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Understand Why the CDD is Needed

Question: 
What’s the official word as to why FinCEN is issuing the rule?
Answer: 

FinCEN’s stated purpose is to turn long standing implied guidance into explicit rules and level the playing field among banks. The agency has stated that banks currently have widely disparate views as to what CDD entails and that this rule will both simplify and clarify requirements.
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Learn more about Don Blaine’s webinar
Why Did CDD Deserve to be the 5th Pillar Rather Than CIP?

First published on 06/25/2017

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