May 11 marked a watershed moment of sorts when, this past Friday, the final customer due diligence rule via the Financial Crimes Enforcement Network (FinCEN) took effect. The rule, of course, amended Bank Secrecy Act regulations in ways that seek to enhance transparency in reporting...
The deadline cometh. Today (May 11) is the day the final rule, served up by the Financial Crimes Enforcement Network (FinCEN), takes effect. The CDD Rule — titled “Customer Due Diligence Requirements for Financial Institutions” — amends the Bank Secrecy Act regulations. And, in a reminder to FIs,...
Customer due diligence rules are changing via FinCEN, with a focus on identifying and monitoring beneficial owners. Trulioo GM Zac Cohen notes that the nuances in making sure that FIs are on the "up and up" -- and short circuiting bad actors -- go far...
Knowing your customer (KYC) is only part of the battle in making sure payments — and just about everything else tied to a business — are secure. In fact, KYC is but one of a long string of acronyms on the checklist for businesses across verticals,...
May 02, 2018
Customer due diligence rules are changing via FinCEN, with a focus on identifying and monitoring beneficial owners. Trulioo GM Zac Cohen notes that the nuances in making sure that FIs are on the "up and up" -- and short circuiting bad actors -- go far beyond just finding out who owns 25 percent or more.
January 03, 2018
Knowing your customer (KYC) is only part of the battle in making sure payments — and just about everything else tied to a business — are secure. In fact, KYC is...
