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5/11/18 - Weakest Link in FinCEN's AML Rule? Bank Customers

Promontory Director Cynthia Shea published an op-ed in American Banker on the challenges posed by the Financial Crimes Enforcement Network’s rule for customer due diligence.

“The objective of the rule is to make it easier for law enforcement to follow illegitimate money trails — but the question is whether financial institutions are able to follow the rule’s myriad new requirements, which require significant levels of customer cooperation,” Shea said.

“The stakes for financial institutions are high: If they don’t get their CDD program right, they could face citations from examiners or be prompted to close accounts for otherwise low-risk customers who disregard or are unable to provide the required information.”

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