FinCEN To Raise Regulatory Bar On Due Diligence

FinCEN To Raise Regulatory Bar On Due Diligence

 

Drilling down to find out about all the owners and who has control could be time consuming and costly. Lindsey Richardson, a compliance officer with PolicyWorks, the Iowa-based consultancy affiliated with the Iowa Credit Union League, says FinCEN estimates that a financial institution would have to spend an additional 20 minutes to receive and verify the information required on the new form at account opening.

Read more at CreditUnions.com.