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FinCEN Releases Summary of CDD ANPR Roundtables

FinCEN recently released summaries of the roundtable meetings held in Las Angeles, New York, and Chicago to continue gathering information on the ANPR for customer due diligence requirements with respect to financial institutions.  The round table discussed the following key issues raised during the comment period:

–          Definition of beneficial ownership

–          Obtaining Beneficial Ownership Information – Current Practices

–          Obtaining Beneficial Ownership Information – Current Practices

–          Challenges Associated with Certain Products, Services, and Relationships

–          Other Issues Pertaining to the Advance Notice of Proposed Rulemaking

The summary provides information with respect to each of the topics above and is worth reading to help familiarize yourself with what may be on the horizon.

The summary also provided that “Treasury intends to continue direct engagement with financial institutions, industry associations and other relevant stakeholders through regional and industry-specific outreach events. Treasury officials encouraged participants to continue to send comment letters to FinCEN on any of the issues discussed in the meeting.”

Have a great week.

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