FinCEN makes the BOI narrowing permanent. The diligence obligation is unchanged.
The final rule adopts the March 2025 interim rule, extends the U.S. person exemption to company applicants, and releases U.S. FinCEN ID holders from open-ended updates. What it leaves in place is the part most firms need to plan around. FinCEN has issued a final rule adopting, with limited changes, the interim final rule of […]
AML Independent Testing: How to Prepare for a Risk-Based Review
Anti-Money Laundering (AML) independent testing is a strict, mandatory annual requirement under FINRA Rule 3310 and Bank Secrecy Act (BSA) regulations. However, too many financial institutions make the mistake of treating this critical review as a passive, standardized exercise. A reactive or generic compliance strategy exposes your firm to massive regulatory fines, operational restrictions, and […]
