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FinCEN Releases Final Rule on Beneficial Ownership and Risk-Based Customer Due Diligence

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  • FinCEN Releases Final Rule on Beneficial Ownership and Risk Based Customer Due Diligence

On May 5, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued its long-awaited final rule on beneficial ownership with respect to customer due diligence requirements. The final rule requires covered financial institutions to adopt due diligence procedures to identify and verify a legal entity customer’s beneficial owner(s) at the time a new account is opened.

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