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ICBA Statement on Treasury Department’s Anti-Money Laundering Proposal

Washington, D.C. (July 31, 2014)—The Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine today released this statement following the release of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposal of new anti-money laundering rules for banks and other financial institutions.

“ICBA is deeply concerned that this proposal further increases the regulatory burdens and strains facing the nation’s community banks. During ongoing discussions with FinCEN, ICBA has expressed its opposition to further expanding customer due diligence requirements by collecting beneficial ownership information on all accounts.

“These proposed amendments by FinCEN to the already existing Bank Secrecy Act regulations will require community banks and other financial institutions to identify the beneficial owner(s) as they open accounts and obtain a standard certification form on the beneficial owner(s) identity. Additionally, FinCEN is proposing to add explicit customer due diligence requirements with respect to understanding the nature and purpose of customer relationships.

“The complexity and quantity of new regulations coming from Washington hinders community banks’ ability to continually promote economic growth in their communities. ICBA looks forward to working with FinCEN and bank regulators to identify and address the regulatory burdens most in need of reform.

“One government agency or bank regulator cannot alone address the excessive burden facing community banks. That is why ICBA continues to urge Congress to act on the Community Lending Enhancement and Regulatory (CLEAR) Relief Act (S. 1349)—comprehensive bipartisan Senate legislation that would help relieve community banks from excessive regulation and promote local economic growth. H.R. 1750, companion bipartisan legislation introduced in the House by Rep. Blaine Luetkemeyer (R-Mo.), also would provide significant relief from excessive regulatory burdens.”

For more information, visit www.icba.org.

About ICBA
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.

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