How to gain more from operational risk management practices.
Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.
FinCEN adds FAQs on CDD requirements
FinCEN has issued Guidance FIN-2020-G002 in the form of three new FAQs regarding customer due diligence requirements for covered financial institutions. The three FAQs clarify the regulatory requirements related to—
- obtaining customer information;
- establishing a customer risk profile; and
- performing ongoing monitoring of the customer relationship in order to assist covered financial institutions with their compliance obligations in these areas.