Weakest link in Fincen's AML rule? Bank customers

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

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