The Financial Crimes Enforcement Network (FinCEN) has issued new guidance on its Customer Due Diligence (CDD) rule.
The agency published responses to three frequently asked questions (FAQs) regarding CDD requirements for covered financial institutions.
The FAQs clarify the regulatory requirements related to obtaining customer information, establishing a customer risk profile and performing ongoing monitoring of the customer relationship to assist covered financial institutions with their compliance obligations in these areas.
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