Home > Regions > North America > White Collar Crime Alert: Residential Mortgage Lenders and Originators Required to Adopt Anti-Money Laundering Programs by August 13, 2012

White Collar Crime Alert: Residential Mortgage Lenders and Originators Required to Adopt Anti-Money Laundering Programs by August 13, 2012

The U.S. Department of the Treasury recently issued final regulations that will require anyone involved in residential mortgage lending or originating to implement an anti-money laundering compliance program.

The covered entities will need to adopt written anti-money laundering policies and procedures which include risk assessment practices, designating an internal compliance officer, ongoing training, and independent testing and monitoring. They will also be required to file Suspicious Transaction Reports for certain transactions over $5,000.