House examines Financial Crimes Enforcement Network’s anti-money laundering rule

From: Financial Regulation News

BY DAVE KOVALESKI

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“I have heard testimony from a variety of experts in the field of detecting and pursuing criminals in the financial system, and many agree that a critical component of success in these investigations is law enforcement’s timely access to beneficial ownership information,” Subcommittee Chairman Rep. Steve Pearce (R-NM) said. “However, there are legitimate concerns about the application of this rule and the impact it could have on banks already struggling with BSA compliance. Adding additional requirements will likely lead to the de-risking of legitimate business accounts because of increased regulatory burdens. It is important for our federal regulators to strike the appropriate balance between ensuring safety as well as access to the financial system.”

Liquidity Regulation And The Size Of The Fed’s Balance Sheet

From: Board of Governors of the Federal Reserve System

Vice Chairman for Supervision Randal K. Quarles

At “Currencies, Capital, and Central Bank Balances: A Policy Conference,” a Hoover Institution Monetary Policy Conference, Stanford University, Stanford, California

Thank you very much to the Hoover Institution for hosting this important conference and to John Taylor for inviting me to participate.1 In my capacity as both the Vice Chairman for Supervision at the Board of Governors and a member of the Federal Open Market Committee (FOMC), part of my job is to consider the intersection of regulatory and monetary policy issues, the subject of my discussion today. This topic is a very complex and dynamic nexus, especially as regulation and the implementation of monetary policy continue to evolve.

House hearing examines impact of FinCEN rules on financial institutions

From: Financial Regulation News

BY DAVE KOVALESKI

The House Financial Institutions and Consumer Credit Subcommittee held a hearing to examine the impact on banks of the Financial Criminal Enforcement Network’s (FinCEN) recent rules regarding beneficial ownership and other matters.

FinCEN recently released frequently asked questions outlining the guidelines for beneficial ownership. It said financial institutions must collect information individuals who own 25 percent or more of the equity interests in the client company and the controlling owner.

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