FinCEN Issues FAQs for Customer Due Diligence Rule; Compliance Required in May

April 12, 2018

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) on April 3, 2018 issued Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions (FAQs). The FAQs address various issues raised by financial institutions subject to FinCEN’s new customer due diligence requirements (CDD Rule). The FAQs are timely, given the CDD Rule’s May 11, 2018 compliance date is fast approaching.

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