Overview
On July 19, 2016, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued Frequently Asked Questions to clarify the scope of its rule, “Customer Due Diligence (CDD) Requirements for Financial Institutions.” Steptoe’s International Compliance Blog covered the rule in May. This rule took effect on July 11, 2016, but does not require implementation by covered financial institutions until May 11, 2018. For more information, please click here.
