The U.S. Treasury Wednesday extended by 30 days a prior, rare ruling granting exceptive relief for 90 days related to an ambiguous, potentially burdensome piece of a new beneficial ownership gathering rule for legal entity customers that took effect in May.
The original final rule released by the Financial Crimes Enforcement Network (FinCEN) requires financial institutions to capture beneficial ownership details on certain legal entity customers down to the 25 percent level, or more on a “risk-based basis,” and list a top-level person who exercises managerial control.
Institutions can chiefly rely on what companies provide about their flesh-and-blood owners on a self-certification form.
Read the original article here: acfcs.org
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