Content deleted Content added
→External links: Replaced expired pdf link with a link to the current fincen.gov info page which has the link to the current FAQ pdf. |
GreenC bot (talk | contribs) Reformat 2 archive links. Wayback Medic 2.5 |
||
Line 6:
In 2002, the [[United States Department of the Treasury|Department of the Treasury]], through the [[Financial Crimes Enforcement Network]] (FinCEN), together with the Office of the [[Comptroller of the Currency]] (OCC), the Board of Governors of the Federal Reserve System (Board), the [[Federal Deposit Insurance Corporation]] (FDIC), the [[Office of Thrift Supervision]] (OTS), and the [[National Credit Union Administration]] (NCUA) (collectively, the Agencies), jointly adopted a final rule to implement section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required To Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 (the Act).
The rule had an effective Date of June 9, 2003 and each US [[financial institution]] had to comply with this final rule by October 1, 2003.<ref>{{cite web |url=http://www.fdic.gov/news/news/financial/2004/FIL0404.html |archive-url=https://web.archive.org/web/20070603121806/http://www.fdic.gov/news/news/financial/2004/FIL0404.html |url-status=dead |archive-date=June 3, 2007 |title=New Anti-Money Laundering Guidance |date=January 9, 2004 |publisher=[[FDIC]]}}</ref>
In July 2016, FinCEN enacted new rules regarding beneficial ownership:<ref>{{cite web |url=https://www.ffiec.gov/bsa_aml.../FAQs_for_CDD_Final_Rule_(7_15_16).pdf |title=Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions |publisher=FinCEN |date=July 19, 2016}}</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.
| |||