The Daily News Online

Customer Identification Program vs. Know Your Customer: What’s the Difference?

Financial institutions operate in an environment where trust, compliance, and fraud prevention are inseparable. To protect the financial system from money laundering, terrorist financing, and identity ...
JD Supra

FinCEN (and SEC) Propose New Customer Identification Program Rule With Minimal Expected Impact on Private Fund Sponsors

On May 13, 2024, the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Treasury Department, and the Securities and Exchange Commission (SEC) proposed a joint rule (the Proposed ...
JD Supra

SEC and FinCEN Propose Customer Identification Program Requirements for Certain Investment Advisers

The CIP Proposal complements—and was foreshadowed by—FinCEN’s February 2024 proposal to impose anti-money laundering (“AML”) compliance program obligations on SEC Advisers (the “AML Proposal”). As we ...
The National Law Review

FinCEN AML Alert Part 2: Customer Identification Program Requirements for Investment Advisers

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation and ...
American Banker

Regulators ease bank customer identification standards

Regulators on Friday issued an order exempting banks from the requirement to collect taxpayer identification numbers, or TINs, directly from customers before opening an account under the Customer ...