Category Archives: Due Diligence

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FinCEN Finalizes Customer Due Diligence Rule

May 6, 2016, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) finalized regulations that will require banks, securities broker dealers, mutual funds, futures commission merchants, and introducing brokers in commodities (collectively, Covered Institutions) to identify and perform due diligence on the ultimate beneficial owners and control persons of any legal … Continue Reading

Due Diligence Outsourcing: Traps for the Unwary

Just as a client performs due diligence on a registered representative before engaging him or her, each broker-dealer must perform different types of due diligence in the course of its business. This can pose a particular burden for smaller firms, which often do not have the compliance staff necessary to conduct specific due diligence responsibilities. … Continue Reading
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