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FinCEN Proposes Stronger Beneficial Ownership Rules for Banks
By Colby Adams and Kieran Beer
printThe U.S. Treasury Department said Wednesday that it was considering imposing customer due diligence currently applied to private banking and correspondent accounts to all accountholders at depository institutions. The department's Financial Crimes Enforcement Network (FinCEN) said in an advanced notice of proposed rulemaking (ANPR) that financial institutions could be required to determine the beneficial owners of corporate accountholders that "directly or indirectly" own more than 25 percent of the entity's equity interests. In the case that no entity owns 25 percent of the corporate accountholder, the requirement would be applied to the largest owners based on percentage or the "individual...
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