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LSTA Distributes KYC Guidelines Exposure Draft

September 8, 2017 - The LSTA distributed to membership the exposure draft KYC Guidelines updated to account for FinCEN's May 2016 final rule adding a new requirement for covered financial institutions to identify/verify the identity of the beneficial owner of legal entity customers where a bank is required to conduct customer identification and verification procedures. (In many loan market instances, a bank/customer relationship does not arise so this new requirement would not be applicable.) The rule went effective on July 11, 2016 and covered financial institutions must comply by May 11, 2018.  The KYC Guidelines will be published in final form on Thursday, October 5th.

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