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FinCEN Finalizes Beneficial Owner Rule Amid White House Transparency Push
By Colby Adams and Valentina Pasquali
printCORRECTION APPENDED: The U.S. Treasury Department finalized its long-awaited customer due diligence rule Friday shortly after the introduction by the White House of a bevy of corporate transparency-related measures. Beginning in May 2018, banks, brokers and dealers in securities, futures commission merchants and other U.S. financial institutions covered by the final rule must obtain identifying information on persons who own 25 percent or more of new corporate accounts, and then consider risk-based steps to confirm and periodically review the accuracy of the data. The beneficial ownership rule, initially pitched by the Financial Crimes Enforcement Network (FinCEN) in 2012 and formally...
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