Law360, New York (May 26, 2016, 11:20 AM EDT) -- Jacqueline M. Allen
Elizabeth A. Khalil
Jesse T. Moore On May 11, 2016, the U.S. Department of the Treasury's Financial Crimes Enforcement Network published a final rule extending customer due diligence (CDD) requirements under Bank Secrecy Act (BSA) rules to the natural persons behind a legal entity, such as many types of corporations. This means that for BSA purposes, financial institutions must identify and verify the identity of beneficial owners of a legal entity at the time the legal entity opens a new account, as well as develop risk profiles and conduct ongoing monitoring of customers. The rule also adds a...
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