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The proposal would require financial institutions to identify beneficial owners of legal entities and codify existing customer due diligence guidance.
Holland & Knight
On Aug. 11, 2014, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued FIN-2014-A007 (the "Advisory").
Kilpatrick Townsend & Stockton LLP
FinCEN issued a notice of proposed rulemaking proposing amendments to the Bank Secrecy Act regulations to strengthen customer due diligence requirements.
Shearman & Sterling LLP
In this newsletter, we provide a snapshot of the principal European, US and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructures, asset managers and corporates.
FinCEN has been busy, announcing proposed rulemaking on customer due diligence on beneficial owners and issuing several advisories on AML issues.
Waller Lansden Dortch & Davis
Most taxpayers readily accept that they may be liable for various taxes based on, among other things, their income, the goods they buy and the wages they pay to their employees.
FinCEN issued proposed regulations that would formalize certain financial institutions’ Customer Due Diligence requirements.
Pepper Hamilton LLP
On July 30, 2014, The Financial Crimes Enforcement Network Issued A Notice Of Proposed Rulemaking To Clarify And Strengthen Customer Due Diligence Requirements As A Fifth Pillar Under The Bank Secrecy Act For Banks And Other Covered Financial Institutions.