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MoFo Reenforcement The Enforcement Blog

FinCEN Finalizes Customer Due Diligence Rule for Legal Entity Customers

Posted in Regulatory Developments

On May 11th, 2016, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of the Treasury, published a Final Rule (the “Rule”) on customer due diligence after a four-year rulemaking process. The Rule requires covered financial institutions, including banks, money services businesses, broker-dealers, mutual funds, and commodities brokers, to enhance their customer due diligence procedures by collecting and verifying information about the individuals who own or control the legal entity customers of the financial institution.

Read our client alert.