What's New? Beneficial Ownership Rules
Monday, June 4, 2018 at 11:59AM
Banking Spectrum in Compliance, What's New

Effective May 11, 2018, the Financial Crimes Enforcement Network (FinCEN) issued a final rule on beneficial ownership with respect to customer due diligence requirements.   The final rule requires covered financial institutions to adopt due diligence procedures to identify and verify a legal entity customer’s beneficial owner(s) at the time a new account is opened. Further, financial institutions are required to amend their anti-money laundering (AML) program requirements related to collecting, monitoring, and maintaining this information. 

Please see Beneficial Ownership Rule in the Compliance section of The Gold Book.

Article originally appeared on Banking Spectrum (http://www.bankingspectrum.com/).
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