Federal banking regulators plan to publish revised standards for financial institutions to identify the ultimate owners and controllers of legal entities for whom they hold accounts well before a long-anticipated rule takes effect in May.
The U.S. financial intelligence unit should "reclaim" sole authority for examining multinational banks that present national security implications and require them to submit a broader set of raw data tied to suspicious transactions, an influential industry group said Thursday.
Several of the world's largest financial institutions have moved quickly to limit risks posed by their corporate clients in the six months since U.S. officials finalized a long-anticipated customer due diligence rule, while smaller lenders have treaded a rougher path towards implementation.
The hundreds of millions of dollars in costs likely to be incurred by financial institutions implementing an expected customer due diligence rule will be offset by the regulation's benefits, U.S. officials said Wednesday.
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