On May 11, 2016 FinCEN is publishing a 227-page final rule under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks and others. 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. Covered financial institutions are not presently required to know the identity of the individuals who […]
