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NACUSO said business lending CUSOs are not affected by an anti-money laundering proposal from the Financial Crimes Enforcement Network.

FinCen (www.fincen.gov) has proposed extending anti-money laundering provisions to non-banks engaged in residential mortgage lending or origination. According to NACUSO General Counsel Guy Messick, the proposal does not include business lending CUSOs, but could impact those that provide mortgage lending or origination services. They could be subject to federal money laundering rules, including the obligation to file suspicious activity reports, Messick said.

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