As the regulatory environment evolves globally given world events and new governmental decisions, Treasury and Trade Solutions (TTS) continue to construct and maintain bank policies to comply with any new regulations potentially affecting TTS customers.
Several regulatory initiatives impacting Citi and other financial institutions across the globe are:
- Financial Crimes Enforcement Network (FinCEN) (Section 314(a) of the USA PATRIOT Act of 2001)
- These regulations allow federal, state, local, and foreign law enforcement agencies (through FinCEN) to share information and locate accounts and transactions of individual(s) that may be involved in terrorism or money laundering. You can also visit the FinCEN site for specific information regarding Beneficial Ownership.
- Citi voluntarily participates in this information sharing process to enhance our compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) requirements.
- Payment Services Directive (PSD2)
- Effective January 2018, non-banks will have free access to payment initiation from bank accounts. Payment services will be provided for merchants seeking electronic collections directly from banks and fintechs looking for open access to banking infrastructure on an even playing field.
- Citi compliance policies and efforts are in place for this regulatory launch.
- General Data Protection Regulation (GDPR)
- Taking effect on May 25, 2018, this regulation will greatly enhance the rights of data subjects across the European Union (EU) and introduce a number of changes to the existing EU data protection landscape.
- Privacy and security of personal data are paramount to our customers. Citi recognizes the importance of having programs and policies to help ensure data protection for our customers.
- Brexit
- In June 2016, the United Kingdom (UK) voted to leave the European Union (EU). As such, negotiations and a framework of guidelines are underway for the UK's exit from the EU slated for March 29, 2019.
- Citi has been monitoring the Brexit negotiation progress and is working to ensure corporate treasurers have the necessary information to make critical decisions regarding the new Brexit requirements.
Each of these regulatory initiatives can impact how TTS does business with our customers. It is important that customers are aware of the latest mandates, guidelines, and timelines so their businesses are not unduly impacted or harmed.
Citi understands the complexity and challenges this developing regulatory environment may present. This site will continue to be updated as more information becomes available.
If you have questions, please contact your Citi representative.