FDIC FIL-78-2020 Bank Secrecy Act: Joint Statement on Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons

August 24, 2020

The FDIC, Federal Reserve, NCUA, OCC and FinCEN issued a joint statement on Bank Secrecy Act due diligence requirements for customers whom banks may consider to be politically exposed persons (PEPs) clarifying that, while banks must adopt appropriate risk-based procedures for conducting customer due diligence (CDD), the CDD rule does not create a regulatory requirement, and there is no supervisory expectation for banks to have unique, additional due diligence steps for customers who are considered PEPs.

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