Understanding FinCEN’s Customer Due Diligence (CDD) Final Rule

Compliance Risk Concepts presents Fast Facts: Customer Due Diligence, A Quick Guide To FinCEN’s New Requirements. It offers a snack-size snapshot of key points from our more detailed regulatory release Understanding FinCEN’s Customer Due Diligence (CDD) Final Rule, that outlines FinCEN’s new Customer Due Diligence (CDD) Final Rule, in advance of its effective date on May 11, 2018.

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To help Compliance professionals stay ahead of the curve in a regulatory environment that is constantly evolving, our dedicated compliance team is persistently researching regulatory updates and getting material out there to help give our clients a leg up. While these resources are useful, we understand that industry professionals have their plates full designing and running compliance programs and performing a wide breadth of day to day functions.

To that end, we are making an effort to pair our detailed regulatory releases and analysis with palatable, to the point digital shorts, like the one above, to relay material industry information to our clients. These videos, typically running one to two minutes, serve as a regulatory highlight reel and give an overview of pending regulatory updates, guidance from governing bodies, and hot issues without taking up too much valuable time.

Download Understanding FinCEN’s CDD Final Rule

Understanding FinCEN's Customer Due Diligence (CDD) Final Rule

The CDD Final Rule is a move toward increased financial transparency- a growing trend for regulatory bodies in 2018. While financial institutions have until May 11, 2018 to ensure compliance with the Final Rule, as a best practice, they should also consider implementing a process to review and update this information on a regular basis.

In Understanding FinCEN’s Customer Due Diligence (CDD) Final Rule, Kaitlyn Gibbs outlines the four central principles of the CDD Final Rule and offers insight on the five things Financial Institutions should remember when updating AML procedures.

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This entry was posted in Compliance Risk Management Videos, Compliance/ Risk Management by Kaitlyn Gibbs.

About Kaitlyn Gibbs

Kaitlyn Gibbs joined CRC in 2017. She is a regulatory compliance professional with 7 years of experience in the financial services industry. Kaitlyn has extensive knowledge of the rules of the Investment Company Act of 1940 and the Investment Advisers Act of 1940. She previously managed compliance processes and performed forensic testing in her role as Compliance Analyst at Welch & Forbes LLC. She has experience performing annual reviews and risk analyses, regulatory research, as well as Code of Ethics administration. Her primary focus areas include, process implementation and enhancement, cybersecurity, marketing materials review, private equity investment compliance, and investment portfolio compliance. Most recently at CRC, Kaitlyn has performed regulatory research, evaluated compliance programs, and performed annual reviews and risk assessments for investment advisors. Kaitlyn holds a Bachelor’s Degree in English from Boston University.