What's New? Beneficial Ownership Rules

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.