Financial Crimes Enforcement Network Issues New Frequently Asked Questions on Customer Due Diligence Requirement
Data Matters
APRIL 10, 2018
FinCEN issued new FAQs on the CDD Rule on July 19, 2016. These FAQs are timely because the May 11, 2018 compliance date for the CDD rule is fast approaching. FinCEN clarifies that the private label retail credit exception is available only for credit that can be used solely to make purchases at the private label retailer.
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