FinCEN Final Rule Best Practice, Whitepapers

Identifying, verifying and complying with new customer due diligence and beneficial ownership rules.

Coming into force on May 11th, 2018, FinCEN’s Final Customer Due Diligence (CDD) Rule (i.e. FinCEN Final Rule) will bring in sweeping new changes to how financial institutions collect, maintain and act upon beneficial ownership information and conduct customer due diligence.

Covered financial institutions must not only know who their customers are and from where their sources of funds originate, they also need to develop an accurate risk profile based on a culmination of all available client data and documentation. To achieve this, an appropriate level of due diligence checks must be applied to all beneficiaries.

In this paper, you will learn:

  • How the FinCEN Final Rule affects beneficial ownership disclosure requirements
  • The 10 major implementation challenges banks can expect to encounter in the coming months
  • 8 best practice approaches to enable you to deliver an efficient, risk-based approach to meet the full remit of FinCEN’s final rule

Download FinCEN Final Rule Best Practice, Whitepapers