In a long anticipated move, the U.S. Treasury Department Wednesday proposed to require a broad range of financial institutions to identify the beneficial owners of their corporate accounts. Under an 88-page rule pitched by the department's Financial Crimes Enforcement Network (FinCEN), banks, mutual funds, securities brokers and dealers, futures commission merchants and introducing brokers in commodities would be required to identify persons holding a 25 percent or more interest in corporate accounts. In response to industry concerns, the department scrapped consideration of a possible plan suggested in FinCEN's February 2012 advanced notice of proposed rulemaking that would have obligated financial...
U.S. officials will soon finalize rules clarifying customer due diligence obligations and requiring financial institutions to identify the beneficial owners of corporate accounts, according to the White House budget office.
House lawmakers are asking the nation's financial intelligence unit to reform how it screens job applicants following reports that the bureau's recent hiring campaign may have violated federal standards.
U.S. officials will formally propose this month a long-planned rule that would require banks to identify the owners of their corporate clients, according to an Office of Management and Budget schedule.
The U.S. Treasury Department said Wednesday that it was considering imposing customer due diligence currently applied to private banking and correspondent accounts to all accountholders at depository institutions.