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Washington
FinCEN considers due diligence changes
WASHINGTON (3/1/12)--The Financial Crimes Enforcement Network (FinCEN) is considering codifying, clarifying, consolidating, and strengthening its current customer due diligence (CDD) regulatory requirements, and has released an advanced notice of proposed rulemaking (ANPR) to collect public comment on potential CDD rule enhancements.

FinCEN said appropriate CDD policies, procedures, and processes assist financial institutions "in identifying, detecting, and evaluating unusual or suspicious activity" by accountholders.

While many institutions have adequate policies, FinCEN said it is concerned that there is a lack of uniformity and consistency in how financial institutions address their CDD policies.

The proposed CDD rule would cover financial institutions, brokers or dealers in securities, mutual funds, futures commission merchants, and introducing brokers in commodities. Establishing a uniform CDD regulation would strengthen the ability of financial institutions to identify and report illicit financial transactions and comply with all existing legal requirements, and help federal authorities as they investigate potential crimes. A uniform regulation would also promote greater global financial transparency and aid efforts to combat transnational illicit finance, FinCEN added.

The new regulations, if created, would be one part of a broader U.S. Treasury strategy to enhance financial transparency in order to strengthen efforts to combat financial crime, including money laundering, terrorist financing, and tax evasion, FinCEN said.

Comments on the ANPR will be accepted for 60 days after the proposal is published in the Federal Register.

For the full FinCEN release, use the resource link.
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