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| Updated FinCEN FAQs align with CDD Rule relief |
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Aligning with February’s Exceptive Order, the Financial Crimes Enforcement Network (FinCEN) on Wednesday reissued its frequently asked questions on its Customer Due Diligence requirements. The Exceptive Order removed the requirement for credit unions to identify and verify information for business customers each time the business customer opens a new account.
The updated FAQs combine FAQs separately published in 2016, 2018, and 2020 into a single document, and updates several answers to align with the February order.
FinCEN maintains a CDD rule webpage covering information that financial institutions should know when complying with the rule, including the rule itself, links to all exceptive relief issued, and CDD examination related procedures.
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