Lisa and the Law

FinCEN and the Dept. of Treasury intend to rely on financial institutions to collect beneficial ownership information.

Posted on April 20, 2025

According to the Federal Register published on March 26, 2025, FinCEN and the Dept. of Treasury will rely on financial institutions (banks primarily) to collect beneficial ownership information from businesses opening bank accounts as part of the financial institution’s Customer Due Diligence (CDD). Business owners will still be required to provide their beneficial ownership information in order to open a bank account. However, how this information will be transmitted to law enforcement or assist law enforcement in combatting money laundering and other illicit financial activities has not been addressed.

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