View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

TREAS/FINCEN RIN: 1506-AB25 Publication ID: Spring 2015 
Title: 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.

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 
EO 13771 Designation: uncollected 
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
Action Date FR Cite
NPRM  08/04/2014  79 FR 45151   
NPRM Comment Period End  10/03/2014 
Final Action  08/00/2015 
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