In “FinCEN’s Beneficial Ownership Rule May Boost AML Burden” (ABA Bank Compliance, Nov./Dec. 2016), Thomas Bock reviews the Financial Crimes Enforcement Network’s (FinCEN’s) new rule on Customer Due Diligence for Financial Institutions. According to Tom, “If enhancing customer due diligence seems like simply another step in the process, a closer look at the rule shows that it may be easier said than done. FinCEN’s rule not only increases covered banks’ compliance burdens, but it also forces institutions to make business decisions that will have long-lasting effects.

 

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