RegAlert2010-03-05
Added · Updated
Guidance on Obtaining and Retaining Beneficial Ownership Information
The Financial Crimes Enforcement Network and other federal agencies clarify regulatory expectations for financial institutions to obtain and retain beneficial ownership information as part of Customer Due Diligence programs. Covered institutions must implement risk-based procedures to identify and verify beneficial owners of legal entities, trusts, and private banking accounts, applying Enhanced Due Diligence to high-risk relationships. Specific requirements include ascertaining the source of wealth for private banking accounts with minimum deposits of $1,000,000, identifying owners of non-publicly traded foreign banks, and prohibiting correspondent accounts for foreign shell banks.
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FIN-2010-G001
Issued Date
Guidance Subject
Guidance on Obtaining and Retaining Beneficial Ownership Information
The Financial Crimes Enforcement Network (FinCEN), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Securities and Exchange Commission, are issuing this guidance, in consultation with staff of the Commodity Futures Trading Commission, to clarify and consolidate existing regulatory expectations for obtaining beneficial ownership information for certain accounts and customer relationships. Information on beneficial ownership in account relationships provides another tool for financial institutions to better understand and address money laundering and terrorist financing risks, protect themselves from criminal activity, and assist law enforcement with investigations and prosecutions.
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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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FINCEN published 7 documents in the last 30 days. We email you each new one the day it's published.