ICBA called on the Financial Crimes Enforcement Network to amend its customer due diligence rules and withdraw its requirement that banks collect beneficial ownership information.
ICBA to FinCEN: exempt banks from beneficial owner mandates
May 10, 2021 / By ICBA
ICBA called on the Financial Crimes Enforcement Network to amend its customer due diligence rules and withdraw its requirement that banks collect beneficial ownership information.
ICBA called on the Financial Crimes Enforcement Network to amend its customer due diligence rules and withdraw its requirement that banks collect beneficial ownership information.
Background: FinCEN issued an advanced notice of proposed rulemaking under the Corporate Transparency Act on procedures and standards for submitting information about their beneficial owners.
ICBA Position: In its comment letter, ICBA said requiring both FinCEN and financial institutions to collect the same beneficial owner information is ineffective, duplicative, unnecessary, and costly. Instead, it said FinCEN alone should collect and verify the information to ensure uniformity and consistency.
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