FinCEN Final Rule Best Practice

Coming into force on May 11th, 2018, FinCEN’s Final Customer Due Diligence (CDD) Rule (i.e. FinCEN Final Rule) will bring in sweeping new changes to how financial institutions collect, maintain and act upon beneficial ownership information and conduct customer due diligence.

Covered financial institutions must know who their customers are, where their sources of funds originate and must develop an accurate risk profile based on a culmination of all available client data and documentation.