The AML Watchman

The world of AML has changed out of all recognition over the last decade. Old crimes are subject to new laws, professional firms and financial institutions are subject to criminal sanctions and regulatory review as never before. Yet the individual client has virtually no say over what various national governments and their competing departments are doing to their rights and liberties in their name. This blog attempts to address the dilemma posed by the question “Quis custōdiet ipsōs custōdēs?”

Sunday 6 November 2011

US Mortgage Fraud: Is that the sound of a stable door being bolted?

FINCEN has it's eyyes on us

You sometimes come across press articles in the strangest of places that add to your general enjoyment of life.

This report from The Cypress Times (FINCEN PROPOSES ANTI-MONEY LAUNDERING/SUSPICIOUS ACTIVITY REPORTING RULES FOR FANNIE MAE, FREDDIE MAC, FEDERAL HOME LOAN BANKS) outlines FINCEN's proposals to bring Freddie Mae and Fannie Mac into the Mortgage Fraud reporting system.

Given where the 2008 global financial crisis started in the US with some truly ridiculous mortgage products, I can only say, better late than never.