Know Your Customer verification
Know Your Customer verification in Financial & Capital Markets sits under active scrutiny from the Financial Crimes Enforcement Network, the U.S. Securities and Exchange Commission, and the European Banking Authority, each of which has issued or proposed updates to customer due diligence and beneficial ownership requirements within the past two years. FinCEN's 2024 beneficial ownership reporting rules under the Corporate Transparency Act are forcing broker-dealers and investment advisers to re-examine how onboarding workflows connect to third-party data vendors and internal CDD programs. Compliance teams are working through that gap now.
Watch
- FinCEN beneficial ownership rule: reporting deadlines and exemption scope for financial institutions
- SEC Staff Bulletin on customer identification program obligations for registered investment advisers
- EBA revised AML/CFT guidelines: new remote onboarding and e-ID verification standards
- Enforcement pattern: regulators citing stale CDD records at account review, not just onboarding
- APAC divergence: Monetary Authority of Singapore MyInfo digital verification vs. AUSTRAC risk-based approach
Recent material activity in Financial & Capital Markets
Active monitoring in place across Financial & Capital Markets. Material developments related to know your customer verification will appear here as they are published.