According to the Financial Crimes Enforcement Network, or FinCEN, banks, brokers, or dealers must comply with the final rule under the Bank Secrecy Act that strengthens customer due diligence requirements. This final rule went into effect on May 11, 2018. The Bank Secrecy Act requires that financial institutions keep customer records that aid in criminal, tax, or regulatory investigations or protect against international terrorism.
The US Treasury estimates that $400 billion dollars in illicit proceeds are generated annually in the United States due to financial crimes. Identifying beneficial owners, or persons with at least 25 percent equity interest in the legal entity, will prevent evasion of sanctions, improve risk assessment, facilitate tax compliance, and meet international standards.
Do you have the processes in place to meet customer due diligence requirements, or could you improve? Our team of identity intelligence experts, scientists, and analysts specializing in customer authentication are ready to help!
The number of regulations imposed on financial institutions has grown significantly over the past five years.
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