More guidance on the new FinCEN “beneficial ownership” rule

In May 2016, the Financial Crimes Enforcement Network (FinCEN), the U.S. agency tasked with issuing anti-money laundering (AML) regulations, issued a final rule requiring that certain categories of financial institutions identify the beneficial owners of their legal entity customers and incorporate customer due diligence procedures into their required AML compliance programs. The regulation was effective July 2016, but only applicable to accounts opened on or after May 11, 2018. On May 11, 2018, the effective date, FinCEN issued more guidance to the industry. The regulation is limited to certain categories of financial institutions: banking organizations, securities broker-dealers, mutual funds, futures commission merchants and introducing brokers in commodities (“covered financial institutions”). Subject to certain exemptions, the covered financial institution must identify the beneficial owner(s) of each legal entity customer at the time a new account is opened,…

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