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

IMPORTANT: The full content of this page is available to premium users only.

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.