FinCEN’s due diligence rule now in effect
FinCEN has issued a reminder to financial institutions and their customers that its new customer due diligence requirements took effect on May 11. The agency also clarified its exemptive relief for certain insurance arrangements.
Related articles
-
News BriefFinCEN bars three Mexican financial institutions for aiding cartels in fentanyl trade
Three Mexican financial institutions will be barred from transacting with U.S.-based banks after a U.S. Treasury agency determined that the institutions allowed their networks to aid the illegal fentanyl trade of Mexican criminal organizations.
-
News BriefCommunication and relationships is increasingly critical for compliance teams
Compliance is increasingly in the spotlight as companies are tackling everything from artificial intelligence and other new technologies to risk management and mitigation. But it’s soft skills of communication and relationship building that are becoming the most critical tools for success.
-
News BriefFinCEN proposes bar on Cambodian company due to alleged money laundering
A Cambodian financial company, the Huione Group, has laundered billions of dollars for international criminals and those linked to North Korea, according to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). The agency proposes that the company should be severed from having access to the U.S. financial ...