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FinCEN Seeks Comments on Strengthening and Clarifying Customer Due Diligence Requirements

VIENNA, Va. – The Financial Crimes Enforcement Network (FinCEN) today issued an advance notice of proposed rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to the possible application of an explicit customer due diligence (CDD) obligation on financial institutions, including a requirement for financial institutions to identify beneficial ownership of their accountholders.

"The explicit requirement that a financial institution know its customers, and the risks presented by its customers, is basic and fundamental to both serving those customers and implementing a program that protects a financial institution from abuse by illicit actors," said FinCEN Director James H. Freis, Jr. “The comments we receive will help us balance the information needs of law enforcement with the responsibilities placed on the financial industry.”

This includes a requirement for financial institutions to identify beneficial ownership of account holders.

FinCEN's press release is at http://www.fincen.gov/news_room/nr/html/20120229.html.

Read more at: Tax Times blog

 
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