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BSA/AML Due Diligence - Requirement Updates

Walter Mix and David Abshier

September 24, 2020

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.

Read the full client alert from Walt Mix and David Ashier.

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Walter J. Mix III

Managing Director

Los Angeles, Downtown, New York

David Abshier

Managing Director

Los Angeles, Downtown