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The US Treasury Department's Financial Crimes enforcement Network vinson have published a final rule under the Bank Secrecy Act before the rollout of this new customer due diligence rule financial institutions did not have clear guidance on the requirements for identifying beneficial owners this loophole allowed criminals and suspicious individuals to access the financial system anonymously now that's change financial institutions are now required to clearly identify their account holders and beneficial owners part of this process called customer due diligence includes developing comprehensive risk related client profiles and conducting ongoing monitoring of transactions to identify suspicious activities beware if not managed properly the implementation of this new requirement will affect your bottom line FinCEN estimates the new requirements will cost over 100 million time and money will be spent understanding the law changing processes making adjustments to policies procedures and form updating customer onboarding systems updating and delivering training and more sounds like a lot to worry about fortunately global radar already offers everything you need to comply global radar makes it easy to onboard new clients manage existing client portfolios complete investigations produce management reports and take corrective measures comprehensive reports allows you to access the effectiveness of your compliance policies you can quickly resolve any issues the automated risk rating process allows you to quickly identify high-risk clients we make it easier to effectively implement and manage the requirements by eliminating the time-consuming and costly efforts with global radar there's nowhere to hide for criminals and suspicious characters you'll be able to identify and analyze all your clients meeting the new requirements without fear of fines and repercussion global radar is the leader in client onboarding and surveillance visit global radar comm and register for a demo today.