Proposed Rule Requires Banks to Collect Beneficial Ownership Information

PDF Download   Key Points Properly understood, “bank secrecy,” in the U.S. legal and regulatory context, facilitates disclosure; it does not afford secrecy. The proposed rule’s customer due diligence requirements fit within the U.S. Bank Secrecy Act/Anti-Money Laundering framework. The beneficial ownership requirement of the proposed rule, if adopted in final form, would to an…
Read More