A compliance deadline of May 11 is fast-approaching for compliance with the Financial Crimes Enforcement Network’s new rules and obligations for customer due diligence by financial institutions. Last month, banks received new guidance that alternately offered clarification and curveballs.
The original rule was enacted in May 2016 by FinCEN, a bureau of the Department of the Treasury tasked with safeguarding the financial system from illicit use and money laundering.
