FinCEN and the Banking Agencies Clarify Due Diligence Requirements for Charities, Non-Profit Organizations

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On November 19, 2020, the Financial Crimes Enforcement Network (FinCEN) and the bank regulatory agencies (the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration) issued a joint fact sheet on Bank Secrecy Act Due Diligence Requirements for Charities and Non-Profit Organizations. The fact sheet applies to domestic depository institutions and U.S. branches and agencies of foreign banking organizations.

Here, we explain how finance firms can use FinCEN’s joint fact sheet to determine the risk of a charity or non-profit organization (NPO) and develop a customer profile.

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