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Customer Due Diligence Requirements for Financial Institutions

aml-bsa-fincen · FinCEN · Rule · Published 2016-05-11 · Effective 2016-07-11 · 81 FR 29398

Document

Document number
2016-10567
Federal Register citation
81 FR 29398
CFR reference
31 CFR 1010
Type
Rule
Action
Final rules.
Category
aml-bsa-fincen
Sub-agency
FinCEN
Publication date
2016-05-11
Effective date
2016-07-11

Abstract

FinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.

Source

Authoritative
Federal Register document
Machine
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