Compliance Newsflash – April 11, 2018

April 11, 2018

DLA is committed to keeping our clients and friends updated on relevant news and topics in the industry by distributing a weekly Compliance Newsflash. We hope this provides you with helpful and insightful information for you and your firm! Join our mailing list by clicking here: DLA Newsflash Registration.

FinCEN Issues Guidance Regarding New Customer Due Diligence Requirements for Covered Financial Institutions
On April 3, 2018, the Financial Crimes Enforcement Network (FinCEN) issued 37 frequently asked questions (FAQs) and responses with the aim of providing Covered Financial Institutions with a better understanding of the scope of the agency’s new Customer Due Diligence Requirements (CDD Rule), which become applicable to new accounts beginning on May 11, 2018.
For more information, click here.

FINRA Updates AML Template for Small Broker-Dealers
On April 5, 2018, the Financial Industry Regulatory Authority updated the Anti-Money Laundering Template for small firms. The update reflects member firms’ obligations under FINRA Rule 3310 in light of the Treasury Department’s Financial Crimes Enforcement Network’s (FinCEN) final rule on Customer Due Diligence Requirements for Financial Institutions. FINRA provides the template to help small broker-dealers establish an AML compliance program as required by the Bank Secrecy Act and FINRA Rule 3310. The template provides text examples, instructions, relevant rules and websites, and other resources.
For more information, click here.