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Speakers raise access and regulatory concerns over banking verification for Puerto Rico
Summary
Participants discussed how proposed customer-identification and anti-money-laundering verification measures could affect banking access in Puerto Rico, citing federal statutes and agencies and flagging potential barriers for elderly and cognitively impaired customers; no formal vote was recorded.
Participants at the meeting discussed proposed customer-identification and anti-money-laundering (AML) measures and how they could affect banking access for Puerto Rico residents, with speakers raising concerns about verification methods, federal compliance and potential impacts on elderly and cognitively impaired customers.
Speakers said the discussion touched on specific federal requirements and agencies, including Customer Identification Program (CIP) rules, Customer Due Diligence (CDD) and Enhanced Due Diligence, the Bank Secrecy Act of 1970, the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, the Money Laundering Control Act of 1986, the Financial Crimes Enforcement Network (FinCEN) and the Consumer Financial…
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