Customer Identification Program: Difference between revisions

Revision as of 00:58, 22 August 2014

Revision as of 21:48, 2 September 2016

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Compliance Date: Each bank must comply with this final rule by October 1, 2003.

In July 2016, FinCEN enacted new rules regarding beneficial ownership<ref>https://www.fincen.gov/statutes_regs/guidance/pdf/FAQs_for_CDD_Final_Rule_(7_15_16).pdf</ref>: Financial institutions must collect from the legal entity customer the name, date of birth, address, and social security number or other government identification number (passport number or other similar information in the case of foreign persons) for individuals who own 25% or more of the equity interest of the legal entity (if any), and an individual with significant responsibility to control/manage the legal entity at the time a new account is opened.

== References ==

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*[http://www.fdic.gov/news/news/financial/2004/fil0404.html FDIC Guidance Letter]

*[http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_005.htm Guidance information for banks provided by the FFIEC]

*[httphttps://centerfoxwww.trulioo.com/blog/restrictedensure-partycip-screeningruns-rpssmooth/ RestrictedSteps Partyto Screeningrun (RPS)a forcustomer internationalidentification shipmentsprogram]

[[Category:Financial regulation]]