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FinCEN guidance provides answers on new beneficial ownership rule

Greg Omer April 11, 2018
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The Financial Crimes Enforcement Network (FinCEN) issued a set of “frequently asked questions” (FAQs) on April 3, 2018, to provide guidance and clarifications for the new FinCEN beneficial ownership regulations (the “New Rule”), which will become effective May 11, 2018. READ MORE

New FinCEN beneficial ownership requirements for legal entity customers to become effective in May 2018

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Effective May 11, 2018, new Financial Crimes Enforcement Network regulations require that covered financial institutions, including banks, enhance their due diligence practices when opening new accounts for legal entity customers and amend their anti-money laundering program requirements related to collecting, monitoring, and maintaining this information. READ MORE