Source: US Federal Deposit Insurance Corporation FDIC
Bank Secrecy Act Joint Fact Sheet
November 19, 2020
Federal financial institution regulatory agencies are issuing a joint fact sheet to provide clarity on how to apply a risk-based approach to meeting the customer due diligence (CDD) requirements contained in FinCEN’s 2016 CDD Final Rule when providing services to charities and other non-profit organizations.
This joint fact sheet does not alter existing Bank Secrecy Act/Anti-Money Laundering (BSA/AML) legal or regulatory requirements, nor does it establish new supervisory expectations.
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