Illinois bankers are constantly challenged with new laws, regulations, enforcement trends and other pressing compliance concerns. Now they have an exciting resource to help them — IBA Compliance Connection — a free website for all employees of IBA member banks that will quickly become your “go to” source for Illinois banking compliance information, guidance and support — each and every day!
What you will find on the IBA Compliance Connection
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IBA Compliance Connection® is a members-only benefit for members of the Illinois Bankers Association. For more information about the IBA and membership, please click here.
Visit our Customer Due Diligence Topic Page to learn about FinCEN’s Customer Due Diligence Regulations, which require financial institutions to obtain beneficial ownership information from legal entity customers at account opening, and download a Customer Identification Program risk assessment matrix from our Forms Library.
Check out our Customer Due Diligence Resources Page, which links to FinCEN’s FAQs on Customer Due Diligence, the federal banking agencies’ joint statement on conducting Customer Due Diligence, and more!
Do you know if there are additional CDD requirements your bank must follow when opening an account for a legal entity customer that has foreign beneficial owners? To find out, visit our Customer Due Diligence Q&A Page, where we have answered dozens of related questions!