Customer Due Diligence and Beneficial Ownership Requirements for Legal Entity Customers – Overviews and Examination Procedures


On May 11, 2018, the Federal Financial Institutions Examination Council issued new examination procedures on the final rule, “Customer Due Diligence Requirements for Financial Institutions” (the “CDD Rule“). The CDD Rule was issued on May 11, 2016 with mandatory compliance on May 11, 2018. The examination procedures apply to banks, savings and loan associations, credit unions, and branches, agencies, and representative offices of foreign bank. Release.