U.S. financial institutions still struggle to apply the Treasury Department's customer due-diligence rule when handling initial public offerings and other complex corporate transactions, according to compliance officers and attorneys.
The Treasury Department's customer due-diligence rule has forced U.S. credit unions to re-evaluate the risks posed by corporate clients, but the industry faces a unique challenge: strict limits governing the closure of accounts, sources told ACAMS moneylaundering.com.
The U.S. Treasury Department’s customer-due diligence rule promises to not only impact anti-money laundering obligations when it takes effect next month, but sanctions and anti-bribery compliance as well, say sources.