Today, House Financial Services Subcommittee on Financial Institutions and Consumer Credit Chairman Blaine Luetkemeyer (MO-03) held a hearing to examine the implementation of FinCEN’s Customer Due Diligence Rule. Chairman Luetkemeyer released the following statement:

“As a former banker and bank regulator, I understand the need for financial institutions to better know their customers and better identify beneficial owners,” said Chairman Luetkemeyer. “We must remember that due to delayed guidance and the call for significant changes, financial institutions will undoubtedly face compliance issues with FinCEN’s customer due diligence rule. As we heard from our witnesses today, delayed implementation and enforcement of this important rule is the most responsible way to ensure that financial institutions are able to comply. I look forward to working with my colleagues as we continue to examine and work to reform the anti-money laundering regulatory regime.”

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