Fannie Sets BSA-Like Requirements for Mortgage Companies
Mike SP
Fannie Sets BSA-Like Requirements for Mortgage Companies
Fannie Mae announced new standards Wednesday tied to the Bank Secrecy Act and anti-money laundering requirements.
For mortgage companies not currently subject to the BSA’s anti-money laundering reporting requirements, the government-sponsored enterprise is set to implement requirements of its own. By Oct. 2, Fannie said mortgage companies not subject to BSA reporting requirements must establish a suspicious activity identification program that consists of internal policies, procedures and controls to identify and report to Fannie Mae suspicious activity.
Suspicious activity that must be reported to the GSE includes mortgage fraud, money laundering, terrorist financing and related crimes.
Fannie added that for mortgage companies subject to the BSA’s anti-money laundering reporting provisions, the GSE may request to review relevant policies, procedures and controls.
Mike SP
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