X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The Financial Crimes Enforcement Network said it will publish long-awaited customer due diligence rules Thursday, which will require credit unions and other financial institutions to identify and verify the beneficial owners of legal entity customers.

In a significant change from the proposed rules, issued in 2014, financial institutions will not be required to comply with the new rules until May 2018, compared to the one-year waiting time contained in the proposed regulations. FinCEN said the single year specified in the proposed rules would not give financial institutions enough time to change their current internal systems.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

David Baumann

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.