FinCEN CDD FAQ: Which financial institutions are covered under the CDD Rule?

Compliance > BSA > FinCEN CDD/BO Rule - eff 2016
Q:  Which financial institutions are covered under the CDD Rule?
 
A.  For purposes of the CDD Rule, covered financial institutions are federally regulated banks and federally insured credit unions, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities.1
 
1 “Covered financial institution” is defined at 31 CFR 1010.605(e)(1).
 
 
 
This FAQ, and others, was released in July 2016.  The 2016 FAQs were issued to assist institutions in understanding the scope of the Customer Due Diligence (CDD) requirements that were published in May 2016.   They may be found here:  https://www.fincen.gov/statutes_regs/guidance/pdf/FAQs_for_CDD_Final_Rule_(7_15_16).pdf
 

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