FinCEN Releases Summaries of Customer Due Diligence Roundtable Meetings

Posted on December 7th, 2012 in Banking, Criminal Enforcement, Federal Issues By BuckleySandler

This week, FinCEN published summaries of a series of roundtable meetings held to obtain stakeholder feedback on the agency’s proposed rulemaking on customer due diligence. The meetings, held in September and October in Los Angeles, New York, and Chicago, provided a forum to discuss key issues regarding the proposed rulemaking, including (i) the definition of “beneficial ownership,” (ii) practices to obtain and verify beneficial ownership, and (iii) challenges associated with specific products, services, and relationships.

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