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ABA Statement on Final Customer Due Diligence Rule PDF Print E-mail
Monday, 09 May 2016
“ABA has been actively working on the customer due diligence rule since it was proposed several years ago, and we were pleased FinCEN took into account in the final regulation many of the points raised by ABA and our member banks. As we have frequently emphasized to policymakers, law enforcement and the banking industry share a common objective of fighting the use of the payments system for criminal and terrorist purposes. 

“The inclusion of a two-year transition period, along with manageable expectations for customer and beneficial ownership identification, alleviates some of the potential burden.

“We are still concerned that the application of the rule could add to the existing challenges of maintaining certain account relationships when customer information is not easily obtainable, leading to further ‘de-risking.’

“Though much work lies ahead in preparation for 2018, ABA appreciates FinCEN’s dialogue with the industry on this issue and believe it resulted in an improved final rule. ABA will work closely with its members to prepare them for its implementation.”

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