1506-AB25 201410 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 1506 Financial Crimes Enforcement Network FINCEN 1500 Department of the Treasury TREAS Financial Crimes Enforcement Network: Customer Due Diligence Requirements for Financial Institutions

The Financial Crimes Enforcement Network (FinCEN), after consulting with staff from various federal supervisory authorities, is proposing rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: (i) banks; (ii) brokers or dealers in securities; (iii) mutual funds; and (iv) futures commission merchants and introducing brokers in commodities. The proposed rules would contain explicit customer due diligence requirements and would include a new requirement to identify beneficial owners of legal entity customers, subject to certain exemptions.

]]> Other Significant First Time Published in The Unified Agenda Final Rule Stage Yes Undetermined 31CFR 1010.100 31 USC 5311 to 5314 12 USC 1829b No NPRM 08/04/2014 79 FR 45151 NPRM Comment Period End 10/03/2014 Final Action 01/00/2015 No Businesses None No No No No 1506-AB15 Previously reported as Michael Vallely Senior Regulatory Program Manager 1506 Financial Crimes Enforcement Network FINCEN 703 905-3851 michael.vallely@fincen.gov 2070 Chain Bridge Road, Vienna VA 22183-2536