Compliance: Customer due diligence for all accounts

first_img continue reading » 14SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Financial Crimes Enforcement Network’s (FinCEN) new customer due diligence (CDD) requirements for business accounts are effective May 18, 2018, and CUNA’s compliance staff has received a number of questions. A recent CompBlog post examines CDD procedures and requirements.Bank Secrecy Act regulations do not have specific provisions for CDD requirements for non-business accounts, credit unions generally rely on the Federal Financial Institutions Examination Council’s (FFFIEC) examination manual for guidance.The CDD guidance recommends credit unions:Know the true identity of its members;Gain an understanding of a member’s normal and expected transaction activity, based on their occupation or business operations to better determine if something is suspicious, and whether a suspicious activity report (SAR) needs to be filed;last_img

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