FinCEN Final Patriot Act Regulations on Special Due Diligence Program
September 12, 2007
By Paul Hastings Professional
The Financial Crimes Enforcement Network (FinCEN) of the Department of Treasury has issued a final rule (the Final Rule) implementing a key provision of Section 312 of the USA PATRIOT Act. The Final Rule clarifies the risk-based procedures that U.S. financial institutions should use in tailoring their enhanced due diligence to assess the risks of certain foreign banking relationships.