US · US FinCEN
Customer Due Diligence (CDD) Final Rule, 31 CFR Part 1010
RegulationIn Force
- Issuing authority
- FinCEN
- Effective date
- Effective 11 May 2018
- Scope
- FinCEN
Key requirements
The 'fifth pillar' of US AML programmes. Requires financial institutions to identify and verify the beneficial owners behind legal entity customers. Two tests: anyone owning 25% or more (the ownership prong), plus one person with significant management responsibility (the control prong). Includes ongoing monitoring to update customer information when risk levels change.