Customer Identification Program: Difference between revisions

Revision as of 23:44, 12 June 2020

Revision as of 22:28, 31 July 2020

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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 }}{{Dead link|date=July 2020 |bot=InternetArchiveBot |fix-attempted=yes }}</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.

== Requirements ==