Budd Applauds FinCEN Ruling
I applaud FinCEN Director Kenneth Blanco for this decision and thank him for his efforts to make this temporary rule permanent and expand upon it.
U.S. Representative Ted Budd (R-NC) released the following statement following the publication of the new administrative ruling, FIN-2018-R003, from the Financial Crimes Enforcement Network, or FinCEN:
“I applaud FinCEN Director Kenneth Blanco for this decision and thank him for his efforts to make this temporary rule permanent and expand upon it. Director Blanco listened to the concerns of Members of Congress like myself as well as industry when making this decision. I’ve spoken with many community banks in North Carolina who have expressed concern that the beneficial ownership reporting requirements on auto-renewable products, under the original Customer Due Diligence (CDD) Rule would cause increased costs of doing business with their customers. Additionally, they worried this new requirement would significantly increase their burdens on maintaining accounts, and potentially result in closed accounts and a loss of information for law enforcement. Since the ownership of these products does not change, I agree with the new rule that exempts these types of automatically-renewed or rolled-over products permanently. Once again, I applaud FinCEN for this decision and thank Director Blanco for his service to this nation.”