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The Financial Crimes Enforcement Network (FinCEN) has issued a new ruling that exempts covered financial institutions from the requirement to collect beneficial ownership information on legal entity customers (such as corporations, limited liability companies and partnerships) in connection with specified rollovers, renewals, modifications and extensions of certain accounts. READ MORE
The Financial Crimes Enforcement Network (FinCEN) issued a set of “frequently asked questions” (FAQs) on April 3, 2018, to provide guidance and clarifications for the new FinCEN beneficial ownership regulations (the “New Rule”), which will become effective May 11, 2018. READ MORE
Effective May 11, 2018, new Financial Crimes Enforcement Network regulations require that covered financial institutions, including banks, enhance their due diligence practices when opening new accounts for legal entity customers and amend their anti-money laundering program requirements related to collecting, monitoring, and maintaining this information. READ MORE
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