Five months after the U.S. Treasury Department’s Financial Crimes Enforcement Network implemented new due diligence rules to crack down on money laundering, compliance teams have started adjusting to the rules.
A new industry report released this month from Thomson Reuters looks at how 253 anti-money-laundering compliance leaders have adapted to meet the new Customer Due Diligence requirements, or “know your customer” requirements. The May 2018-implemented rule requires applicable financial institutions to have policies and procedures designed to verify customer’s identities, the identity of beneficial owners of companies opening accounts, understand the customer relationship, create risk profiles and monitor for suspicious transactions.
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