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In Beneficial Ownership Rule Talks, Some See Signs of Flexibility by Treasury
By Colby Adams
printU.S. Treasury Department officials are weighing whether to exempt trusts and offer more flexibility on verification requirements in an upcoming proposal that would impose data collection duties on corporate accounts held at banks. In a series of meetings held since it published an Advance Notice of Proposed Rulemaking (ANPRM) in March, the department's Financial Crimes Enforcement Network (FinCEN) has elicited feedback on plans to bolster customer due diligence (CDD) rules and explicitly require financial institutions to identify account beneficiaries. During the meetings, U.S. officials, including Treasury Under Secretary David Cohen and Assistant Attorney General Lanny Breuer, have sought detailed information...
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