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TREAS/FINCEN | RIN: 1506-AB25 | Publication ID: Spring 2015 |
Title: Financial Crimes Enforcement Network: Customer Due Diligence Requirements for Financial Institutions | |
Abstract:
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. |
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Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Yes | Unfunded Mandates: Undetermined |
CFR Citation: 31CFR 1010.100 (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 31 U.S.C. 5311 to 5314 12 U.S.C. 1829b |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Related RINs: Previously reported as 1506-AB15 | |
Agency Contact: Michael Vallely Senior Regulatory Program Manager Department of the Treasury Financial Crimes Enforcement Network 2070 Chain Bridge Road, Vienna, VA 22183-2536 Phone:703 905-3851 Email: michael.vallely@fincen.gov |