Regulatory Alerts2018-05-16
Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Automatic Rollovers or Renewals
The Financial Crimes Enforcement Network issued this ruling to grant covered financial institutions a 90-day limited exception from Beneficial Ownership Rule requirements for specific pre-existing automatic rollover products. This relief, effective retroactively from May 11, 2018, through August 9, 2018, applies to certificate of deposit and loan accounts established before the rule's applicability date. During this period, institutions are not required to collect beneficial ownership information at each renewal, allowing FinCEN time to determine if additional relief is appropriate.
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