FinCEN Scheduled to Issue Final CDD Rules in August

By Kira Zalan and Colby Adams

UPDATE APPENDED: U.S. officials could 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. In July 2014, the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued a formal proposal for banks, mutual funds, securities brokers and dealers, futures commission merchants and introducing brokers in commodities to identify individuals that control 25 percent or more of their corporate clients. The bureau will submit a final version of the rules in August, according to the Office of Management Budget Web site. The White...