Compliance dates for new Due Diligence regulation

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Question:

When is compliance with the new due diligence regulation required?

Answer:

Compliance is mandatory on the applicability date, which is May 11, 2018.
Obviously, most banks will have an on-site regulatory examination prior to the applicability date. Regulators cannot mandate “early” compliance, but they may evaluate a financial institution’s knowledge of the regulation and its plan for compliance at any time. You should be able to demonstrate good progress towards compliance.
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Learn more about Ken’s webinar New BSA/AML Customer Due Diligence Requirements