The Financial Crimes Enforcement Network issued an updated set of frequently asked questions (FAQs) regarding customer due diligence requirements, stemming from rules amended in September 2017.
“A covered financial institution with notice of or a reasonable suspicion that a customer is evading or attempting to evade beneficial ownership or other customer due diligence requirements should consider whether it should not open an account, close an account, or file a suspicious activity report, regardless of any interpretations below,” an introduction to the FAQs said.
The 24-page document includes 37 questions. Read on for more information.
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