beach. Gunster is home to more than 165 attorneys and 200 committed support staff, providing counsel to clients through 18 practice groups including banking & financial services; business litigation; construction; corporate; environmental & land use; government affairs; health care; immigration; international; labor & employment; leisure & resorts; private wealth services; probate, trust & guardianship litigation; professional malpractice; real estate; securities and corporate governance; tax; and technology & entrepreneurial companies. Gunster is ranked among the National Law Journal’s list of the 250 largest law firms. |
