US Treasury Issues Notice of Proposed Rulemaking on Customer Due Diligence Obligation on Financial Institutions

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Tuesday, May 1, 2012
Author: 
Bruce Zagaris
Volume: 
28
Issue: 
5
Abstract: 

 

On February 29, 2012, the Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to the possible application of an explicit customer due diligence (CDD) obligation on financial institutions, including a requirement for financial institutions to identify beneficial ownership of their accountholders.