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FinCEN issues regulations requiring that financial institutions identify certain beneficial owners

FinCEN issues regulations requiring that financial institutions identify certain beneficial owners

FinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.

Please click on the link below to read the entire FinCen ruling:

https://www.gpo.gov/fdsys/pkg/FR-2016-05-11/pdf/2016-10567.pdf

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