Regulatory Standards, Beneficial Owner, Financial Institutions

The EBA’s draft regulatory technical standard on customer due diligence - What should firms be worried about?

Hogan Lovells on 6/4/2025

The European Banking Authority consultation on customer due diligence under the EU’s 6th money laundering package closes on 06 June, 2025, with the EBA due to submit its findings to the European Commission’s call for evidence...more

FinCEN makes Permanent Decision on Renewals and Rollovers. Financial Institutions still need to document information if they...

Foodman CPAs & Advisors on 3/11/2019

The Financial Crimes Enforcement Network (FinCEN) provided the banking industry certain “permanent” relief from collecting beneficial ownership information regarding certain accounts (Covered Products) that automatically...more

International Report Critiques U.S. Beneficial Ownership Transparency

Ballard Spahr LLP on 4/30/2018

Last week, Transparency International (“TI”) released an updated assessment of the “beneficial ownership legal frameworks” in the G20 countries, entitled “G20 Leaders or Laggers?” ...more

FinCEN’s Beneficial Ownership Rule: More Practical Tips and Answers to Frequently Asked Questions

Ballard Spahr LLP on 4/18/2018

Last year, we posted FinCEN’s Beneficial Ownership Rule: A Practical Guide to Being Prepared for Implementation regarding the Customer Due Diligence Requirements for Financial Institutions Rule (the “Beneficial Ownership...more

FinCEN Issues Guidance for Beneficial Ownership Regulations

The Volkov Law Group on 4/17/2018

Financial institutions face an important deadline – May 11, 2018 is the effective date for the new customer due diligence regulations governing beneficial ownership requirements. FinCEN provided financial institutions nearly...more

Expanded Beneficial Ownership Reporting and AML Duties Under the Corporate Transparency Act

Ballard Spahr LLP on 9/22/2017

Second of a Two-Part Blog: Anti-Money Laundering Programs Coming to the Legal Profession? Earlier this week, we began our discussion of the proposed Corporate Transparency Act of 2017 (the “Act”), and observed that, if...more

FinCEN Issues Latest Advisory on FATF-Identified Jurisdictions with AML/CFT Deficiencies

Ballard Spahr LLP on 9/20/2017

On September 15th, FinCEN issued its latest “Advisory on FATF-Identified Jurisdictions with AML/CTF Deficiencies.” The FATF, or the Financial Action Task Force, is a 37-member intergovernmental body, including the United...more

FinCEN Proposal Looks to Extend AML Requirements to Non-Federally Regulated Banks

Proskauer - Corporate Defense and Disputes on 8/29/2016

On April 25, 2016, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, proposed a rule that would require all banks, regardless of whether they are subject to regulation by a...more

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