FFIEC: New Customer Due Diligence and Beneficial Ownership Examination Procedures


The Federal Financial Institutions Examination Council (FFIEC) has issued updated exam procedures in connection with FinCEN’s new “Customer Due Diligence Requirements for Financial Institutions,” that went into effect May 11, 2018. 

The new examination procedures replace those in the current “Customer Due Diligence—Overview and Examination Procedures” section of the FFIEC’s Bank Secrecy Act/Anti-Money Laundering Examination Manual. In addition, a new overview and examination procedures were developed for the beneficial ownership requirements for legal entity customers. 

Click here for FFIEC’s announcement.

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