The FCPA Blog | By: John Arvanitis | October 09, 2017:
The Financial Crimes Enforcement Network’s Final Rule regarding customer due diligence will soon be in force. With implementation required by May 11, 2018, covered financial institutions must ensure their due diligence programs are in line with FinCEN’s guidance on core elements of a customer due diligence program.
The four core elements include:
- Customer identification and validation Beneficial Ownership identification and verification.
- Understanding the nature and purpose of customer relationships to develop a customer risk profile.
- Ongoing monitoring for reporting suspicious transactions and…
- On a risk-basis, maintaining and updating customer information.
As organizations work toward restructuring or enhancing their customer due diligence or CCD program ahead of the FinCEN deadline, certain short-term goals are necessary for immediate compliance.
And looking ahead, companies should also consider long-term strategies for intrinsic, sustainable program compliance.
Here’s how to prepare…
To read full article – please click here.
