On 8/3/2020, the Financial Crimes Enforcement Network (FinCEN) issued responses to three frequently asked questions (FAQs) regarding customer due diligence requirements for covered financial institutions. These FAQs are in addition to those published on July 19, 2016 and April 3, 2018. The first FAQ discusses the collection of customer information for CDD, while the second question focuses on establishing a customer risk profile. The third question relates to performing ongoing monitoring of the customer relationship.
The 8/3/2020 FAQs can be found here.
The 4/3/2018 FAQs can be found here.
The 7/19/2016 FAQs can be found here.