Technical Amendments to the Beneficial Ownership Rule

FinCEN released technical amendments to its Beneficial Ownership Rule, as part of its Customer Due Diligence requirements effective May 11, 2018.  Part of the amendments update the Beneficial Owner Certification Form.  We have updated our version, available here, for institutions to use.  (Note, we have recently switched web hosts, and are experiencing bugs, while everything gets transferred over.  At this … Read More

Beneficial Owner Verification Requirements

FinCEN released a Final Rule under the Bank Secrecy Act, which imposes specific requirements for financial institutions to identify and verify the identity of beneficial owners of legal entity customers when opening a new account. Beneficial owner – is either an individual who directly or indirectly owns 25 percent or more of the equity interest of a legal entity customer, … Read More