Rimon Discusses New FinCEN Due Diligence Rule in Various Media Outlets

May 13, 2018

O’Melveny senior counsel Laurel Loomis Rimon was quoted by Law360 and BlockTribune on a new set of Customer Due Diligence Requirements issued by the Financial Crimes Enforcement Network.

The rule, which took effect May 11, 2018, aims to combat money laundering, tax evasion and other illicit financial behavior by establishing new requirements for banks, broker-dealers and futures commission merchants, among others. Rimon told the publications the rule could have an impact on cryptocurrency companies. 

“While money services business are not subject to the new rule, some are following it nonetheless as a matter of caution and risk management,” she told BlockTribune. “There could ultimately be a price to pay for MSBs that don’t have in place robust ‘know-your-customer’ policies.”

Rimon represents clients on a broad range of anti-money laundering and fintech enforcement issues. A former General Counsel for the Office of the Inspector General at the US Department of Homeland Security, her practice is backed by decades of high-level government experience and offers clients a seasoned investigator’s perspective.