FinCEN released a proposed rule to enhance customer due diligence requirements at financial institutions. Find out what it means for credit unions in this week’s Compliance Center. Also: legal briefs and the question of the week.
This is your chance to get your concerns adressed, as well as to advocate for beneficial changes to these rules prior to when they go into effect.
An advance notice issued recently by FinCEN is soliciting public comment on an explicit customer due diligence obligation that could require financial institutions to identify beneficial ownership of their account holders.