CDD rule electronic certification form available

With less than two weeks remaining before the Treasury’s Financial Crimes Enforcement Network’s (FinCEN) customer due diligence (CDD) becomes effective May 11, FinCEN has made its electronic CDD beneficial owner certification form available. There is no requirement that covered financial institutions use the certification form. Rather, FinCEN provides the optional form for the convenience of […]

With less than two weeks remaining before the Treasury’s Financial Crimes Enforcement Network’s (FinCEN) customer due diligence (CDD) becomes effective May 11, FinCEN has made its electronic CDD beneficial owner certification form available.

There is no requirement that covered financial institutions use the certification form. Rather, FinCEN provides the optional form for the convenience of covered financial institutions as one possible method to obtain the required beneficial ownership information.

Financial institutions should make a copy of the certification form and retain it. It should not be sent to FinCEN.

The form is available in PDF and Microsoft Word versions. The Word version should be printed out and completed, while the PDF version can be filled out electronically then printed out.

Additional details on the certification form can be found in Question 8 of FinCEN’s recent FAQ documentAdditional information about the CDD rule’s requirements can be found on CUNA’s CompBlog.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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