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