FinCEN - New Beneficial Ownership Rules

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Posted December 29, 2017 in by Argos Risk 

FinCEN’s Final Rule and the Now Five Pillars for AML (Anti-Money Laundering)

To clarify and strengthen customer due diligence requirements, the Financial Crimes Enforcement Network (FinCEN) has issued their long-awaited final rule for beneficial ownership. This final rule requires covered financial institutions to adopt risk-based customer due diligence and establish ongoing monitoring of all accounts. This final rule creates the fifth pillar for anti-money laundering (AML) programs.

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