Regulatory Compliance for Financial Institutions – Industry News

Strategies shift as regulators renew scrutiny of bank compliance In an episode of hit television series Homeland, US intelligence agents track the finances of Iranian terrorists to a fictional western lender called “HLBC Bank”. This barely disguised reference to one of the world’s biggest banks underlines how the historically dull world of guarding against money…

Regulatory Compliance for Financial Institutions – Industry News

FinCEN proposes to expand financial institution customer due diligence requirements The proposal would require financial institutions to identify beneficial owners of legal entities and codify existing customer due diligence guidance. In a continuing initiative to strengthen the customer due diligence (CDD) requirements imposed on regulated financial institutions under the Bank Secrecy Act (BSA),[1] on July 30,…