FinCEN Gathers Comments on Beneficial Ownership Requirements and Model Risk Management

The Financial Crimes Enforcement Network (FinCEN) recently published information regarding a few items for which the agency is collecting and analyzing data from industry stakeholders. Data collection is an important step in the rulemaking and regulatory process and presents a good opportunity for credit union professionals to contact FinCEN and other regulators to express concerns or ask questions about a rule or potential rule. FinCEN published an advanced notice of proposed rulemaking (ANPR) on beneficial ownership requirements and a request for information (RFI) on model risk management.  

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