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ARTICLE · 17 MAY 2018

Financial Regulatory Developments Focus — Issue 19, May 16, 2018

A&O Shearman
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On May 11, 2018, the U.S. Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation published the customer due diligence and...

GlobalFinance and Banking
A&O Shearman
A&O Shearman
Thomas Donegan
Thomas Donegan
Susanna Charlwood
Susanna Charlwood
Donna Parisi
Donna Parisi
Geoffrey Goldman
Geoffrey Goldman
John Adams
John Adams
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AML/CTF, Sanctions and Insider Trading

FFIEC Publishes Customer Due Diligence and Beneficial Ownership Overviews and Examination Procedures

On May 11, 2018, the U.S. Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation published the customer due diligence and beneficial ownership examination sections of the Federal Financial Institutions Examination Council BSA/AML Examination Manual. This release coincided with the May 11, 2018 compliance date for the Customer Due Diligence Requirements for Financial Institutions rule issued by the U.S. Treasury Department's Financial Crimes Enforcement Network on May 11, 2016, which enumerates explicit customer due diligence program requirements, including a requirement to identify and verify the beneficial owners of legal entity customers. The updated customer due diligence section of the manual provides an overview of customer due diligence

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