Customer Due Diligence Requirements for Financial Institutions
FinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.
The final rules are effective July 11, 2016. Applicability Date: Covered financial institutions must comply with these rules by May 11, 2018.
Securefact is proud to be a silver sponsor at The Payments Canada Summit 2017 taking place this Tuesday through to Friday in Toronto. Come visit us in booth #34 and discuss the five ways you can turn compliance obligations into your competitive advantage. 5 Ways to...read more