The US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) published new Customer Due Diligence Requirements for Financial Institutions (the “CDD Rule” which became effective on May 11, 2018. When FinCEN published the CDD Rule, it noted that beneficial ownership identification and verification of legal entities is one of the core elements of customer due diligence
Certification regarding beneficial owners of legal entity customers May 11, 2018 CERTIFICATION REGARDING BENEFICIAL OWNERS OF LEGAL ENTITY CUSTOMERS GENERAL INSTRUCTIONS What is this form? To help the U.S. government fight financial crime, f ederal regulation requires certain financial institutions to obtain, verify, and record information about the beneficial owners of legal entity customers. Legal...
This form of certification has been tailored for syndicated loan transactions and requests the information which covered financial institutions are required to obtain under FinCEN’s customer due diligence rules from legal entity customers about certain of their beneficial owners....
