Regulatory Alerts2018-04-03
Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions
The Financial Crimes Enforcement Network (FinCEN) issued this guidance to clarify the Customer Due Diligence (CDD) Rule for covered financial institutions. The document addresses specific operational requirements including beneficial ownership thresholds, verification methods for indirect owners, and procedures for handling existing customers or multiple accounts. It further details record retention obligations and the application of CDD requirements to product renewals and internal operational accounts.
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