|More from: | PaymentsSource ||
After a two-year implementation period, the Financial Crimes Enforcement Network’s customer due diligence rule goes into effect today.
The objective of the rule is to make it easier for law enforcement to follow illegitimate money trails — but the question is whether financial institutions are able to follow the rule’s myriad new requirements, which require significant levels of customer cooperation.
For legal entity customers, financial institutions now will have to identify and verify the identities of at least one control
Read full article » http://www.paymentssource.com/opinion/weakest-link-in-fincens-aml-rule-bank-customers
About | PaymentsSource |
PaymentsSource.com is quickly evolving as the leading news and information resource for payments and financial-service professionals.
With its exclusive focus on the payments industry and a full-time editorial staff, PaymentsSource.com offers timely and comprehensive coverage of the rapidly changing payments business.