# Customer Due Diligence Requirements for Financial Institutions
> **FinCEN** · Final rules. · Published 2016-05-11 · Effective 2016-07-11 · 81 FR 29398
## Document
- **Document number:** 2016-10567
- **Category:** aml-bsa-fincen
- **Sub-agency:** FinCEN
- **Federal Register citation:** 81 FR 29398
- **CFR reference:** 31 CFR 1010
- **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
- [Federal Register document](https://www.federalregister.gov/documents/2016/05/11/2016-10567/customer-due-diligence-requirements-for-financial-institutions)
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