Publication | BRG
BSA/AML Due Diligence - Requirement Updates
Walter Mix and David Abshier
On August 21, 2020, several agencies released a joint statement addressing due diligence questions surrounding Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements for customers who may be considered “politically exposed persons” (PEPs). This was in response to banks inquiring whether or not PEP customer due diligence (CDD) requirements in the Financial Crimes Enforcement Network’s (FinCEN) 2016 CDD Final Rule created new regulatory requirements or supervisory expectation.