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To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, the Financial Crimes Enforcement Network (FinCEN) is proposing to require banks lacking a Federal functional regulator to establish and implement Anti-Money Laundering Programs.  FinCEN also is proposing to extend Customer Identification Programs (CIP) requirements and beneficial ownership requirements consistent with the recently implemented Customer Due Diligence amendments to those banks not already subject to these requirements.

Banks without a Federal functional regulator (FinCEN estimates that they number 740 nationwide) are currently covered by many other BSA obligations, including filing suspicious activity reports and currency transaction reports.  FinCEN anticipates that banks lacking a Federal functional regulator will be able to leverage existing policies, procedures, and internal controls required by other statutory and regulatory requirements to fulfill the proposed obligations.

Notice of Proposed Rulemaking:

Suffolk County prosecutors are working with the state attorney general’s office as it investigates a Roxbury real estate dealer and two of his sons who are at the center of allegations of fraud and forgery involving numerous properties, according to a spokesman for the district attorney’s office.

Source: District attorney, AG investigate Roxbury real estate dealer – The Boston Globe

A notorious Manhattan landlord who the state attorney general likened to Bernie Madoff is close to reaching a plea agreement on his mortgage-fraud case, his attorney said Tuesday.“We are working

Source: ‘Madoff of landlords’ close to plea deal in fraud case | New York Post

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