Customer Due Diligence Requirements are Changing for Financial Institutions. What Does This Mean for PayFacs?

Payments
Customer Due Diligence Requirements are Changing for Financial Institutions. What Does This Mean for PayFacs?
Payment Facilitor
Customer Due Diligence Requirements are Changing for Financial Institutions. What Does This Mean for PayFacs?
Financial transparency and security are important. FinCEN and the staffs of the Federal functional regulators and the Department of Justice agree. As such, FinCEN has determined that more explicit rules for covered financial institutions with respect to Customer Due Diligence (CDD) are necessary to clarify and strengthen CDD within the Bank Secrecy Act (BSA) regime.

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