On Sept 14 2020, the Financial Crimes Enforcement Network issued final rules that expand the AML obligations of financial institutions under the Bank Secrecy Act.
All non-FFR institutions are now subject to the same rules as FDIC-insured depository institutions.
The final rule takes effect on November 16, after which firms have just 180 days to comply.
Are you ready?
Join KYC and AML expert Pino Vallejo (Managing Partner at Sionic) and Ben Marsh (CEO at iMeta) in this session to:
• Understand the applicability of this new rule in your institution and current CIP and AML processes
• Understand the impact on your beneficial ownership structures and requirements
• Discover how to verify the identity of each new customer on the most efficient manner
• Discuss how to reduce client outreach
• Discover how to streamline and STP your onboarding process as much as possible