On August 3, 2020, the Financial Crimes Enforcement Network (FinCEN) published three new Frequently Asked Questions (FAQs) regarding Customer Due Diligence (CDD) requirements for financial institutions.
- The new FAQs clarify the regulatory requirements related to:
- Obtaining customer information;
- Establishing a customer risk profile; and
- Performing ongoing monitoring of the customer relationship.
- The new FAQs are in addition to those that were published on:
- July 19, 2016; and
- April 3, 2018.
For further information regarding customer due diligence requirements, including the Customer Due Diligence Requirements for Financial Institutions, please see FinCEN’s CDD webpage.