FinCEN CDD FAQ: When must covered financial institutions implement the final rule?

Compliance > BSA > FinCEN CDD/BO Rule - eff 2016
Q:  When must covered financial institutions implement the final rule?
 
A.  Covered financial institutions will have until May 11, 2018, two years from the date the final CDD Rule was published in the Federal Register, to implement and comply with the CDD Rule.
 
 
 
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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