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FinCEN’s due diligence rule now in effect

Joe Mont | May 11, 2018

The Financial Crimes Enforcement Network has issued a reminder to financial institutions and their customers that a final rule, “Customer Due Diligence Requirements for Financial Institutions,” known as the CDD Rule, went into effect on Friday, May 11.

FinCEN, the enforcement arm of the Treasury Department, issued the CDD Rule, which amends Bank Secrecy Act regulations to improve financial transparency and, in its words, “prevent criminals and terrorists from misusing companies to disguise their illicit activities and launder their ill-gotten gains.” 

The CDD rule clarifies and strengthens customer due diligence requirements for U.S. banks, mutual funds brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities. It also adds a new requirement for these covered financial...

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