Category: Articles & Publications

COMPLIANCE REPORTER: New know-your-customer AML due diligence rule set for May 11

April 16, 2018, By Colleen Corwell, Director, Alaric Compliance Services

With a May 11 effective date fast approaching, financial firms will soon be required by law to comply
with a new United States Treasury Department Financial Crimes Enforcement Network’s Beneficial
Ownership Rule intended to strengthen customer due diligence.

Prior to the new rule, financial institutions were not required to know the identity of beneficial
owners. This left a gaping gray area that criminals have exploited and regulators are aiming to
eliminate. Indeed, anti-money laundering programs are one of US regulatory agencies’ top priorities
this year.


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