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May 16, 2018

Financial Crimes Enforcement Network

Administrative Ruling: Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Automatic Rollovers or Renewals

The Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling today to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Requirements for Legal Entity Customers (Beneficial Ownership Rule) with respect to certain financial products and services that automatically rollover or renew (i.e., certificate of deposit (CD) or loan accounts) and were established before the rule’s applicability Date, May 11, 2018.

 Administrative Ruling:  https://www.fincen.gov/resources/statutes-regulations/administrative-rulings/beneficial-ownership-requirements-legal