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It has been almost six months since FinCEN’s new CDD/Beneficial Ownership Rule went into effect. The compliance questions in CUNA’s Compliance Community have slowed down considerably indicating that most credit unions have put their new policies and procedures in place and have moved on to their latest compliance challenge. Some of the more frequent questions, however, involve:
- Members and accounts that existed before the effective date of May 11, 2018;
- Members that own multiple accounts;
- Products and services that rollover or renew;
- Charities;
- IOLTA Accounts
Click here to see CUNA’s complete blog and answers to commonly asked questions.