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Insights: U.S. Treasury’s Call for Greater Financial Transparency – We Need to Support It
By Chip Poncy
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A U.S. Treasury Department proposal that asks banks to identify corporate owners could also end up shining a light on the often murky hedge fund sector, say attorneys.
The proposed customer due diligence rule that was released July 30 was notable for what it didn't require, perhaps even more than for what it did.
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.
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.
