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,…

Derivatives Reform – Industry News

CSA seek comment on derivatives Model Rule for customer clearing and protection of customer collateral and positions /Canada NewsWire, Toronto, Jan. 16, 2014/ –  The Canadian Securities Administrators (CSA) today published for comment CSA Staff Notice 91-304 Model Provincial Rule Derivatives: Customer Clearing and Protection of Customer Collateral and Positions, (Model Rule). The Model Rule is…