On February 29, 2012, the Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to the possible application of an explicit customer due diligence (CDD) obligation on financial institutions, including a requirement for financial institutions to identify beneficial ownership of their accountholders.
The FinCEN press release explained that an express CDD program rule is an aspect of a broader U.S. Department of the Treasury strategy to enhance financial transparency in order to strengthen efforts to combat financial crime. Enhancing financial transparency to address such ongoing abuse of legal entities requires a broad approach. Other key elements of this strategy include: (i) improving the availability of beneficial ownership information of legal entities created in the United States; and (ii) facilitating global implementation of international standards regarding CDD and beneficial ownership of legal entities. The announcement by FinCEN Director James H. Freis, Jr. was referring to the Financial Acton Task Force's revised recommendations issued on February 16, 2012.
Comments on the ANPRM will be accepted for sixty days from the date of publication in the Federal Register.
For the FinCEN press release, see http://www.fincen.gov/news_room/nr/html/20120229.html.
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