Customer Due Diligence Requirements for Financial Institutions

Department of the Treasury, Customer Due Diligence Requirements for Financial Institutions, AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Final rules. Provided below is a summary:

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.