Compliance Resource playbooks provides a system for identifying and tracking the implementation of a new requirement. It includes a list of tasks necessary to complete the implementation, assigns responsibility, establishes proposed completion dates and tracks actual completion dates.
FinCEN issued final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks, brokers or dealers in securities, mutual funds, futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and includes a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.
The 2016 Beneficial Ownership Rules Playbook includes summary information, important dates, citations, requirements, and tasks to be completed along with space to document the responsible and deadline.