Regulatory Alerts2012-02-29
Added
Customer Due Diligence Requirements for Financial Institutions
The Financial Crimes Enforcement Network issues an advance notice of proposed rulemaking to solicit public comment on developing a customer due diligence regulation. The proposed rule would codify, clarify, and consolidate existing requirements and establish a categorical obligation for financial institutions to identify the beneficial ownership of their accountholders. Written comments on this proposal must be received on or before May 4, 2012.