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Compliance: Six months until FinCEN’s CDD rule is effective

admin1 min readNovember 17, 2017

Credit unions now have less than six months to come into compliance with the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence (CDD) rule, effective May 11, 2018. CUNA has developed a number of tools to assist credit unions, including a CDD checklist, final rule summary, and CDD compliance chart. The rule includes provisions that address identifying the beneficial owners […]

Credit unions now have less than six months to come into compliance with the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence (CDD) rule, effective May 11, 2018. CUNA has developed a number of tools to assist credit unions, including a CDD checklist, final rule summary, and CDD compliance chart.

The rule includes provisions that address identifying the beneficial owners of legal entity accounts and financial institutions’ anti-money laundering (AML) programs.

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The League of Southeastern Credit Unions & Affiliates represents nearly 300 credit unions throughout Alabama, Florida, and Georgia. It has a combined total of almost $200 billion in assets and 12.4 million members. LSCU provides advocacy, compliance services, education and training, cooperative initiatives, and communications.

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