To help bankers understand their obligations under the recent customer due diligence rule, FinCEN issued an FAQ document to provide greater clarity on the rule’s scope and application. The rule requires banks to collect information on beneficial owners when an account is opened. A beneficial owner is an individual who owns more than 25% of the equity interests in a company or is the single individual who exercises control. Covered institutions have until May 11, 2018 to be compliant with the rule.
View the FAQs.
View ABA's staff analysis of the rule.
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