Updated: Oct 5, 2021
Jim George, the instructor for Corporate Compliance Seminars (CCS) AML/BSA Basics and Compliance - 2 CPEs event has over 30 years of experience within the banking industry.
FinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD. The requirements go far beyond the basic knowledge of the Customer Legal Entity to the Beneficial Owner of that entity and its Controlling Persons.
The FinCEN requirements force each bank to have a risk-based approach to their selection and continuing relationship
with all their customers.