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...
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.
U.S. officials should revisit decisions to exempt certain industries from Patriot Act reporting requirements and implement a host of other measures to fight terrorist financing, congressional witnesses said Wednesday.
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.