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US Federal Banking Agencies & FinCEN issue CIP exemption

Federal Banking Agencies and FinCEN Announce Exemption from Customer Identification Program Requirements for Premium Finance Loans

 

The Financial Crimes Enforcement Network (FinCEN) posted to its website today an order granting an exemption from customer identification program requirements implementing section 326 of the USA PATRIOT Act, 31 U.S.C. § 5318(l), for loans extended by banks (and their subsidiaries) subject to the jurisdiction of the Federal Banking Agencies to all customers to facilitate purchases of property and casualty insurance policies.

Link:

Order

Categories: Anti-Money Laundering Customer Identification Program (CIP) FinCEN Updates

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