Fannie Mae SVC-2014-11 Servicer Compliance with Anti-Money Laundering
On June 20, Fannie Mae released Servicing Guide Announcement SVC-2014-11, subtitled Servicer Compliance with Anti-Money Laundering Provisions of the Bank Secrecy Act.
Servicing Guide Announcement SVC-2014-11
Servicer Compliance with Anti-Money Laundering Provisions of the Bank Secrecy Act
Servicing Guide, Part I, Section 202: Servicer’s Basic Duties and
Responsibilities; Section 305.01: Submitting the Lender Record
Information Form; Section 305.07: Compliance with Applicable
Law; and Section 307: Compliance with Applicable Laws; and
Part VII, Section 609.02.10: Compliance with Applicable Laws
Pursuant to the Financial Crimes Enforcement Network’s (FinCEN) Final Rule effective
April 28, 2014, Fannie Mae is defined as a “financial institution” under the Bank
Secrecy Act (BSA). Fannie Mae must implement a formal anti-money laundering (AML)
program and begin filing Suspicious Activity Reports (SARs) with FinCEN, by
August 25, 2014.
Please click here to view the announcement in its entirety.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.