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US Agencies issue BSA Due Diligence for PEPs statement

Agencies Issue Statement on Bank Secrecy Act Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons  Immediate Release August 21, 2020 WASHINGTON—The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of […]

FinCEN issues CDD FAQs…

FIN-2020-G002 Issued: August 3, 2020 Subject: Frequently Asked Questions Regarding Customer Due Diligence (CDD) Requirements for Covered Financial Institutions. The Financial Crimes Enforcement Network (FinCEN), in consultation with the federal functional regulators, is issuing responses to three frequently asked questions (FAQs) regarding customer due diligence requirements for covered financial institutions. […]

OCC CDD and Beneficial Ownership Requirements for Legal Entity Customers

  OCC BULLETIN 2018-12 Subject: Bank Secrecy Act/Anti-Money Laundering Date: May 11, 2018  To: Chief Executive Officers of All National Banks and Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, All Examining Personnel, and Other Interested Parties Description: Customer Due Diligence and Beneficial Ownership Requirements for Legal Entity […]

HKMA CDD FAQ updates: Q9 through Q11

Last set:   Q9: Can the HKMA provide more examples of identification documents that can be used for verifying a customer’s identity in addition to those already specified in Chapter 4 of the AML Guideline? A9: Since the AMLO came into effect in April 2012, the HKMA has made it […]

HKMA CDD FAQ updates: Q5 through Q8

Today, Q5 through Q8 (see yesterday’s post for Q1-Q4):   Q5: What is the requirement on who should be present at account opening for a corporate and is it a requirement to have all directors and beneficial owners be present at account opening? A5: Generally, a corporate account is opened […]