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Frequently Asked Questions Regarding Customer Due Diligence (CDD) Requirements for Covered Financial Institutions.

August 03, 2020 / Source: FinCEN

Frequently Asked Questions Regarding Customer Due Diligence (CDD) Requirements for Covered Financial Institutions.

The Financial Crimes Enforcement Network (FinCEN), in consultation with the federal functional regulators, today issued responses to three frequently asked questions (FAQs) regarding customer due diligence (CDD) requirements for covered financial institutions. The FAQs clarify the regulatory requirements related to obtaining customer information, establishing a customer risk profile, and performing ongoing monitoring of the customer relationship.

FinCEN Guidance CDD 508 FINAL_2.pdf

Issued Date

August 03, 2020

Financial Institution

Depository Institutions

Money Services Businesses

Securities and Futures