Join WilmerHale for the next session of the 2016 Financial Institutions Webinar Series. In this webinar, WilmerHale Partner Sharon Cohen Levin and Counsel Todd Blanche discuss the US Treasury Department's Financial Crimes Enforcement Network's (FinCEN) recently issued Customer Due Diligence Rule.
This rule requires covered financial institutions to gather additional information on their legal entity clients' ownership and introduces a “fifth pillar” of anti-money laundering compliance: risk-based procedures for conducting ongoing customer due diligence. Covered financial institutions may need to update their customer due diligence policies and procedures in order to comply by the implementation date of May 11, 2018.