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

Financial Institutions Permitted to Use Third Parties to Collect Customers’ Taxpayer Identification Numbers for Identity Verification

Our Financial Services and White Collar, Government & Internal Investigations Teams examine the Financial Crimes Enforcement Network’s new customer identification program (CIP) exemption that allows ...
Crowdfund Insider

American Fintech Council Responds to FinCEN Customer Identification Program Information Request

The American Fintech Council, an association representing Fintech companies and BaaS banks, has submitted a response to the US Department of Treasury, Financial Crimes Enforcement Network (FinCEN) ...
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 ...