Publication
May 21, 2018

Earlier this week, the Financial Crimes Enforcement Network (FinCEN), an agency of the US Treasury, put into effect a new customer due diligence rule under the anti-money laundering provisions of the Bank Secrecy Act.  The new rule (the CDD Rule) sets forth the minimum standards for financial institutions to collect and verify the identity of natural persons, or “beneficial owners,” who own, control, and profit from companies that open new accounts at US banks, mutual funds, brokers or dealers in securities, futures commission merchants, and brokers in commodities. 

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