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Regulators Exhort Banks to Uncover Account Beneficial Owners
By Brian Monroe
printU.S. financial regulators reiterated calls Friday for banks to verify the beneficial owners of corporate accounts, including trusts and private investment companies, as part of their anti-money laundering programs. The six-page guidance released Friday by seven federal agencies-including the Financial Crimes Enforcement Network, the Office of the Comptroller of the Currency and the Securities and Exchange Commission-asked financial institutions to determine whether corporate clients are legal entities and, in the cases of trusts, who has the power to remove trustees. The Federal Reserve, Federal Deposit Insurance Corp., National Credit Union Administration, Office of Thrift Supervision and the Commodity Futures Trading...
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