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

Sarah Wade Garrett Fischer February 5, 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