WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03), Chairman of the National Security, Illicit Finance and International Financial Institutions Subcommittee led a hearing entitled, “Potential Consequences of FinCEN’s Beneficial Ownership Rulemaking.” Chairman Luetkemeyer’s questioning with witnesses including Missourian, Pete Selenke, Vice President and Anti-Money Laundering/Bank Secrecy Act Officer from Central Bank in Jefferson City can be found below.

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Chairman Luetkemeyer: Mr. Selenke, welcome. I know you’re the banker of the group. You’re the one who is going to have to implement these new rules from the FinCEN folks. How does it feel to be an employee of FinCEN?

Mr. Selenke: Chairman Luetkemeyer, I do appreciate the statement. As a bank representative, we want to do what we can to support, and it is a challenge right now.

Chairman Luetkemeyer: I know it’s frustrating – you’re basically deputized here to collect information for law enforcement purposes. Which you’re not a law enforcement officer, you’re a banker. You’re hoping to help people grow their personal finances or their businesses’… It’s got to be frustrating. Has FinCEN talked to you at all about how they’re going to roll this out? What kind of rules and regulations? Or are you still in the dark?

Mr. Selenke: We currently have not seen any information on how to roll it out…