Meet the requirements for FinCEN Customer Due Diligence compliance

Improve your:

 
Customer identification and verification

 
Beneficial ownership identification and verification

 
Customer risk profile development and monitoring

 

Ensure compliance with FinCEN regulations around Customer Due Diligence

Financial institutions are held responsible to federal regulations geared towards protecting consumers. The newest FinCEN rules regarding Customer Due Diligence require that banks must verify the identity of each customer, including beneficial owners, during account openings.

These requirements are intended to prevent anonymous access to financial systems, since the U.S. Treasury estimates that illicit proceeds generated in the U.S. alone total $400 billion annually.

 

 

Identify and verify the beneficial owners of legal entity customers during new account opening to comply with federal regulations.

 

Understand the nature and purpose of customer relationships to develop a thorough customer risk profile.

 

Maintain and update customer information for ongoing monitoring of suspicious transactions.

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