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Cilento Mortgage Consultants Corp and Attorney Jonathan Levin Announce a Fully Integrated Solution for Compliance with New Non-Bank Anti-Money Laundering Regulations

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Cilento Mortgage Consultants Corp and Attorney Jonathan Levin Announce a Fully Integrated Solution for Compliance with New Non-Bank Anti-Money Laundering Regulations Powered By Docstoc
					Cilento Mortgage Consultants Corp and Attorney Jonathan Levin Announce a
Fully Integrated Solution for Compliance with New Non-Bank Anti-Money
Laundering Regulations

Non-Bank Residential mortgage lenders can now utilize the review programs developed by a
mortgage industry veteran and a Bank Regulatory Attorney that can assure compliance with the
mandatory August 13, 2012 deadline.

New York, NY, April 13, 2012 --(PR.com)-- Recently enacted regulations issued by the Financial
Crimes Enforcement Network (FinCEN) will impact Residential Mortgage Lenders or Originators
(RMLO). Non-bank lenders had previously been exempted from Anti-Money Laundering (AML)
regulations. Lenders and Originators are urged to become familiar with these requirements prior to its
mandatory compliance deadline.

On February 14, 2012, FinCEN published a new set of regulations that give non-bank mortgage lenders 6
months to install Anti-Money Laundering (AML) programs, including suspicious activity report (SAR)
filing systems. In short, non-bank mortgage lenders, which had enjoyed an exemption since 2002, now
will be treated like banks as far as AML matters are concerned. Compliance with the new regulations will
be mandatory on August 13, 2012.

Specifically, the new regulations cover a residential mortgage lender or originator (RMLO), which is a
person other than a chartered bank:

· to whom the debt arising from a residential mortgage loan is initially payable or to whom the obligation
is initially assigned at or immediately after settlement; or
· who accepts a residential mortgage loan application on behalf of a lender or offers or negotiates terms of
a residential mortgage loan on behalf of a lender or borrower

Cilento,who is a CPA and CMB along with Levin, an attorney have developed a program that establishes
an AML compliance program built on FinCEN's “four pillars”:

1. Policies/procedures/internal controls based on assessment of risks
2. Compliance officer
3. Ongoing training
4. Independent testing

If you wish to have a complimentary analysis regarding developing your AML compliance program,
please contact us.

Joseph Cilento, CPA, CMB
Cilento Mortgage Advisory Corp.
203-797-8733
jcilento@att.net

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www.josephcilento.com

Jonathan L. Levin LLC
Financial Institutions Regulatory Counsel
484-412-8888
jlevin@jlevinllc.com
www.jevinllc.com

About Joe Cilento:
Our consulting practice assists mortgage lenders with regulatory compliance, product development,
improving operations and IT capabilities, expand secondary market outlets and assess regulatory
compliance and QC practices. Cilento has over 25 years of experience successfully assisting companies
looking to access the securities markets through direct issuances of GNMA/FNMA MBS securities.
Client companies may require assistance with obtaining GNMA/FNMA approval. Our services continue
after Agency authority is obtained and may include assistance with developing the in-house resources
required to pool and issue MBS securities and become an GNMA/FNMA direct seller/servicer. Other
assignments involve improving the organizations capabilities in product development , secondary
marketing and risk management, QC controls and regulatory compliance. The Company represents both
buyers and sellers interested in joint ventures and merger & acquisition financing.

About Jonathan Levin:

Mr. Levin is the principal of Jonathan L. Levin LLC, which he founded in 2008 to provide regulatory
counsel to financial institutions and people dealing with financial institutions.

In October 2006, Mr. Levin joined Bear, Stearns & Co. Inc. as Chief Compliance Officer and Chief
Regulatory Counsel of their subsidiary bank. Prior to joining Bear Stearns, Mr. Levin was a partner in the
global law firm of Reed Smith LLP. Throughout his career, he has counseled financial institutions on the
full range of compliance issues and developed bank compliance programs. Mr. Levin began his career
with the Office of the Comptroller of the Currency, where he served for more than 12 years as a Senior
Attorney. His responsibilities included preparing Congressional testimony, evaluating the effectiveness of
the national bank regulatory framework, and drafting national bank regulations and interpretations, as
well as major banking legislation. Mr. Levin has written many banking articles, speaks regularly before
banking organizations and is the author of several books, including The Guide to National Banking Law,
published by McGraw-Hill. He earned his B.A. from Temple University and his J.D. from Georgetown
University Law Center.




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Contact Information:
Cilento Mortgage Advisory Corp.
Joseph Cilento
203-797-8733
Contact via Email
joecilento.com
Jonathan L. Levin LLC
Financial Institutions Regulatory Counsel
484-412-8888


Online Version of Press Release:
You can read the online version of this press release at: http://www.pr.com/press-release/405285




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Description: Non-Bank Residential mortgage lenders can now utilize the review programs developed by a mortgage industry veteran and a Bank Regulatory Attorney that can assure compliance with the mandatory August 13, 2012 deadline.
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