Amid Beneficial Ownership Crackdown, FinCEN Seeks Comment On Compliance Burden

With U.S. regulators and lawmakers angling for enhanced disclosure requirements around beneficial ownership, officials are seeking banking sector input on the burden of complying with existing disclosure rules.

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) last week issued a request for comment on the proposed renewal of customer due diligence (CDD) requirements implemented in May 2018.

Those rules mandate that financial institutions must identify and verify the beneficial owners of legal entity customers at the time a new account is created, and must maintain and report on such information as appropriate.

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