Cuba- Here come the regulators!!!

With the historic visit of POTUS to Cuba it is anticipated that there will be a tidal wave of new business. Business can only be conducted when there is an established pathway for the exchange of capital. The recent lifting of sanctions was the just the beginning of the waves of funds that will flow through international and U.S. domestic money systems from Cuban related endeavors.

These new relationships of business to business, business to individuals, individuals to individuals will result in new customers to be on-boarded and for Due Diligence, Enhanced Due Diligence and Continued Due Diligence to be conducted and maintained by Financial Institutions. It can be expected that the regulators will closely watching how these “new customers” are being vetted and monitored in CIP, KYC, transaction monitoring and other compliance efforts.

In response to this salient need for information, Nominodata has enhanced the obtaining of Negative News/ Adverse Media from the Cuban region. For more information about Negative News services from NominoData please visit www.nominodata.com or contact rgoldfinger@nominodata.com