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FinCEN issues updates to Customer Due Diligence final rule


The Department of Treasury's Financial Crimes Enforcement Network (FinCEN) has published the final rule for new and existing customer due diligence (CDD) requirements for banks on May 11, 2016.

By providing a good CDD framework for Financial Institutions, FinCEN's intention was to promote financial sectors and minimize the disparities in CDD practices among financial institutions.

The final rule also amends the anti-money laundering (AML) program.

As of this time, this document makes technical corrections to the final Certification Form located in appendix A to 31 CFR 1010.230 and adds a paragraph to 31 CFR 1024.210(b) that was inadvertently omitted in the final rule published in the Federal Register with an effective date of July 11, 2016, and an applicability date of May 11, 2018.

For complete document, click here.

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