FinCEN: FAQs Regarding Customer Due Diligence Requirements

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The Financial Crimes Enforcement Network (FinCEN), in consultation with the federal functional regulators, issued responses to three frequently asked questions (FAQs) regarding customer due diligence (CDD) requirements for covered financial institutions. The FAQs clarify the regulatory requirements related to obtaining customer information, establishing a customer risk profile, and performing ongoing monitoring of the customer relationship.

These questions are related to:

  • Customer Information – Risk-Based Procedures
  • Customer Risk Profile
  • Ongoing Monitoring of the Customer Relationship

Read the FAQs here.

The FAQs are in addition to those that FinCEN issued in July 2016 and April 2018. For additional information regarding customer due diligence requirements, please see FinCEN’s CDD webpage.

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