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Correction to Administrative Ruling FIN-2018-R002

May 23, 2018 / Source: FinCEN

Correction to Administrative Ruling FIN-2018-R002: Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Automatic Rollovers or Renewals

The Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling on Wednesday, May 16, 2018 to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Requirements for Legal Entity Customers (Beneficial Ownership Rule) with respect to certain financial products and services that automatically rollover or renew (i.e., certificate of deposit (CD) or loan accounts) and were established before the rule’s Applicability Date, May 11, 2018.

CORRECTION:  Please note that the link below corrects an error in the date in the last paragraph of the original Administrative Ruling, referring to the Rule’s Applicability Date, which was Friday, May 11, 2018.

Administrative Ruling:

…For the reasons discussed above, FinCEN grants an exception to covered financial institutions for 90 days, up to and including August 9, 2018, from the Beneficial Ownership Rule’s requirements to identify and verify beneficial ownership information for rollover or renewal of certain financial products and services (i.e., CD and loan accounts) that were established before May 11, 2018.