Answer:
Once this is operational the reason for using the secure system was expanded from just CDD to include AML (anti-money laundering)/CFT (countering the financing of terrorism) obligations under the Bank Secrecy Act (BSA) — including AML program, customer identification, Suspicious Activity Report filing, and enhanced due diligence requirements — as well as, for example, compliance with sanctions imposed by Treasury’s Office of Foreign Assets Control, provided it is reasonably necessary to obtain or verify BOI of legal entity customers to satisfy those requirements. General business or commercial use of BOI is not authorized.
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