September 2023 Overview & Summary On Sept. 6, 2023, the Securities and Exchange Commission’s Division […]
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.
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.
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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