What FinCEN Customer Due Diligence (CDD) Final Rule 2016 - Beneficial Ownership Identification, Verification Procedures and 25% Ownership Threshold for Legal Entity Customers requires
The CDD Final Rule requires covered financial institutions to identify and verify the identity of beneficial owners of legal entity customers who own 25 percent or more of the entity or who control the entity, as part of customer due diligence under Bank Secrecy Act regulations. This applies to banks, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities.
Pillar: Financial Crime, AML & Sanctions · Authority: Financial Crimes Enforcement Network (FinCEN) · Version: 1.0.0 · Last updated:
Primary source: https://www.fincen.gov/resources/statutes-and-regulations/cdd-final-rule
SHA-256 integrity: 27080a61bcbb2e1ec820cede10391b87316453aceee7a965ea85949fb87266cf
Primary Citations — 5 traced to source
- CDD Final Rule - Requirement to identify and verify the identity of beneficial owners of legal entity customers
- CDD Final Rule - With respect to the requirement to obtain beneficial ownership information, financial institutions will have to identify and verify the identity of any individual who owns 25 percent or more of a legal entity, and an individual who controls the legal entity
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