FinCEN Extends Comment Period For Account Owner Rule

Law360, New York (May 4, 2012, 6:29 PM EDT) -- The U.S. Financial Crimes Enforcement Network on Friday extended the comment period for a controversial proposed rule that would establish uniform standards for banks and other financial institutions to determine the real owners of customer accounts.

A spokesman for FinCEN, a law enforcement arm of the U.S. Department of the Treasury, said the agency was providing an additional 30 days for comments on the proposed rule after several “interested parties” asked for more time to weigh in.

FinCEN's February proposal was only an advance notice of...
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