U.S. FinCEN Issues Notice of Proposed Rulemaking on Customer Due Diligence

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Saturday, November 1, 2014
Author: 
Bruce Zagaris
Volume: 
30
Issue: 
11
Abstract: 

On July 30, 2014, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking, which contain explicit customer due diligence requirements and would include a new regulatory requirement to identify beneficial owners of legal entity customers.