CCUL Headlines: Risk & Compliance

FinCEN issues correction, providing exceptive relief on beneficial ownership requirements

Wednesday, May 23, 2018   (0 Comments)
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The Financial Crimes Enforcement Network (FinCEN) issued a ruling on May 16, 2018 to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the beneficial ownership requirements for legal entity customers (31 CFR § 1010.230) with respect to certain financial products and services that automatically rollover or renew (i.e., certificate of deposit (CD) or loan accounts), and were established before the Beneficial Ownership Rule’s effective date, May 11, 2018.

This exception began, retroactively, on May 11, 2018, and will expire on August 9, 2018. During this time, FinCEN will determine whether and to what extent additional exceptive relief may be appropriate for such financial products and services that were established before May 11, 2018 but are expected to rollover or renew after such date.

Click here to read more on this administrative ruling.


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