Clifford Chance

Clifford Chance Regulatory Update: FinCEN issues Final Rule on Identifying Beneficial Owners and Conducting Customer Due Diligence

20 June 2016

On May 6, 2016, the Financial Crimes Enforcement Network issued its long awaited rule clarifying and strengthening customer due diligence requirements under the Bank Secrecy Act.  The Final Rule: (1) provides new requirements that covered financial institutions collect information regarding beneficial owners of legal entity customers; and (2) supplements anti-money laundering compliance program requirements relating to customer risk profiling and monitoring by adding some requirements and making others explicit.

 

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