The SIC, Lebanon's Financial Intelligence Unit (FIU), receives, analyzes, investigates suspicious transaction reports (STRs) and ensures compliance of banks, financial institutions and other reporting entities with the AML/CFT regulations.
FinCEN Proposes Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator
To ensure consistent Bank Secrecy Act (BSA)
coverage across the banking industry, FinCEN is proposing to require banks
lacking a Federal functional regulator to establish and implement Anti-Money
Laundering Programs. FinCEN also is proposing to extend Customer Identification
Programs (CIP) requirements and beneficial ownership requirements consistent
with the recently implemented Customer Due Diligence amendments to those banks
not already subject to these requirements.
Banks without a Federal functional regulator
(FinCEN estimates that they number 740 nationwide) are currently covered by
many other BSA obligations, including filing suspicious activity reports and
currency transaction reports. FinCEN anticipates that banks lacking a Federal
functional regulator will be able to leverage existing policies, procedures,
and internal controls required by other statutory and regulatory requirements
to fulfill the proposed obligations.