FinCEN Customer Due Diligence (CDD) Rule

Rule 2016

Issued by Financial Crimes Enforcement Network

Plain-English summary

Requires covered financial institutions to identify and verify beneficial owners of legal-entity customers, understand the nature and purpose of customer relationships, and conduct ongoing monitoring — the 'fourth pillar' of the US AML program.

Topics

AML / CFT / Sanctions

Official source

Latest news

US sanctions bill targets Russian energy sector under Graham legislation 3 Oct 2026
Proposed United States legislation aims to impose sanctions targeting Russia's energy infrastructure and related financial flows. Named in honor of the late Senator Lindsey Graham, who was a prominent Ukraine aid…
AUSTRAC Examines Western Union AML Controls and Transaction Monitoring 26 Sep 2026
Australia's financial intelligence unit has initiated a formal investigation into Western Union's anti-money laundering framework and compliance infrastructure. The regulatory examination focuses on the company's…
RBI penalizes Ola Financial Services for KYC compliance failures 25 Sep 2026
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a…