FinCEN Seeks Input on Exempt Person Regulations and DOEP Reporting
Mainsail Trim
We provide advisory and consultation services to credit unions. Our audits are designed to help you manage your risks.
Is your institution impacted by the Bank Secrecy Act (BSA)? If so, pay close attention to FinCEN's recent announcement.
The Financial Crimes Enforcement Network (FinCEN) has opened a comment period on the renewal of the OMB control number for its regulations governing the designation of exempt persons and the corresponding FinCEN Form 110, Designation of Exempt Person (DOEP) Report.
What Does This Mean?
Essentially, FinCEN is seeking feedback on the existing rules and reporting requirements for exempt persons. This is an opportunity for banks and other financial institutions to provide input on the effectiveness of the current regulations and suggest potential improvements.
Why Should You Care?
If your institution designates customers as exempt persons, the DOEP reporting process directly impacts your compliance efforts. This is a chance to voice your concerns, suggest changes, or simply provide information to support the continuation of the current rules.
What Can You Do?
For more information and to access the comment portal, visit the FinCEN website.
By actively participating in this process, you can help shape the future of exempt person regulations and contribute to a more efficient and effective compliance landscape.
Disclaimer: This article is intended for informational purposes only and does not constitute legal or financial advice. Please consult with legal counsel for advice regarding your specific situation. ?