Meet the requirements for FinCEN Customer Due Diligence compliance
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.