Posted by on May 19, 2016 in AML, Compliance Automation, FINCEN, Risk Rating | 0 comments

Written by Don Lee FINCEN published itsĀ final long awaited ‘Customer Due Diligence Rule‘ (CDD) for covered financial institutions on May 11, 2016. FINCEN states there are four elements of the CDD that must be explicit in AML procedures. These include: (1) customer identification and verification; (2) beneficial ownership identification and...

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