No More AML Exemptions for Credit Unions and Specialized Banks
No More AML Exemptions for Credit Unions and Specialized Banks

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) pulled back the AML compliance exemption for certain financial institutions in late 2020. Under the November 16, 2020 rule, titled Customer Identification Programs Anti-Money Laundering Programs for Banks Lacking a Federal …