We are continuing to monitor official advice and the global position on a daily basis, in close liaison with our clients and teams in all locations. Our priority remains the well-being of our people, our relationships and our commitment to the long-term sustainability of our sector.
FinCen Final AML Rules for State Regulated Banks. Are you ready?
On Sept 14 2020, the Financial Crimes Enforcement Network issued final rules that expand the AML obligations of financial institutions under the Bank Secrecy Act.
All non-FFR institutions are now subject to the same rules as FDIC-insured depository institutions.
The final rule takes effect on November 16, after which firms have just 180 days to comply.
Are you ready?
- apply this new rule in your institution and to your current CIP and AML processes
- understand the impact on your beneficial ownership structures and requirements
- verify the identity of each new customer on the most efficient manner
- reduce client outreach issues
- streamline and STP your onboarding process