The New ‘Beneficial Ownership’ Rule mandated by FinCEN takes effect May 11, 2018
Effective May 11, 2018 all federally regulated Financial institutions will be required to comply with this new rule regarding “Beneficial Ownership” by applying a new two-prong identity test.
The first is the “ownership prong” which includes everyone who directly or indirectly owns 25 percent or more of the equity interests of a legal entity customer. Read More...