CDD

News & Analysis as of

The Fourth European Union Anti-Money Laundering Directive and Its Effects on Financial Institutions Operating in the EU

The Fourth European Union Anti-Money Laundering Directive (Fourth AML Directive), approved by the European Parliament on May 20, 2015, went into effect on June 25, 2015, repealing the 2005 Third AML Directive. Given the...more

Infobytes Special Alert: FinCEN Publishes Long - Awaited Proposed Customer Due Diligence Requirements

On August 4, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published a Notice of Proposed Rulemaking ("NPRM") that would amend existing Bank Secrecy Act (“BSA”) regulations...more

Consumer Protection Organization Petitions FTC To Enforce U.S.-EU Safe Harbor Framework

On August 14, the Center for Digital Democracy (CDD) announced that it filed a complaint with the FTC claiming that 30 U.S. companies are compiling, using, and sharing EU consumers’ personal information without their...more

FinCEN Proposes Customer Due Diligence Rule

On July 30, FinCEN released a proposed rule that would amend BSA regulations to clarify and add customer due diligence (CDD) obligations for banks and other financial institutions, including brokers or dealers in securities,...more

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