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Mandatory Compliance: Customer Due Diligence Requirements (Beneficial Owners)

FinCEN is issued 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. Read more here. Note that there has been an extension for certain rollovers or renewals; read more here

  • May 11, 2018
  • Time: All Day
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